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Exciting Times for SmBiz!
The #FinTech (Financial Technology) sector is one of the most exciting spaces in business right now. The sheer volume of innovations in payments and commerce unveiled and promoted at the industry’s largest conference, Money20/20, was mind boggling for a regular small biz entrepreneur. But the great news is, as Jake Fuentes, Founder and CEO of Level Money said at Capital One’s #CapXTalk, “Behind that complexity there is simplicity; there are opportunities for customization that didn’t exist before.”
Small business owners can rest assured that the #FinTech industry has your back. The innovators in this space are developing payment solutions products in collaboration with each other as well as listening to the needs of small business owners. There’s a new level of communication between financial companies, tech companies and entrepreneurs that is bringing about new products ranging from mobile wallets and wearables to a better eComm user experience that will help small businesses grow and succeed.
It’s refreshing to see brands like Capital One listening to the pain points of small biz owners and adapting their financial apps and solutions accordingly. They have mobile pay systems like Spark Pay and online applications that sync all of a business owner’s bank accounts to one online app for an easy, intuitive system to manage your up to the minute daily cash position.
Keri Gohman, EVP and General Manager of Small Business Bank at Capital One, says “Most business owners get into business because they love what they do. They want to spend their time growing their business, not dealing with financial management, yet that tends to be the place where they have to spend the bulk of their time. We are positioned to solve this problem.”
There is a common goal within the #FinTech sector to develop tools for both merchants and consumers to have a ‘frictionless payment experience’ as we all make the transition into a cashless, non-paper based society. In a survey Capital One conducted of attendees at Money20/20, more than half (56 percent) of respondents predicted that the majority of payments in 2030 will be cashless, non-paper based.
The #CapXTalk (Accelerating Small Business Growth with the Latest Financial Technology) covered the industry’s hot topics like mobile wallets and wearables, as well as other emerging technologies and business partnerships and how these innovations are impacting small business owners.
Jake Fuentes, CEO of Level Money says, “The consumer ultimately wants the path of least resistance. Surrounding the actual payment with an experience that is not only just a little better, like pulling out your phone instead of your card, but having something that is a multitude of levels better than we have now is what we should be shooting for. ”
Sherri Haymond, SVP and Group Head Digital Channel Engagement atMasterCard talked enthusiastically about the innovations that MasterCard will be offering in 2016 with wearables like dresses, rings (Ringly), and biometric bracelets as well as key fobs. Sherri says, “It’s about the possibilities that tokenization has enabled for a more interesting connected commerce experience. It’s not just about mobile, but almost any device can be a commerce device.”
Implementing The New Tech
The #CapXTalk panelists all agree that these new technologies do present challenges to small business owners in regard to understanding their applications and deciding how to best integrate them into their business. But because these solutions also provide a better user experience for their customers, the time to begin to integrate is now. The future is today. Depending on the demographics of your business, your customer base may be expecting to see these new technologies in place sooner rather than later.
Start to check out resources like Capital One Spark Business IQ to learn more. It’s important to understand that the early adopters have been using #FinTech for years, so it’s time for Main Street to join in on the technology. If you’ve always been a creature a of habit and haven’t seen what’s available with online banking apps, alternative commerce, newer lending options, mobile wallets, eComm applications and payment solutions, do yourself a favor and begin to educate yourself. You’re going to like what you see!
Disclaimer: Thank you to Capital One for sponsoring my trip to Money20/20 and this post. All opinions are my own.