Technology has changed how we function. It has rapidly expanded the nature of how we connect and work together globally.
Businesses and business financing aren’t the exceptions to this. Financial technology has changed the way small- to medium-sized businesses access capital that, before now, they traditionally had less access to, opening doors for these businesses to further grow.
Fintech’s influence will continue to ripple in the finance world as technology advances, but here are four key impacts our industry has had so far.
Providing More Access To Capital
The stringent and often rigorous requirements traditional lenders have can unintentionally close the door on business owners seeking to expand via a business loan. The terms entrepreneurs are often offered can make accessing the capital they need to grow a more arduous task than it really needs to be. The existence of so many digital lenders levels the playing field giving small-business owners more access to capital.
Making Bill Pay Easier
Long gone are the days of hardcopy bills and daunting stacks that need sorting through to ensure business owners stay on top of operational costs. Fintech has empowered business owners across the world to track their transactions and funding at the swipe of a finger or click of a mouse, from the comfort of their own homes. Notifications and automatic draws help keep business owners accountable to ensure they never miss a payment and help them better plan the comings and goings of their capital.