Fintech companies never attracted so many second looks, before!
Gone are the days when traditional financial service providers were addressing just large-volume or large-value transactions. Banks often charge the customer a service fee on what they see as low-value remittance and cross-border payments.
What came to the rescue was the role of Fintech companies operating in the B2B space as aggregators, thus rendering the consumer, savings during these applications. And no more are they an unattractive proposition to banks and private financial enterprises.
FinTech companies to the fore!
There was a time when only the B2C segment enjoyed the pleasures of push-button tech to offer on-the-spot facilities and instant solutions to financial issues of customers.
Today, a wide range of e-commerce retail gateways are out in the open – Card swipe POS systems, Net Banking Instant Fund transfers, ATMs, Credit Cards, Debit Cards, Mobile Smart Phone Apps and more. Life at this B2B end, have become exciting and happier as well. As one Fintech expert put it, ‘Fintech is looking sexy, today!’
In one example, a London outfit is busy applying its digital payments facility accessible to every man on the street and trader alike – things have become as easy and exciting as ABC!
Across a sequence of similar events, Fintech companies are exploring the utilization of cutting edge of digital knowhow and their field experience to develop apps and systems that work significantly differently from what traditional models delivered through legacy systems.
A Gigantic Marketplace
As the world of business is getting more complex with every passing day, e-commerce is also finding its speed within this space, experts feel.
What’s more, the market that’s opening in the B2B segment offers opportunities galore in volume transactions for the industry. The size of this business-to-business market in transaction volumes is estimated to be ten times larger than its counterpart in the consumer sector.
The digital market innovates regularly and hence it is accelerating across the fintech horizon with a large choice of business models. There are firms that prioritize internet as their thrust area, with mobile compatibility as a standard feature. With new apps and features in place, their aim is to enhance customer satisfaction and brand experience to the maximum levels.
Then there are the ones that specialize on the international payments front.
Fintech dominance in this area has come a long way in recent years and is fast encompassing the B2B payment transactions window across the sector.
In sum, Fintech companies that have empowered the B2C sector, now moving into B2B format with innovative applications and tech knowhow, will increasingly find themselves in a vast and fertile playing field as time progresses.
Put on your dancing shoes, Fintech!