What do Kickstarter, PayPal, Square, and SoFi have in common? They are some of the most successful fintechs that most take for granted today. Whether it be mobile payments, peer-to-peer lending, or crowdfunding, fintech is maturing and gaining the trust of consumers and businesses.
Clean UI, low cost, and overall flexibility make these digitally-driven offerings more attractive than traditional solutions. Square, for example, makes life easier for small business owners to accept credit card payments without setting up costly old-school processing equipment. This has enabled small businesses and consumer to transact more easily to the tune of $50 billion of transactions per year.
Fintech is partly responsible for the rise of a new era – what we call post-industrial trade. While the industrial revolution was fueled by assembly lines and mass production, post-industrialism is defined by emerging technologies such as 3D printing, IoT and as well as fintech advances, such as peer-to-peer lending, crowdfunding, and Blockchain. It has given rise to the creator economy and highly customized goods produced locally. Antiquated financial infrastructure can’t keep up with this consumer-fueled shift (When is the last time you paid for anything by check?), and now we’re seeing a similar transformation spread into business-to-business commerce.
A new report by expert and Director of Content and Communications, Christopher Jablonski, titled Fintech at the Brink of the Business Commerce Revolution delves into the technologies that are behind the post-industrial trade shift, and how they will affect B2B commerce.
This report details the progressive leaps financial technology has experienced since the dawn of PayPal nearly 20 years ago. Just last year, fintech was deemed a threat to financial incumbents, but now we see a new ecosystem with fintechs and incumbents increasingly collaborating. Fintech in the era of automation, machine learning and AI is helping to empower financial institutions in the face of disruption.
It’s simply a matter of time until financial transactions between businesses occur in a way similar to what we’re becoming accustomed to in our personal lives. Thus, the future of commerce for both business and consumer will be one in the same: simple, connected, and fluid.