When looking at banking in the 21st century, it is clear to see that it has come along way in recent years as the capability of computers and other technology has continued to advance. But how has it revolutionised the process for businesses as well as individuals? In this article, we will be looking into the fintech developments that have helped to revolutionise the average business day.
The Benefits For SME’s
Running a business of any size is a challenge as finances can be affected by the smallest of late payment or the sudden breakdown of equipment. But the development and implementation of fintech technology have helped to make payments easier through the use of the internet. But with many businesses leaning on the very basics that fintech technology can provide them, it is a full fintech guide that can provide the in-depth knowledge you need for the implementation of software such as this in your business.
One of the biggest benefits of this form of technology is the ability to conduct smart accounting. This is a huge benefit to several businesses as it has made tracking invoices and incoming orders easier than ever before. In addition, online fintech technologies also allow for several businesses to provide refunds that are needed within just a few days. Due to the fast-paced nature of these fintech technologies, you are then able to track business expenses from the comfort of the office without a trip to the bank. In addition, online invoicing services have somewhat removed the waiting period for an invoice to be paid as funds can be within your account within 24 hours. This is particularly great for small businesses that rely on prompt payments to cover their expenses.
Fintech Technology Helps To Increase Speed Of Payments
In addition to smart financing and invoices, the payment methods that businesses can in the 21st century thanks to Fintech technology have helped to revolutionise the speed of payments. Whether it is a standing order for a product or service or payment transfer through mobile payment, this can mean that money is within your account in 24 hours. It is this more precise form of payment that makes Fintech so beneficial for businesses as companies no longer have to rely on traditional banking and can find alternative banking methods that work for them.
The Implementation Of Brand New Payment Methods
Payment methods and the way that people access their money has changed substantially with the implementation of Fintech technology as it has facilitated access to finances from remote areas such as ATM and the use of online and mobile banking. Below, we have compiled a list of the milestones in fintech development that have been implemented and have changed the way that we manage our money forever:
- The world’s first ATM – Opened by Barclays in 1967
- The first online account used by Wells Fargo in 1995
- The founding of PayPal in 1998
- First reliable cryptocurrency, Bitcoin released to the public in 2009
- The launch of Apple pay in 2016
The Blockchain Revolution
With the release of Bitcoin in 2009, this technology has continued to revolutionise the way that many of us pay for our online items. With Bitcoin allowing for full encryption and protected wallets, this has become the go-to payment method for many when it is applicable. It provides complete anonymity and ensures that all your finances are securely locked away in an encrypted personalised wallet. Though this has had its positives and negatives, as with every fintech development, the implementation of the blockchain method can benefit file management for several different business sectors.
As a result, fintech technology has helped to revolutionise the way that both businesses and individuals handle their money within the 21st century allowing for greater control over finances and tracking ingoing and outgoing payments.