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Overcome Safety and Sustainability Issues in Fintech

Even though the fintech issue often becomes a hot topic when we talk about financial technology, fintech has improved several facets of finance. The improvement includes money lending, payment processing, insurance, and other services. This transformation has resulted in a seamless and distinctive user experience, allowing clients to easily comprehend and accept Fintech. One of the things that are amazing about fintech is the appearance of software. For example, good accounting software which could do many things on one platform, such as cash flow management, journal entries, and reconciliation.

Download Here: HashMicro’s Accounting Software Pricing Scheme Calculation

With the appearance of such accounting software, the business will be more likely to escape human error. In addition, fintech has brought quite a significant change in recent years, impacting numerous corporate verticals, particularly the financial industry. However, there is a fintech issue still going on. In this article, we will talk about what are the issues going on in the fintech world, and how we could overcome them with the help of accounting software.

What is Fintech?

The main goal of the introduction of financial technologies (Fintech) is to either replace or supplement traditional financial processes. Software, algorithms, processes, and business models are examples of these. Personal investments, trade, financial services, and insurance are all major sections of practically any Fintech app.

According to Market Screener, the worldwide Fintech market will be valued $ 26.5 trillion by 2022, growing at a 6% annual rate. Global economic growth, growing demand for credit and insurance, and rising interest in investment are some of the causes for this rapid expansion.

 

Also read: Learn About Fintech Industry and It’s Challenges 

Recognizing the Issues with Fintech

Despite the promising future of Fintech, the talk about the fintech issue is still a thing. The majority of customers continue to prefer traditional banking institutions. Fintech, while undergoing a technological revolution, faces some concerns and hurdles. Some of the most serious issues are a lack of trust, a lack of transparency, security breaches, and specific customer habits. 

However, these issues are not entirely true or guaranteed will happen to each and everyone involved with Fintech. Just like any other newly introduced thing, fintech is still trying to get the heart of the public. To ensure long-term success, businesses must do all possible to first recognize these difficulties.

  1. Security problems and user privacy

In 2020, the use of financial technology in some parts of the world expanded by 72%, accompanied by enormous Fintech investments. However, such expansion may result in unexpected effects, the most serious of which are new security risks. Cybercrime is on the rise, with a new attack being launched every 39 seconds. Unfortunately, Fintech firms are one of the most common targets for hackers.

2. Keeping up with modern technologies

According to a Gartner CIO poll conducted in 2019, more than half of financial services CIOs predict that most firms will function through digital channels and that digital efforts will produce more revenue and value, highlighting the importance of Fintech trends in the future. Organizations who employ outdated business management software or disconnected systems, on the other hand, will not be able to stay up with a world that is more focused on digital technologies.

 

Safe and Sustainable Fintech

Overcome Safety and Sustainability Issues in Fintech
Source: canva.com

As sustainability becomes more integrated into business strategies for long-term viability, one method of achieving sustainability goals is to implement an Enterprise Resource Planning (ERP) system, which increases production efficiency, reduces costs and waste, and improves supply-demand planning.

Moreover, we assume you have understood what is the common fintech issue. Therefore, we are going to assure you that safe and sustainable use of Financial Technology is possible. To be more specific, we are going to explain how safe is the implementation of Fintech for businesses in the form of a software.

Accounting software is one of many other fintech available in the market. If we talk about data safety, HashMicro’s Accounting Software could be more than capable to make sure you are covered. HashMicro’s Accounting system will keep your company data safe. In addition, for sustainability, the customizable software should leave you with no worries of having to readjust to the application every now and then. 

Moreover, this software can integrate the information you need during accounting activities. Here are the benefits of the best Accounting software in Singapore for your company:

  • Optimized Efficiency: Minimize manual, time-consuming accounting procedures like bookkeeping, asset depreciation calculations, and more.
  • Real-Time Data: Get complete, real-time financial information that helps you make better business decisions.
  • Improved Accuracy: Know the financial condition across all business unit through in-depth analysis and accurate forecasts of your income.
  • Increased Profitability: Increase your business profitability with the help of automated, accurate budget calculations.

You can learn more about the features of HashMicro Accounting Software in this article.

 

Conclusion

Financial Technology would be such a great addition to many industries if we are being smart about it. Learn about the theoretically correct and safe way to use it first before you actually apply it to your business. With many possibilities of automation, the appearance of fintech should be able to act as a booster of growth for many businesses in the world. 

Start your fintech journey with automation for your accounting. HashMicro’s Accounting Software will give you the best financial ERP experience. You can learn about the pricing scheme here.

Download Here: HashMicro’s Accounting Software Pricing Scheme Calculation

 

Interest in getting savvy tips for improving your business efficiency?

Adellia
Adellia
A Junior Content Writer at HashMicro who treasures the feeling of exhilaration in discovering new ideas as the put out of the things I read and see. For business inquiries: [email protected]

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