In our present digital and fast-paced society, we are able to do business and move money with our smartphones, and because of this, people expect so much from the digital finance industry.
Technology continues to expand the possibilities of global finance and cross-border payments, there are however still some tedious aspects in online banking that are carryovers from the traditional banking methods.
But Fintechs have come to the rescue in three specific ways:
Automation for payouts and collections
Making and receiving payments is a big deal for international businesses. Traditional banking methods make it somewhat difficult to accurately track and manage thousands of transactions from all over the world.
Fintechs have built better and more reliable all-in-one platforms for their customers that eliminate traditional time-wasting processes. Customers can view, track and manage transactions in real-time and are guaranteed reconciliations across multiple currencies.
With access to this, businesses can automate around 50% of their efforts, and they stand to regain a substantial amount of revenue and brainpower to use on bigger and better things.
Accommodation for purely online businesses.
Online businesses often aim to create innovative, tech-oriented solutions to replace outdated processes. For example, businesses at the intersection of healthcare and technology may strive to make better telehealth a reality.
Online businesses have no borders. They require seamless transactions and innovative financial solutions to help retain international customers and scale globally. Fintechs are designed to attract international online businesses looking for seamless digital financial tools and to fill this gap that traditional banks cannot fill.
In order to remain competitive and continue to fill gaps in international finance, Fintechs must be committed to creating innovative solutions. Fintechs must remain on their toes through market research so as not to become irrelevant and phased out by the next shiny financial innovation.
Fincra is a fintech that falls under this category of industry disruptors.
Fincra is a platform that provides secure payment solutions for global businesses, business platforms and fintechs. Our secure payment infrastructure with cross-border capabilities enables business platforms, fintechs and global businesses to accept payments securely, get settled, and move money across borders in multiple currencies securely.
Our belief is that Africa has the immense potential to become the new frontier of financial opportunity and we are on a mission is to provide an API infrastructure that connects all of Africa to the rest of the world.
Ready to get started? Contact us at https://fincra.com/contact-us