Look to fintechs, not banks, for complex payment services

July 27, 2017

More and more large institutions and marketing managers are streamlining the way they do business by partnering with a payment service provider with extensive knowledge of the financial technology (fintech) scene.

Why? A large part of the reason is because, along with the average customer on the street, larger businesses feel that traditional banking isn’t working as well as it should for them, and that there are cheaper and more effective financial solutions out there to support their growth ambitions in the form of revolutionary fintech software.

Marketing managers are realising they can streamline internal process, enhance their international growth ambitions, unlock the potential of their team and make customers happier by introducing global payment services that are incredibly easy to use and competitive in a market sense. So ingrained are fintech solutions becoming that it may even spell the end of traditional banking.

Having a strong relationship with the right payment services provider can open up a world of new financial opportunities for any business. Looking to grow your company and enter new markets? Read our blog ‘Can a consultative payment services provider boost SME growth?’ to find out more.

Implement complex payment services with bespoke fintech software

Recently Antony Jenkins, former CEO of Barclays, warned the entire banking community that banks are ‘becoming irrelevant to customers’ and that traditional institutions face their own ‘Kodak moment’ unless they embrace the fintech community and the services it offers.

Many of the world’s biggest companies, for instance, have seen the enormous benefits of adopting complex payment services and digital solutions in-store and through their online marketplaces, to better align with the way their consumers are making purchases and to introduce easier ways to pay.

Think of global payment services such as PayPal, Google Wallet, Apple Pay, Samsung Pay and others. Not only do they provide easy, contactless ways to pay but the majority of services also offer incredibly advanced and secure ways to handle payments. Curve, for instance, promises a revolutionary service that allows customers to ‘go back in time’ if they make a payment with the wrong card.

It’s little wonder marketing managers and larger firms are setting their sights on the fintech revolution. Not only can it streamline internal finances, but it’s generally an incredibly exciting movement to be part of; far more exciting than something offered by the average traditional bank.

A payment service provider will get you fintech-compliant

To really get the benefits from a fintech-focused future though, marketing managers can partner with a payment service provider with extensive experience of the fintech market.

The fintech sector isn’t an all-in-one solution to financial optimisation, especially for managers with little time on their hands who want to implement the right software as soon as possible.

There are an enormous amount of fintech solutions to consider; discovering which ones your market uses most and the ones that will streamline your unique company structure will be essential to accelerating your growth ambitions.

Fintech penetration still isn’t absolute; younger markets, especially in the UK, are making best use of the software, although older generations are becoming more aware of the options available to them.

Discovering the right software with a personable, experienced payment service provider can also take the weight of regulation and financial compliance from your shoulders when it comes to adopting fintech solutions, allowing you to focus on your role in the company as they implement the services best suited to your business and its growth.

Fibonatix is a payment service provider committed to working with businesses to help them grow by introducing them to new financial solutions that work for them. Contact us today to find out more.

Having a strong relationship with the right payment services provider can open up a world of new financial opportunities for any business. Looking to grow your company and enter new markets? Read our blog ‘Can a consultative payment services provider boost SME growth?’ to find out more.

New call-to-action