From Paper to Pixels: Fintech’s Role in Growing Digital Businesses
- Deeper insight into the business together with a higher degree of personalization
- Fintech innovation unlocks real-time updates with analytics, better targeting
In today’s fast-paced digital world, technology has revolutionized the way businesses operate, driving more digitization as they seek to expand and reach new heights. Yet, despite the excitement around going digital, many Malaysian businesses are still lagging behind in implementing advanced digital technologies.
To combat the slow uptake of digitization, the Malaysian government recently announced a series of initiatives such as the digitization grant scheme, strengthening the Digital Economic Center (PEDi) and RM1 billion in funding from Bank Negara Malaysia to help businesses go digital. Alongside government initiatives, companies can also get the support they need from fintech companies, whose innovative solutions are instrumental in driving digital adoption.
By partnering with fintech companies, businesses will be able to face digitization challenges through an enhanced digital journey that enables them to embrace and access the solutions they need to remain competitive and reach new customer segments. Additionally, with the International Monetary Fund (IMF) forecasting global growth to slow to 2.7% in 2023, and with inflationary and cost-of-living pressures weighing on the region, businesses that partner with fintechs to go digital will be in a more advantageous position position in which they can future-proof their business and persevere through today’s economic headwinds.
Unlocks options for sellers, giving them deeper insights
Fintech solutions also unlock options for merchants and empower them by simplifying financing, offering greater efficiency, providing deeper insight into their business along with a higher degree of personalization. In fact, according to an EY Business Pulse Survey, 77% of Malaysian businesses prioritize technology in the immediate term as they track their adaptation to remain relevant in an era of technology and digital transformation. Investing in digital solutions allows businesses to reduce costs as previously manual processes are automated, which in turn makes overall operations more cost-effective, allowing businesses to focus their efforts on growth.
As a regional fintech player across the spectrum, Boost has always been at the forefront of providing cutting-edge technology and practical fintech solutions that pave the way for merchants to enjoy unstoppable growth in their business ventures.
But how is this possible?
Fintech offerings prioritize two essential elements: accessibility and speed. While the benefits of fintech cannot be understated for merchants, it has also revolutionized the way businesses operate. Merchant wallets encapsulate this as they not only encourage cashless transactions, but also make business-related payments frictionless, providing easy access to funds for merchants. Fintech has simplified this process through the use of big data and mobile connectivity, allowing businesses to easily access complex, feature-rich financial software platforms and managed services.
Cost reduction – the most popular starting point for digital transformation
In line with the same thinking, cost reduction is the most popular starting point for digital transformation. Something as simple as paperless transactions can cut costs for businesses, as costs associated with purchasing paper and printing are eliminated. Also, by recording transactions digitally, all data is stored in one place, so sellers can quickly access it and use it to build their credit profile, which will come in handy when applying for increased financing. Additionally, with cost in mind, companies can leverage the benefits of going digital to improve resource efficiency, support worker productivity, reduce overhead and production costs, and streamline aftermarket service.
Digitizing your business also provides access to unprecedented business insights. Fintech innovation has enabled smart information screens with real-time updates and data analytics, giving companies direct access to this information.
For example, sellers can stay informed about their daily sales, access customer insights and business performance analysis through the Boost Biz app to improve overall management processes and business operations. An additional benefit for salespeople using customer data insights is that they can identify customer trends and behaviors, so they can better target customers. This leads to stronger sales and general business growth, and shows how investing in digital solutions is beneficial for both the business and the customer experience.
Improve the customer journey via accessibility and convenience
In addition, by using innovative fintech solutions, businesses can also enhance a customer’s journey by offering accessibility and convenience. Customers can access financial information and transactions in real time via seamless payment processing and mobile banking. Such is the case with Boost, which gives its merchants easy access to accept cashless payments via the Boost DuitNow QR code, Boost Business Payment Link and International Cross-Border QR payments. Through this, merchants are not limited to serving local customers in store, they can also extend their reach to customers across the region.
Overall, fintech solutions have certainly unlocked opportunities for merchants to easily embrace digitization for business growth and bring themselves into the digital economy. With the help of fintech players like Boost, businesses are prepared for endless growth and opportunities, which will further develop with the rapid advances in the fintech landscape.
As businesses grow and increase profitability, they will gain better access to capital and funding, helping them invest further in other areas and become unstoppable. So attach the cart to the right horse and become a winner.
