Fintech is a relatively new market that is gaining quite a bit of momentum, and we expect the market size to nearly triple in the next five years, with a total value of $1.3 trillion.
There is no specific data available on the value of the fintech market for SMBs, but the current pace of growth suggests that an even larger value would be created within the next few years. The question is what the value of modern fintech solutions to small businesses is.
Fair enough – how will fintech solutions change the way small businesses are run? Let’s try to answer this question further in this post.
Value of Modern Fintech Solutions for SMBs
In this new era of fintech, we are witnessing one of the most exciting times for small businesses.
A new wave of applications is coming into the market. Apps such as Google Pay, Google My Business, Facebook login, and Apple Pay are all examples of small business applications that are getting quite popular among SMBs.
Many modern fintech solutions are not limited to a single company or a group of companies.
Google Pay and Google My Business demonstrate how fintech companies work together to build one of the most user-friendly applications for small businesses and their clients.
Other examples of modern fintech that are getting the attention of SMBs and their clients include:
Financial institutions are playing an important role in providing a solution that would benefit SMBs. Some of the most successful solutions are mobile, providing a better way to manage the finances of a small business.
Other examples include checking account management and mobile banking services that would not be possible without the help of modern fintech companies;
The fintech market is growing because of the increasing demand for modern solutions for small businesses. The industry is projected to grow at a much faster rate than other segments for the foreseeable future;
Most modern fintech applications are provided through mobile apps. The fact that the majority of the users of these applications are using a smartphone or tablet means that the apps will also provide a good mobile user experience.
One of the best examples of an app that can serve as a modern solution for small businesses is the Google Pay app. This solution from a fintech software development company allows an SMB to accept payments from the users and, for example, provides easy access to the company bank account.
There are many other modern fintech solutions that would benefit small businesses. In fact, there is a wide range of applications and services offered to support the financial needs of SMBs. The range of applications and services provides something for every SMB and their clients.
What Does the Future Hold for the Fintech Market?
The future holds a lot of prospects for the fintech market. There are a lot of modern solutions that we can expect to see in the market in the coming years.
One of the biggest advancements in fintech is the growing awareness of the fact that traditional banking services are not working for everyone. This awareness has paved the way for a shift in the overall market of fintech.
Today, a wide range of fintech apps that provide financial services that were previously only available to individuals are now becoming an important part of modern life. With this awareness, the market for fintech services will continue to grow in the years to come.