Fintech

Fintech Trends That Could Interrupt Your Business

Unexpected interruptions are a constant of life. In individual cases we tend to assess these interruptions, address them, adapt and move on. However, in business, knowing how to adapt and move forward successfully can be much more of a challenge.

In writing Interrupted Entrepreneurship, my goal was to help family businesses more effectively plan for, and overcome, these interruptions, from questions of succession planning to assessing and building on assets you may not even realize you have.

Interruptions within a business are as much a part of life as breathing and blinking—they are viewed by some as hiccups, challenges, or even crises. They are, quite simply, a change in the entrepreneurial experiences of both individuals and within the business itself, and one must be ready to accept and even embrace such changes as they come, to get creative with them and use them as a catalyst for improvement. In essence, how we choose to deal with Interrupted Entrepreneurship (or IE) is one of the key qualities that defines our professional, as well as our personal, lives.

While there are several internal/personal interruptions that can occur within your business, there are just as many external interruptions that can either provide opportunities or threats depending on how you approach them. A significant part of successfully addressing these interruptions is being able to foresee or identify what they could be.

Fintech A New Potential Interruption

Before we go much further, what is Fintech? It’s the abbreviation for financial technology. While it’s clear that technology as a whole has played a significant role in how businesses have evolved over the last several decades, fintech has introduced many new mediums and expectations for buying and selling services and goods. In an Inc. article written by Sean Stein Smith, he says, Fintech is a term that you and I will be hearing more about in the coming years, and will eventually become a part of virtually every business.”

Inc. also published an article, Keep Your Eye on These 5 Fintech Trends in 2018” which addressed areas that entrepreneurs and business owners will begin to see more of:

  1. More diversification of cryptocurrencies.
  2. With increased interest and desire to create cryptocurrencies, that will inevitably introduce greater application of blockchain” the technology that makes cryptocurrencies possible.
  3. Greater potential use of Nzar Filed Communication (or NFC) allowing individuals to make contactless payments which can be seen in some of the most recent smartphones.
  4. An increase in regulation around this area.
  5. Larger organizations embracing this technology which will decrease the number of start-ups” pushing this technology.

Fintech is just one example of how technology will continually change and be a potential factor in the operation of your business.

Being Educated and Aware

When it comes to longevity, these are the trends and movements that business owners need to be aware of. Does that mean you should jump to implement the latest and greatest technological advancements? Not necessarily. However, understanding what is happening in your industry, with fellow competitors, and in your target market is key. You can’t always anticipate the change coming your way, but you and your family business can embrace it. Not sure how? Learn more about how to embrace the change that is an inevitable part of your business by visiting http://ramezbaassiri.com/.