The Fintech revolution has managed to change the financial landscape. The big financial players have finally realized this change, and they are putting efforts into trying to catch up on fintech innovations.
This phenomenon has not only affected the financial landscape but has also generated crucial effects in non-financial industries. For example, it is impossible to think about an e-commerce store that does not provide a payment option through Paypal, one of the companies that provided a pioneering solution in terms of financial innovations.
Although many entrepreneurs of non-financial industries have acknowledged this revolution, not all of them know how fintech innovations can help streamline their business operations. If you are one of these entrepreneurs, you came to the right place.
In this article, you’ll learn how to take advantage of fintech solutions by integrating them into your business.
Fintech Innovations – Taking Advantage of Automation Solutions
Automation implies reducing human or manual intervention in processes, which is why this is one of the most effective fintech innovations to improve the operations of a business. Regardless of which industry you are operating in, you can be certain that there is an automation solution waiting for you.
For instance, one of the most innovative automation solutions on the market is the one offered by Navexa. This company offers a portfolio tracker solution that helps you improve your investment portfolio strategy. With it, you can forget about manually tracking your investments and enjoy a responsive and automated portfolio tracking platform that will also save you time in the analyzing and reporting process.
This platform is ideal if you want to track either ASX Shares or Crypto Currencies and will help you achieve your financial goals quickly and efficiently. Besides, with the Navexa portfolio tracker platform, your data is secure (later in this article, you will learn why this is important).
Navexa is one of the best solutions to automate processes related to your investments. However, with fintech innovations, you have a whole range of automations available. For instance, Digit can help you control your company’s savings in a 100% automated manner. Thanks to this app’s guidance, you can achieve the financial saving goals of your company rapidly.
Fintech Innovations – Prioritizing Financial Data Security & Fraud
One of the Fintech Industry Trends for 2020 was a greater focus on security. In this context, issues such as identity theft or unauthorized access to sensitive data occupy the top of the list of concerns. For instance, the global credit card fraud losses reached $27.85 billion in 2018, becoming one of the main struggles for businesses.
Even if your business is not within the fintech industry, the above problems are still relevant to your operations. If your company falls victim to any of the concerns we mentioned, there is a high possibility of a major blow to your brand and credibility; not to mention more severe issues such as legal responsibility for your customers’ data.
That is why, alongside the increase in concern about data security, new products such as Simility or Fedzai are also emerging to help you keep your data safe.
Achieving Better Conversion Rates
Simplifying complex processes to increase conversions is another way how fintech innovations can help streamline your business. To explain it, we can take as an example the Customer Journey approach.
Companies must pay special attention to all the stages that make up the Customer Journey: from the research stage to the post-sale stage. As expected, most Fintech solutions are focused on simplifying customer payment processes to increase conversions related to sales. This also includes providing new payment alternatives as is the case of RebelDot, which became the first software development company to accept crypto payment in Romania.
However, fintech innovations are entering more stages. Provenir is a clear example. This company has created software to measure customer risk quickly, which shortens a wide range of processes. For example, companies can rapidly grant credit to customers and help increase sales conversions.
Reaching an Optimal Regulatory Compliance
Compliance Regulation is a phenomenon that has lately been occupying the minds of many entrepreneurs in non-financial industries. Despite not having regulations as strict as banks, issues such as money laundering or bribery can affect their operations without the correct compliance strategy.
One of the main problems is that many businesses are not aware of how the Compliance Regulations are becoming stricter, making their exposure to risky situations even higher. This is where Fintech Innovation gets interesting since they give you the tools to make your business resistant too theft, money laundering, terrorism, financial crimes, and even insurance and government benefit scams.
In this context, one cannot fail to mention LexisNexis, a solution based on advanced technology and analytics to protect your company from all the compliance regulations problems mentioned above.
This type of solution is a way to put an additional barrier of protection to your business, which is helpful as you can always have one of the characteristics that can be highlighted to your customers. Additionally, it will save you time and money in the long term by avoiding future economic damage to the company.
Embracing the Fintech Innovations Solutions
As you can see, there are many ways in which fintech innovations can help streamline your business operations. Whether we’re talking about automating processes, improving data security, increasing your conversion rates or optimizing your regulation compliance, fintech innovations are here to stay.
Don’t let your business operations become obsolete and embrace fintech solutions. Learn more about the technical aspects that we mentioned in this article by taking a look at these online courses platforms in which you can find information about Fintech, Cryptocurrencies, Data Analysis and more.
