Do you ever wonder why most companies are called fintech? Well, the essence of this article is to explain the word fintech, its role and why sapaNO finance is a fintech company.
Financial Technology abbreviated as Fin-tech refers to any business leveraging on the use of technological solutions to build, automate and improve financial services to address the consumer needs.
Fin-tech is a fast rising sector due to its usability and acceptance as consumers look for a better and improved payment services that can address their everyday needs
Fintech applications vary greatly from project to project, unlike sapaNO Finance, a Fintech company that leverages on the blockchain technology to Improve the point-of-sale process.
The role sapaNO Finance plays in the POS technology
1. Minimize Cost
With sapaNO E-POS, vendors can carry out transactions and earn a reward for each transaction made, customers can also send and receive payments through sapaNO vendors/merchants without paying a fee to transact, this is so because sapaNO Finance is rewarding POS vendors for using her mobile app. This fintech company is providing an all-inclusive platform where every business will have equal opportunity to promote and host their services.
POS merchants/vendors do not need to charge a fee since sapaNO finance will be taking care of that, and to this effect, sapaNO finance has invested all of her resources into product development to enhance their offer.
With the launch of sapaNO E-POS in May 2022, businesses and POS vendors can register using the Beta app and after payment, the mobile app will be made available for them.
sapaNO Finance uses mobile connectivity to improve the convenience and efficiency of e-transactions. An increasing number of consumers are using tablets and smartphones to manage their finances. sapaNO finance can help them integrate these processes, achieve more, and get a better experience.
Looking at the industry, POS systems are designed to meet customers' needs but so many people get disappointed at the end of the day due to the challenges facing the traditional POS systems. Companies that build fintech apps usually add data analytics solutions to them. This allows them to easily trace and address the evolving customer needs. Thanks to all of this data, businesses can deliver personalized experiences and products to consumers. The entire business models are now being built based on access to a wide range of customer information.
4. Automation (Speed)
One of the benefits of using sapaNO E-POS app is automation and speed, sapaNO finance E-POS is designed to;
Complete your stock delivery in a matter of minutes
Create inventory alerts so you never run out of the stock you need
Monitor inventory levels across multiple locations from any device
Limit wastage and minimize cash flow tied up in stock
If there’s one thing all fintech applications have in common is their focus on security. Fintech Companies like that of sapaNO finance are using the latest and safest mobile technologies to build their products. They invest more in security to make sure that consumer data is kept safe. Biometric authentication and data encryption are the most common security measures adopted.
Fintech statistics for 2020/2021
Below are the statistics of the fintech sector according to droids on roids
The global financial sector will be worth $26.5 trillion in 2022, growing at a CAGR of 6%.
The market share of the 48 most prominent fintech unicorns is worth more than $187 billion, as of the first half of 2019. This represents slightly over 1% of the global financial industry.
60% of credit unions and 49% of traditional banks in the United States believe that partnering with fintech companies will be important for the future.
The most significant fintech product is in its digital payments, it amounts to 25% of the fintech market.
Mobility of the financial technology
By 2022, mobile transactions will grow by 121%. As a result, they will make up 88% of all of the banking transactions.
Consumer transactions in app stores will increase by 92% to reach a smashing $157 billion globally in 2022.
By 2022, more than 78% of millennials in the United States will become users of digital banking solutions.
Types of finance Application
The security of blockchain enabled systems is a leading benefit sapaNO Finance will offer to POS technology such as creating an unalterable record for transactions with end-to-end encryption, this will eradicate fraudulent activity.
Blockchain solutions such as peer to peer transactions, smart contracts, blockchain-powered trading platforms, immutable records, and decentralized ledgers have become a significant element of today’s finance landscape. This cutting-edge technology offers a transparent method of tracking the entire lifecycle of financial transactions. Thanks to its decentralized and distributed nature, it is also gaining increasing trust of consumers.
sapaNO finance is bringing innovation to the POS industry thanks to new digital processing solutions and networks. They facilitate better digital connectivity, lower processing costs, and ensure consumer identity protection. Asset management and processing payment transactions are key areas of focus here.
3. Mobile payments
Related to payments, sapaNO finance has a huge impact in mobile technology. Every transaction made by a consumer will involve payment processing. Mobile wallets and similar integrated payment solutions are now used by many consumers and businesses. They’re secure, easy to use, and offer a great user experience.
Mobile payment platforms transcend the barriers of traditional methods. Without them, many of the transactions we make today would be difficult to complete.
Other Fintech applications;
- Personal wealth management
This area of fintech applications concentrates on improving the wealth management processes of both businesses and individual consumers. Personal wealth apps are mobile applications that deliver a broad range of functionalities to help people manage their finances securely and quickly. Consumers and companies use them to manage their investment processes and portfolios.
- Consumer banking
Many traditional banking institutions are embracing digital technologies to improve their services. They invest in mobile apps that offer accessible banking solutions and products. This type of fintech app helps to boost the user experience, reduce costs, and removes the friction from operations over the traditional means of banking (which often leave consumers dissatisfied).
This area focuses on developing different applications that offer lending solutions to businesses and consumers. The main idea is to streamline the process, making it more personalized and accurate. Smart platforms that use AI and machine learning algorithms can process and verify identity credentials to avoid making any errors. Such technologies also help to forecast income prospects, assess the borrower’s track record, appraise collateral value, and make predictions about the changes in their capabilities.
Fintech is also revamping the trading sector. Such solutions are designed to reduce the cost of international trade, increase transparency in trading, and facilitate trade finance. Some of the most impressive applications we’ve seen so far support cross-border trading with the help of IT systems and smart distribution platforms. Moreover, solutions such as robot advisors could be a great help to beginner investors in managing risk.
Financial technology has been Incorporated by most companies to transform a wide range of financial services because it attracts a broad range of cutting-edge solutions that offer new products and reinvent traditional banking services.
sapaNO finance is playing a key role in boosting productivity in POS technology towards Improving user experience. It not only affects business models and product offerings but also how consumers manage their finances.