{"id":13348,"date":"2019-07-24T06:52:47","date_gmt":"2019-07-24T06:52:47","guid":{"rendered":"http:\/\/bulletins.bfconsulting.com\/?p=13348"},"modified":"2019-07-24T06:52:47","modified_gmt":"2019-07-24T06:52:47","slug":"are-fintechs-replacing-financial-institutions-in-servicing-the-needs-of-small-businesses","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/are-fintechs-replacing-financial-institutions-in-servicing-the-needs-of-small-businesses\/","title":{"rendered":"Are FinTechs replacing financial institutions in servicing the needs of small businesses?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">FinTech has slowly but surely changed the banking industry over the last few years, giving more options when it comes to enhancing or maintaining finances. This is especially true for small business owners, who are benefitting from the easier and faster solutions FinTechs offer. With the world of open banking becoming a reality throughout the world, FinTechs are now poised to have even greater success in efforts to reach small businesses. In fact, many believe that the balance of power in servicing small businesses is shifting away from traditional financial institutions and toward FinTech companies. There is certainly evidence to suggest this as many small business owners believe alternative sources of financing (that came about as a result of FinTech solutions) are their only real avenues for attracting financing (i.e. they wouldn\u2019t be able to get the same level of financing from a traditional financial institution).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&nbsp;<\/span><span style=\"font-weight: 400;\">While this all seems positive for FinTechs and their relationship with small businesses, it is important to remember that FinTech is still in its developmental stage and traditional financial institutions are starting to fight back for small business customers, combining their knowledge and resources in partnerships with FinTechs as part of an effort to maintain their small business customer base. It remains to be seen how this battle for small businesses will end, but what is certain is that creative new innovations are the key to winning this battle. And small businesses are the real winners.<\/span><\/p>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-13348 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='The importance of getting digital onboarding right'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/the-importance-of-getting-digital-onboarding-right\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/06\/hand-presenting-customer-relationship-management_1325-26-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-10241\" loading=\"lazy\" srcset=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/06\/hand-presenting-customer-relationship-management_1325-26-150x150.jpg 150w, https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/06\/hand-presenting-customer-relationship-management_1325-26-300x300.jpg 300w, https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/06\/hand-presenting-customer-relationship-management_1325-26.jpg 626w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-10241'>\n\t\t\t\tThe importance of getting digital onboarding right\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='EY report: Fintech penetration rates around the world'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/ey-report-fintech-penetration-rates-around-the-world\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2017\/11\/EY-report_Fintech-penetration-rates-around-the-world-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-7042\" loading=\"lazy\" srcset=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2017\/11\/EY-report_Fintech-penetration-rates-around-the-world-150x150.jpg 150w, https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2017\/11\/EY-report_Fintech-penetration-rates-around-the-world-100x100.jpg 100w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-7042'>\n\t\t\t\tEY report: Fintech penetration rates around the world\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Transforming smartphones into unique POS terminals for micro-sized retailers'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/transforming-smartphones-into-unique-pos-terminals-for-micro-sized-retailers\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2017\/11\/Transforming-smartphones-into-unique-POS-terminals-for-micro-sized-retailers-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-7033\" loading=\"lazy\" srcset=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2017\/11\/Transforming-smartphones-into-unique-POS-terminals-for-micro-sized-retailers-150x150.jpg 150w, https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2017\/11\/Transforming-smartphones-into-unique-POS-terminals-for-micro-sized-retailers-100x100.jpg 100w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-7033'>\n\t\t\t\tTransforming smartphones into unique POS terminals for micro-sized retailers\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>FinTech has slowly but surely changed the banking industry over the last few years, giving more options when it comes to enhancing or maintaining finances. This is especially true for small business owners, who are benefitting from the easier and faster solutions FinTechs offer. With the world of open banking becoming a reality throughout the &hellip;<\/p>\n","protected":false},"author":5,"featured_media":13371,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[77,141,335],"_links":{"self":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/13348"}],"collection":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/comments?post=13348"}],"version-history":[{"count":1,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/13348\/revisions"}],"predecessor-version":[{"id":13349,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/13348\/revisions\/13349"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media\/13371"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=13348"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=13348"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=13348"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}