Financial technology (fintech) has revolutionized how businesses and individuals can invest, manage a portfolio and access loans. Fintech is also the fastest-growing industry in the UK. According to research, it generates over twenty billion pounds yearly for the British economy. In the past, if you needed access to any of the services above you had to walk physically to an investment firm. You had to deal with lots of paperwork and undergo a series of communications before anything came to life.
Well, today you only need the internet and scanned documents to access some of these services. Although some of the services will still require you to visit the firm physically, it is much faster, efficient and transparent than traditional financial firms.
With the use of wealth management companies like Moneyfarm, it is easier to manage your portfolio wherever you are. It uses artificial intelligence to give real-time analysis of the various markets to help you make investment decisions. These analyses are based on risks, historical results, and probable profits and losses.
It is also easier to communicate with your portfolio manager when you have any concerns about your investments.
Access to loans for SMEs and individuals
Did you know that you can get a loan in minutes for your business? Yes, it has become that easy. If you own an account with a money lender, you only need to ask if you are viable for a loan and of how much. Then you just apply online, and within a few minutes, the money is transferred to your account. If you don’t qualify, you are also given the reasons immediately. How cool? Getting a loan for your business may be just what you need during a time of low cash flow or to cover costs when expanding.
Most financial institutions provide online banking services. If you haven’t already opened an online account, you are truly missing out.
Bills, expenses, and purchases need to get paid, on time for that matter. Companies that provide services such as electricity, gas, shopping, food or loans are collaborating with fintech firms to come up with applications that enable you to make fast payments. Apart from bills, you can send money to family and friends wherever and whenever using the many applications out there.
When shopping for a particular product or item that is needed for your business, you don’t have to travel all the way to the shop. You only need to do a few types of research on the required product, read reviews then contact the supplier, make payments, and your merchandise will be on your doorstep.
Word of caution though – only use authorized and established companies to buy items for your business. In case of any complaints, it will be easier to return or make an exchange.
The focus is on the customer
If you previously used to visit banks, the focus was mainly on what you bring to the table for financial institutions. You had to prove that you were worth their services. Fintech changed the game by availing flexible services to the customers. Now the focus is on you; you are the boss.
It is now easier to find a financial firm that suits your exact needs.