The fintech revolution has opened up a world of possibilities for businesses of all sizes to help streamline financial transactions for greater convenience and efficiency.
Today, we are going to be exploring the key financial services B2B tech firms deliver best.
Cross-Border Remittance
International payment used to be an expensive proposition due to factors like inflated exchange rates. But thanks to fintech platforms, many freelancers, solo traders, small- and medium-sized enterprises, and large businesses can now send, receive, and spend multiple currencies with lower third-party fees.
As a result, more and more self-employed professionals are able to do business without borders. Some contemporary tech solutions allow overseas users to open no-cost accounts and to receive foreign bank details without needing any local addresses.
Fifty-six percent of digitally savvy SMEs use fintech solutions for payment, and tech compatibility is perhaps one of the primary reasons why.
These kinds of fintech platforms and applications work with the most popular payment solutions. Many of them can be seamlessly integrated with the leading remittance companies and the top digital wallets. Others accept all major credit and debit cards from around the globe, and can handle different transaction types.
With scalable business tools, more features are available on tap to facilitate higher volumes of electronic payments and monitor the movement of funds.
Since every business is unique, many B2B fintech companies are keen on serving particular niches. Some dedicate themselves to eCommerce merchants while others target players in the hospitality industry.
While tech firms offer distinct sets of functionalities to some extent, they often share similar goals: quick payouts, round-the-clock funds access, minimal charges, and diverse remittance options.
Accounts Payable Automation
Accounting teams no longer need to manually handle all tasks relevant to accounts payable. Automated solutions help ease invoice data entry, simplify payment authorizations, de-silo operations, and streamline every step in the process.
It’s those manual steps that wind up as weaknesses in your process. Inefficiencies, fraud risk, and extra dollars being spent. Implementing an end-to-end solution that covers you from invoice capture through payment is how you turn those weaknesses into opportunities. Taking advantage of your AP workflow by truly automating your process and maximizing the benefits to your organization.
Going automated can translate to tens of thousands of monthly savings in invoices and checks, digitized documents, and enhanced productivity among accounting professionals.
P2P Lending
Funding has always been a usual roadblock to the growth of US enterprises, particularly those headed by non-white leaders. But the arrival of fintech firms has broken the monopoly of traditional banks on business financing.
Tech companies may lack the bountiful resources of established financial institutions, but they have built inclusive digital marketplaces where lenders and borrowers can meet and make deals. The mainstream adoption of peer-to-peer lending platforms is a game-changer, for it has significantly simplified the loan application process.
In the past, it was not uncommon for entrepreneurs to spend a lot of time seeking credit to get their ideas off the ground or expand their operations into new markets.
Now, commercial borrowers can access various sources of capital, such as short-term business loans, lines of credit, and invoice financing, with far less documentation and bureaucracy through P2P marketplaces.
Instead of making a dozen phone calls, businesses these days can easily find countless loan programs with transparent terms from numerous lenders in just a few clicks. The ability to shop around for elusive types of credit with little stress is more than just a convenience. It is tantamount to empowerment.
Conversational Artificial Intelligence
One of the most fascinating fintech statistics to ever get published recently is the projection that chatbots would save banks a whopping $7.3 billion by 2023. It was a far cry from the 2019 figure of just $209 million.
Conversational AI is a favorite area of collaboration between traditional bankers and fintech startups. It is among the strategic partnerships traditional financial institutions have pursued to stay relevant and competitive. Both parties agree that leaving customer service to computers is a cost-effective move in the long run.
Chatbots are no longer just limited to answering generic queries. With machine learning, they become smarter by the day. They use a company’s financial data to personalize conversations with customers and learn from past discussions.
Computers can’t replace trained human financial advisors yet. However, there is no doubt that robots are already becoming more competent in providing pieces of contextual financial advice.
Conclusion
Fintech founders are upsetting the applecart by being fearless dreamers, brilliant innovators, and savvy entrepreneurs. We won’t see the end of disruptive tech in finance anytime soon, and traditional bankers can’t wait for the next big thing.
Guest post written by Milica Kostic
