Technology is more integrated in business practices now, but Fintech is a concept that is just taking hold and revolutionising financial processes. It often seems to me that there is some confusion about what it is and what it really does and for business owners there are questions about whether Fintech platforms are right for their business.
Some of the information published about Fintech, so in an attempt to clarify what it is and what it can do, let’s look at some things to consider before you adopt it.
What is fintech?
It’s just another type of technology. There is nothing mysterious about it. Some people seem to think that it is just about Bitcoin, but that is not quite true, it is also technology that enables mobile payments for example. So, it has a lot of applications.
Will it work with your existing technology?
When you are adopting new technology, such as a payments method, you need to be aware they won’t magically fix existing problems with your older systems. Before committing to a particular software platform or tool, make sure to investigate how the new tools will work with your existing IT infrastructure.
Increase your IT security
When you decide to use a Fintech tool, be aware that you are making more of your business information available digitally. This makes it easier to access client data and respond in real time, which will improve your business. On the other hand, because more information will be available online, you should boost you IT security to deal with this.
Make sure the Fintech is supported
When you choose a Fintech platform, make sure it comes from a stable company that isn’t going to disappear and leave you without support. Otherwise you might find that you have spent time and money on a product, only to find it has become obsolete quickly, or there is nobody to provide answers when there are problems.
Don’t get hung up on Bitcoin
Because so many people are convinced that Fintech is only about Bitcoin they haven’t explored the full potential of this new technology. The focus on Bitcoin, which is just one way of using a decentralised blockchain, has steered some businesses away from Fintech because it makes them nervous.
Keep an open mind about this new field, because it is going to be one of the most talked about topics in the coming years, and it is predicted that just about every business will eventually be using Fintech in some form.