Five fintech innovations you need to be aware of

By: Rachael Matthews

Date: 7 March 2018

Five fintech innovations you need to be aware ofThe world of business is constantly evolving, as consumers change their buying habits regularly - looking for easier, more secure ways of making purchases.

Fintech - financial technology - is just one aspect of new tech that businesses need to keep an eye on. It's a new way of doing business, taking advantage of automated services and hard data to improve business wealth and customer engagement.

Here are five fintech innovations that may impact on your business soon.

1. Cryptocurrency

Bitcoin is of course paving the way, cutting out the middleman when transferring money and paying for goods. It reduces costs and improves ease when doing business internationally.

Branded cryptocurrency will be the next step in the future of fintech and business - the camera company Kodak, for example, recently revealed its own cryptocurrency, Kodakcoin.

2. Mobile payments

There are plenty of options now when it comes to contactless mobile payments, and more and more consumers continue to use this technology. Square was one of the first to introduce mobile payments, while Stripe supports Apple's Apple Pay offering.

This type of tech is only going to develop further in the future, greatly impacting on how businesses accept payment.

3. Online toolkits

Businesses no longer need to worry about searching for every single hefty tax form they need. Instead, there are services providing ready-made kits that make those payroll and HR jobs easier.

It's an example of fintech that is revolutionizing the way businesses manage their behind-the-scenes accounting. It reduces time and human error and also ensures the correct documents are easily obtainable at all times.

4. Peer-to-peer business models

Many of us may think that people are less social these days, as mobile phones consume a lot of our time - but consumers are actually more on board with dealing with other people than you may think. Peer-to-peer lending is gaining popularity, allowing people to instantly transfer funds to another individual.

5. Automated investments

For businesses who want to invest profits, there's an easier way to cut out the cost of a human advisor that looks likely to grow in popularity in coming years. Automated investing services rely on algorithms, meaning a machine can 'learn' where best to invest.

The process is heavily reliant on data, so hard facts help with the decision-making, reducing risk. There are a number of services available already including Betterment and Wealthfront.

If you are looking to develop your business in 2018, look to fintech to give it a boost and stay ahead of the curve.

Copyright © 2018 Article was made possible by site supporter Rachael Matthews