IRVINE, CA / ACCESSWIRE / November 25, 2022 / Technological advances are improving lives at an unprecedented rate, not least because of their impact on business. The accelerating adoption of cloud computing, artificial intelligence/machine learning (AI/ML) solutions, and data analytics tools is enabling companies of all sizes to achieve levels of efficiency and productivity that few could have predicted. “These innovative technologies are leveling the playing field for startups and small businesses, allowing them to optimize cost structures, improve cybersecurity and improve customer service,” comments Nick Kohlschreiber, founder of debt resolution platform AcuFi. “Importantly, these solutions have led to the rise of financial technology (fintech), which has democratized access to capital, thus addressing one of the most important obstacles to small business growth.”
The innovative products and services offered by fintech companies are considered a critical element in the pursuit of financial inclusion and greater equality on a global scale, especially after the devastating impact of the pandemic. Small businesses have been particularly disadvantaged, a massive number of them being forced to wind down their business due to a lack of funds or insufficient digitalisation. However, there is a growing recognition that fintech offers huge opportunities to small businesses, and improved access to capital is just one of them, according to Nick Kohlschreiber. Through the use of AI and data analytics, fintech companies can look beyond traditional metrics such as credit scores and tax returns to assess and approve small business loan applications. As a result, the process has become significantly faster, and far more young companies are breaking through the loan barrier.
“Apart from the obvious benefit of improved credit access, fintech can empower small businesses in various other ways,” says Nick Kohlschreiber. “They can use fintech solutions to offer customers multiple payment methods, including online payment platforms, card reader services and digital transfers. Critical to their day-to-day operations and cash flows, small businesses can adopt fintech solutions to enable digital invoicing, enabling near-instant payment and eliminates the long waiting times previously associated with sending or receiving invoices and collecting dues.Last but not least, fintech has changed the game in account management – small companies rarely have a dedicated finance department, so this has traditionally been an extremely demanding aspect of to run such a business. Now fintech enables entrepreneurs to easily manage payroll, track and make loan payments, monitor business expenses and keep track of their taxes.”
Fintech is constantly changing the business landscape by offering cheaper deals, ease of use, faster services, improved features and personalization. These are all advantages that small businesses cannot afford to overlook, especially in a world where transactions and customer interactions primarily occur in digital environments. According to Nick Kohlschreiber, adopting fintech solutions is critical to the success of any business in the modern world, but small businesses stand to gain the most and should embrace fintech without delay.
An enthusiastic entrepreneur with a passion for innovation, Nick Kohlschreiber has spent his career developing solutions that support business growth and enable businesses to meet today’s challenges. He is currently pursuing his vision as part of AcuFi, a debt resolution platform dedicated to helping people achieve financial freedom. Through its team of certified debt consultants, the company offers a personalized approach that maximizes results for all of its clients.
AcuFi: http://acufi.com
Nick Kohlschreiber, Founder of AcuFi, Explains the Future of AI in FinTech: https://www.yahoo.com/now/nick-kohlschreiber-founder-acufi-explains-130600362.html
Founder of AcuFi, Nick Kohlschreiber, on FinTech in developing countries: https://www.yahoo.com/now/founder-acufi-nick-kohlschreiber-fintech-031000118.html
Contact information:
Nick Kohlschreiber
AcuFi
[email protected]
949-992-2834
http://acufi.com
SOURCE: AcuFi
