How FinTech Is Boosting Both Big and Small BusinessesMarch 20, 2018 - 4 minutes read
It’s indisputable that FinTech development is changing the business game. And contrary to what most people would assume, it’s not just producing results that only benefit enterprises — FinTech is affecting every facet of the marketplace, courtesy of big tech players along with niche software development companies for small businesses.
Evening the Playing Field
An app developer in NYC can create a budgeting tool or bank account monitor that people in Alabama, London, Tokyo, and New Delhi can all utilize. This statement alone sums up the paradigm shift occurring right now. A few years ago, you’d need substantially more resources to achieve the same result. Low budget? Sorry. Small team? Good luck with scaling.
These new advantages allow small businesses to venture into enterprise territory and actually compete successfully. Before this, any one of a number of limiting factors would have thwarted a startup’s dreams of disrupting an industry and improving it.
Enterprises can also leverage these new abilities beyond just improving their bottom lines if they’re clever. The flurry of new FinTech tools and capabilities allows each business to differentiate themselves from the competition. By keeping an adaptable mindset and being open to evolution, companies have the chance to reinvent their identities much easier than before.
Breaking Down Borders
Businesses run on transactions. Similar to how it dropped the barrier for innovation, FinTech is also revamping the transaction process. Thanks to cryptocurrencies and blockchain, markets once fragmented can now function on a global scale more seamlessly.
Because digital currencies and blockchain are decentralized and deregulated, limitations in terms of geography, politics, and institutional regulations no longer exist. It’s never been easier for businesses to expedite deals and avoid hassles like cumbersome bank processes and unnecessary fees. For example, BitPesa, a blockchain-based app, is streamlining B2B transactions in Tanzania, Uganda, Kenya, and Nigeria right now.
Gaining Global Market Share
Believe it or not, traditional institutions often leave quite a few gaps in small business finance that could end up being quite costly for the average business. And this isn’t only in terms of credit and bank accounts. To have access to the same digital services that big businesses did, it usually costs a pretty penny.
Many of these services, like peer-to-peer lending, invoice financing, supply chain management, and merchant finance, have become more widely available than ever before thanks to FinTech companies. It has caused such a substantial impact that a World Economic Forum report credited this movement with enabling small businesses to act on a global scale. Large corporations benefit from the personalized touch, and small businesses get more exposure and a bigger audience.
FinTech is changing every business for the better. Whether you’re a one-person micro business or a thousand-strong enterprise, it’s hard not to notice the differences between today and just a few years ago. And if you’ve been leveraging the full capabilities of these advancements, then you’re probably excited by what the future may bring. One thing’s for sure — this is just the beginning.Tags: Android app development NYC, app developer nyc, app development NYC, fintech, fintech app, FinTech app developer, fintech app developers, FinTech app development, FinTech app development NYC, fintech disruption, New York City app developer, New York City FinTech app developers