Technology Shaping Payments for SMBs
The future of fintech is rapidly expanding and key technologies are driving innovation in the financial industry. As small businesses (SMBs) embrace these technologies, they can unlock new opportunities, enhance operational efficiency, and stay competitive with their larger counterparts in the rapidly evolving fintech landscape.
A Few Technology Types Shaping the Future for SMBs
Robotic Process Automation (RPA) – This is a type of artificial intelligence that automates financial processes and accounting reconciliation for financial institutions. Using RPA reduces human error and speeds up processing times for businesses. It will help small businesses in the following areas:
- Accounts receivable and payable
- Fund appropriation at shared service centers
- Employee timecard and pay adjustments
- Financial records
- Tax reporting and other treasury processes
Blockchain – This technology is a digital system for recording transactions and related data in multiple places at the same time. Each computer in a blockchain network maintains a copy of the ledger to prevent a single point of failure, and all copies are updated and validated simultaneously.
Blockchain is key for small businesses to keep their customers’ data safe. It offers transparent, tamper-proof transactions that enhance data security and reduce data breach risks.
Internet of Things (IoT) – IoT is a network of devices such as game consoles, activity trackers, smartwatches, voice-controlled assistants, kiosks, virtual reality headsets, and much more. These everyday devices are equipped with computer chips and sensors that can collect and transmit data through the Internet.
It will help small businesses in the following ways:
- Gain insight into productivity and performance of systems
- Gain insight into customer behavior and preferences
- Can be implemented across business lines to boost value-added services and customer engagement
- Improve the customer experience by using data from IoT
- Helps reduce costs and increase speed to market via digitization
Learn More About Technology that Can Improve Your Business:
Contact us online or call 1-800-621-8931.
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