Finance is one of the major sections of each and every sector regardless of their business domains. It’s been a part of each business since traditional age when accounts were only done on the papers, but now the time has grown to a technological level where everything is automated then why not finance sector. With the flying time and growing using of technology, the finance sector has undergone great changes and now it is used to automate a number of financial activities and make it easier for business and common folks too. Finance technology, more commonly known as fintech is a very commonly known name but hardly few are well aware of each and every benefit it offers. Fintech is a vast sector with a number of operations sorting capital management in various ways.
There are a number of fintech users but they are totally different from one another in terms of objective, type of use and many more. This states that the fintech industry is serving a number of distinct requirements with appropriate solutions.
Types of fintech users:
Business to business (B2B):
Finance management is a very crucial aspect for a business to operate smoothly and generate revenue. In the case of huge firms with huge capital investment and management, manual works get tedious and also has an increased probability of errors. As a solution, the fintech sector serves with an automated solution with which a number of financial tasks can be automated and get done precisely.
Business to consumer (B2C):
Carrying cash for each transaction is tough and if you have to transact money at a distance then standing in bank queues is time-consuming too. For this fast-paced world, fast-paced technology is required that allow them to transfer money within no time. Fintech industry has given a number of apps to the folks with which they can immediately send or receive money directly from their bank using their smartphones.