Fintech and Franchising

By July 16, 2018 Uncategorized

Fintech and Franchising

Fintech which stands for financial technology is revolutionising today’s world of business. The term refers to any development in the way people do their finances or business. Fintech can be defined as any technological innovation in financial services, developing new technologies to disrupt traditional financial markets.

The Fintech industry is rapidly growing with the major uses of the technology being banks. However, the active users are start-ups and traditional finance companies. The growth of computing power, capacity and availability has revolutionised the financial world.

Traditional methods of financial provision are being challenged by tech-based alternatives as money transfers, loans and asset management can be completed with a click of a button saving users time, hassle and money.

Traditional financial business models have taken a steep decline in the wake of Fintech’s success. High street banking is no longer the only option; why pay 5-7% in fees to transfer money abroad when a few clicks on a money transfer app, you can pay just 0.5% in fees?

Fintech has benefitted Franchisors as network accountants can offer franchisors clarity in a way that never before would have been manageable through cloud accounting solutions. It gives franchisors clear visibility by having all franchisees and their businesses on a common cloud accounting system that allows franchisors to track performance and identify any gaps in a ‘dashboard’ form.

It can be time consuming for a franchisor to look at each franchisee which is why Fintech gives them an easy alternative.

For more information visit: Team-DT

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