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Aaron Rodriguez discusses the importance of FinTech in business evolution

Aaron Rodriguez, a successful business development and process expert, explains why FinTech companies are important for the advancement of businesses.

San José, Costa Rica – WEBWIRE

There has been a significant increase in FinTech companies in the past year, with different countries reporting a 14% increase in FinTech companies. Over the past year, FinTech companies have grown significantly. FinTech is addressing a latent demand for companies that have been left behind by traditional financial institutions. An expert on eCommerce and business management, Aaron Rodriguez, says small and medium-sized businesses (SMEs) are likely to change how they operate.

The FinTech industry has grown in many ways, including for SMEs. But there are also two segments that stand out, namely lending and payments. It is important to celebrate the growth of FinTech. As SMEs have been struggling to obtain credit and other financing options for a long time, this is especially relevant to them, as access to credit and other financing options has been a major obstacle for them for many years. It is often the reason they fail or go out of business.

Rodriguez explains that this sector of FinTech companies could be the deciding factor in transforming SMEs on two fronts: supplying them with credit, payment methods, and other services so they can provide them with the products and services that they want to provide their clients.

FinTech’s credit processes and interest rates enable small and medium-sized businesses to access loans that were previously unavailable through traditional banks, thus allowing them to obtain the credit they otherwise would not be able to obtain. With FinTech, small and medium-sized businesses are now able to pay their bills with cards, which is the future of commerce.

The use of digital banks and a wide variety of wallets is showing a growing trend. Because people do not need to make a deposit, or make payments, traditional banks are being avoided as there is no need to make a deposit.

In order to disrupt the way credit is delivered to customers and how we pay them, FinTechs can do everything today that traditional banks are capable of doing, but they aren’t doing it. This is why these companies are disrupting the way credit is delivered to customers and how we pay them. Rodriguez explains, “FinTech should be used by SMEs in order to challenge current practices.”

Often, small- and medium-sized companies find a niche, and then have difficulty moving beyond it; precisely this misconception is exactly what they struggle with; they don’t challenge what they think is the status quo".

FinTechs need to learn from SME owners about their resilience; they are resilient and can withstand a lot; as markets, consumers and the whole world are moving, so SME owners need to join this train. FinTech ecosystems are full of startups that fail, and no one seems to care much about them.

SME owners will always be there to help them get back up, regardless of how many times they fail. As they become more digitally-savvy and agile, as well, FinTechs demonstrate their ability to operate in the correct manner, mutual trust will increase.

There is also an important part of this trust in the so-called FinTech Law, which has been established in several countries. There is now more compatibility between FinTech and SMEs than ever before, and the reason for this is that it legitimizes these companies as well as lays the foundation for understanding that the money SMEs receive from these institutions is safe and regulated. This is why FinTech and SMEs have become more compatible than ever before.

About Aaron Rodriguez

Aaron Rodriguez is an expert eCommerce consultant in Latin America. He helps businesses throughout the region optimize all of their eCommerce operations to increase sales and retain customers, and also has extensive experience in the development of strategic and external alliances to promote departmental and organizational objectives. He has traveled extensively throughout Latin America to assist a number of companies and, when he’s not traveling, he dedicates all of his available time to his wife and children.

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 Aaron Rodriguez

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