Alex Reinhardt told Welt about his vision for the future of modern business. Welt is a major German media publication, frequently quoted by global media. Many people dream of getting published on Welt, but few succeed, because Welt only works with the most reputable experts in the world. This influential news daily is popular with the business elite, but Alex Reinhardt's article “Why is traditional business transitioning to fintech?” is also geared towards a wide audience.
Remember the days when you had to run around hundreds of offices and collect hundreds of signatures to perform the most elementary financial transactions? Aren’t you glad that today, you only need a smartphone? Then Alex's article won’t leave you indifferent. In his article, he talks about the fact that all legal and financial transactions are already available online, and fintech is constantly developing and gaining momentum. Here at PLATINCOIN, we’re also contributing to its development: we regularly launch new products that make life and work easier, faster, and more profitable for members of our community. After all, most people today choose those companies that are able to offer the most convenient services.
Because of this, competition between traditional finance companies and high-tech startups is on the rise. In order to survive, the latter must introduce new technologies and payment instruments, primarily cryptocurrencies. By the way, this is another reason why PLATINCOIN is one step ahead of traditional companies!
Today, FinTech companies set business trends based on consumers’ needs. Here are five trends that any business should look out for:
Trend № 1. Rapid integration of fintech
Entrepreneurs should try on the role of venture capitalists by investing in the company’s internal fintech projects. They should also try developing their own technologies – the best way to do this is by creating a consortium.
Trend № 2. Focus on blockchain
Here at PLATINCOIN, we aim to maximize the potential of blockchain, but many businesses are missing out on the opportunities offered by this technology. Meanwhile, blockchain can speed up and simplify a wide variety of processes – from funds transfers to real estate sales. Even for businesses that avoid cryptocurrencies, blockchain is a must-have.
Trend № 3. Collaboration with regulators
Take a look at the international news. Many governments are showing unprecedented interest in fintech! In the United States, Anchorage, the first ever federal crypto bank, was recently launched. These developments may be followed by a tightening of legal regulation, but at the same time, we can also expect the emergence of grants and state support.
Trend № 4. Reducing risks
While fintech solves the problems of traditional payment systems, it also creates new ones. Businesses should estimate risks in advance to find solutions before their competitors. As the saying goes, when it comes to new technologies, better safe than sorry!
Trend № 5. Long-term planning
Financial technologies can give any business a second wind, but only if they develop a systematic long-term approach towards fintech project development. Don't expect quick profits. In this industry, those who give up too soon end up losing, so prepare for a marathon instead of a sprint! Sooner or later, your dividends will pay off all expectations.
Of course, not all of these trends will appeal to both fintech and traditional businesses, but what can you do? After all, real winners know how to adapt and try new things before others. So it’s definitely worth a shot!
To find out more about the future of both types of businesses, check out the full version of Alex Reinhardt's article: https://unternehmen.welt.de/alex-reinhardt.html