This is a powerful time to look ahead at how FinTech can
slash stress and promote well-being. Financial technology is at the heart of
making life easier, faster, and less stressful. One of the great functions of
FinTech is to help consumers slash stress and promote well-being.
As we envision the future, now is a great time to prioritize
this aspect of FinTech for consumers. With all the new digital applications,
services, and resources, it’s possible to set sights on goals that bring
technology together with well-being goals.
In the last year, we’ve seen a dramatic increase in
consumers using virtual financial services. FinTech trends in 2022 indicate
that more people will continue relying on virtual financial services. Let’s
explore how FinTech can help reduce financial anxiety, minimize financial stress,
offer convenience, and promote well-being.
Mobile Wallets
Research confirms that the trend for contactless payment
will only continue and grow. As a consequence of the COVID-19 pandemic, more
people turned to using mobile wallets. This trend is likely to continue, with
several types such as QR codes, peer-to-peer, and NFC payments.
Mobile wallets provide the security of contactless payment.
It offers peace of mind for the user and the provider. As consumers may have
ongoing concerns about public health issues, they may continue to rely on these
options.
If contactless payment is part of your FinTech strategy,
think from the angle of the consumer. Are your products and services helping
people to navigate the ever-evolving landscape of commerce? Are you enabling
people to conduct business and personal transactions without risking their
health and safety?
Outsourced VAT Recovery
With more businesses working in multiple countries, there is
an increased need for international VAT recovery. While in the past, global
organizations may have relied on in-house services, more businesses are now
outsourcing the labor-intensive demands of VAT recovery.
This is especially helpful if your employees are submitting
travel and entertainment expenses (T&E) and/or involved with supplier
invoices. As VAT can be up to 27% of cross-border and local business
transactions, this can provide a substantial return. Working with an outsource
provider to handle VAT recovery is a smart way to relieve stress and avoid
making poor decisions.
International VAT recovery is a constantly changing area.
Each country has unique regulations and restrictions regarding taxation for
employees and contractors. If your business is looking for top international
talent, having an outsource partner to manage VAT refunds can reduce risks and
increase cash flow.
As you evaluate this for your business, take a look at your
global expansion strategy. If you are outsourcing to individuals, teams, or
businesses, this can help you manage the complexity without losing sleep or
ruining your weekend plans.
Autonomous Finance
This trend towards automation helps consumers because it
takes the pain out of making financial decisions. Essentially, it combines
artificial intelligence (AI) and machine learning (ML) to make financial
decisions without requiring direct human involvement.
Apps for autonomous financing guide consumers on making
critical financial decisions, to mitigate risk and maximize profits. If you are
serving a unique audience, consider the benefits for your core demographic.
Perhaps you can help someone who is stressed over complex math, has a poor
memory, or just isn’t a “numbers person” just by using a digital banking tool.
Money Management
Many consumers rely on FinTech to reduce the stress of
managing money and worrying about making mistakes. Data analysis helps
consumers who are not financial wizards. Some money management FinTechs use
data analysis to spot problem behaviors. A classic example is data analysis
used for fraud prevention.
By tracking spending and financial patterns, these solutions
can predict behavior that may enable a consumer to have more time to reconsider
buying decisions. It could also identify people who may require further
support, guidance in a credit application process, or assistance. Early problem
detection can assist in reducing stress and may be useful in helping people
protect themselves from problematic behaviors or poor decision-making.
Wrapping It Up
Research confirms that in recent years, there is a growing
interest in self-care, reducing stress, and promoting well-being. While we work
in a dramatic growth industry, it is even more important to find ways to
cultivate well-being personally, professionally, and among our teams.
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