Financial technology has taken the finance industry to the next level, being that people can now access financial services virtually. People don’t have to visit financial institutions to access financial services. Local banks followed the evolution/trend by introducing mobile banking apps to aid their customers. Opening bank accounts have become easier as banks have integrated an online process where users can open a bank account in seconds without physical presence. Access to financial services has become easy and fast.

With the advent of financial technology, business owners or potential business owners can now have seamless transactions that are stress-free and not time-consuming.

What does Financial Technology entail?

For those who might want to know what financial technology (fintech) is, it is an innovation or technology developed to defeat the traditional ways of handling financial services. It is a digitized process formed to make financial services easy and fast to carry out. It gives people the opportunity or leverage to access financial services they might not access normally.

How has it improved business growth?

Looking back at how businesses have evolved to what it is today, there is noticeably a significant growth. From management to planning to transaction speed, we can say that business growth has improved tremendously. These are ways financial technology has impacted business growth:

Banking:

We can all agree opening a business account physically in a local bank can be stressful, from standing in a long queue to submitting the requirements needed to open a business account and the paper works. Fintech has made it easier such that a business account can be open in seconds skipping all the long processes with just your mobile phone. By having access to your business account on your mobile phone, you can easily track payments and expenses on the account. Are you looking to create a business account? Download dodopay

Payments:

Payments have evolved from traditional cash payments to card payments and mobile payments. Payments are easy and more versatile with the introduction of financial technology. Gone are the days people had to carry cash around no matter how large it was to pay for something. Today, payments are both easier for the seller and the buyer. Dodopay makes it easy for you to receive payments instantly.

Lending:

Business owners can now take a loan when necessity calls for it. It is also applicable for potential business owners who might need funds to start a business. Business owners don’t have to go through the rigorous and lengthy process of taking a loan from the bank involving paperwork, providing collaterals, credit score confirmation, and in some cases, guarantors. Today, you can access low-interest loans and non-collateral loans in just seconds. dodopay offers you a loan of up to N50,000 in seconds.

Financial management:

Business owners can now manage finances effectively with financial management apps. Business owners can track expenses, payments, create budgets and invoices concerning their business. It also helps you set aside money for financial plans and helps achieve your saving goal.

What does this mean?

Financial technology has made business activities easy, which on the other hand, improves business growth by retaining more customers because there are varieties of ways to make payments. Dodopay offers a payment platform that covers and solves all your business needs. Download the app on the website.