The speed at which innovation and technology are changing is at an all-time high. There’s never been more solutions and programs to help small business owners succeed and stay ahead of the competition.
But how can these tools help you address the challenges in the post-pandemic world and support you with your business growth?
Join the 2nd edition of Small Enterprise FINNOVATE – FinTech for SMEs webinar on 22 February 2024 for an interactive conference, shining a spotlight on financial technology solutions and providing insights to help you realise the potential of the latest developments.
The pandemic has disrupted traditional lending dynamics between banks and SMEs. Banks are not as willing to take risks on them. However, this has caused an opportunity for a burgeoning relationship between SMEs and Fintech to develop. This new relationship will play a vital role in the future of SMEs and investors in general, so anyone involved in these sectors must learn about this relationship.
The financial technology (FinTech) field grew and developed rapidly as a response to the financial problems we face, from making financial information more accessible to addressing the lack of financial inclusion in various countries. Small and medium-sized enterprises (SMEs), in particular, can benefit from the digital solutions offered by FinTech. For instance, FinTech offers e-payment and bookkeeping services that SMEs can take advantage of.
But most of all, FinTech can provide business financing solutions for SMEs. The growth of any small and medium-sized enterprises (SMEs) is dependent on the health of their finances, especially on having the appropriate funding. Certain business models within FinTech, such as peer-to-peer (P2P) lending, can be an alternative source for SME working capital loans.
What is Fintech?
Fintech is a term that comes from a combination of financial and technology, and that improves and automates the delivery and use of financial services. It uses algorithms and software to improve companies’ financial services. Fintech provides fast and modern financial services for companies, allowing them to manage their finances and providing them with better access to loans and financial solutions. These services can include – but are not limited to – raising money for business startups, sending electronic money transfers, and helping people manage their investments.
Fintechs provide a new method for SMEs to avoid traditional banking and financial management by creating easy-to-use technologies. Fintech can facilitate SME lending, making it easier for SMEs to receive capital investments. More than half of SME credit applications are currently abandoned, either because they are rejected or because they are too complicated. By providing simple business lending for SMEs, fintech can help SMEs with the capital investment they need for expansion or to keep their operation afloat. The problems related to traditional business lending for SMEs have only gotten worse during the coronavirus pandemic, but thankfully fintech has stepped up to fill the void.
Benefits of attending SMEs
Going forward, fintech is going to be a great resource for SMEs. Fintech’s flexibility and dynamism match the needs of the modern economy. Small and medium enterprises loan applications are often either rejected or not completed, and fintech can help fill this gap.
40% of SMEs look to funding to meet operating expenses, with this number expected to grow considerably during times of economic uncertainty. 60% of SMEs seek funds to expand business operations or to pursue new market opportunities. But waiting months or even weeks for credit approval and funding can mean the difference between innovation and business closure. Traditional financial services organizations may find lending to SMEs difficult, but fintech is rising to the challenge. Simplified application processes, rapid approvals, and access to funds quickly make working with digital lenders an attractive choice.
The event will provide a unique platform to connect and engage with FinTech Solution providers and other small businesses, helping you rebound and flourish in 2024 and beyond.
REGISTER NOW – FREE FOR SMEs
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For more details, please call: 9567668459 / 6360834811