The advent of the digital era has radically transformed the way entrepreneurs and business people conduct their financial transactions. Today, financial services for entrepreneurs are more accessible than ever, as technological innovation enables fast, efficient, and secure financial transactions using innovative solutions known as financial technology, or simply fintech. However, the fintech landscape is constantly changing with each new technological solution introduced to the market, shaping the future of financial services for entrepreneurs. In this blog, we will explore how fintech is impacting the business world and what changes can be expected in the near and distant future.

The Future of Financial Services for Entrepreneurs through Fintech

Fintech (financial technology) is the result of the digital revolution and technological advancement in the financial industry. It is altering traditional business practices and entrepreneurial behaviors by providing new, simple, and effective ways to achieve financial goals.

Thanks to the digitization of banking and the rise of new financial technologies, new opportunities have emerged for entrepreneurs in handling transactions, gaining easier access to credit, reducing payment costs, and much more. Nevertheless, some entrepreneurs still remain skeptical and stick to traditional methods.

On the other hand, fintech companies are rapidly evolving and preparing new solutions for a wide range of financial services that will be beneficial for businesses navigating the swiftly changing financial landscape. Particularly encouraging is the fact that numerous well-known investors are investing in these startups, ensuring further growth and development of financial technology.

One of the new services offered by fintech companies for entrepreneurs is processing loans. These loans don't require bank visits and quickly provide financial support for various projects. Additionally, they offer simple payment methods, more flexible structures, direct integrations (e.g., PayPal, Stripe...), and various ways of usage that entrepreneurs can leverage for smoother operations, increased competitiveness, and capturing a broader customer base.

Due to all these advantages and the future of financial services for entrepreneurs, they have an even greater opportunity for growth and development. Fintech is creating new jobs and aiding in generating new entrepreneurial ideas that could prove highly profitable. It's crucial for entrepreneurs to embrace technological changes and prepare for a new way of doing business.

In the future, traditional banking services will likely become less competitive and will need to adapt to new trends. Thus, financial technology is likely to continue evolving, offering us additional exciting opportunities.

In essence, fintech paints a very promising scenario for the future of entrepreneurs, granting them access to modern and innovative financial products. Nevertheless, it's important to note that many of these solutions are technology-driven, which means entrepreneurs need to acquire new skills and adapt to new business practices. Such changes have already brought (and will continue to bring) profit potential and significantly more opportunities to markets for many entrepreneurs.

An important aspect to consider is also the accounting treatment - an inappropriate approach can quickly lead to digital accounting confusion. Thus, accounting guidelines and proper treatment of such business events are of paramount importance.

The development of DigiAce is co-financed by the Republic of Slovenia and the European Union from the European Regional Development Fund.
The development of DigiAce is co-financed by the Republic of Slovenia and the European Union from the European Regional Development Fund, with a financial support of EUR 54,000 under the P2 2022 call.
 The aim of DigiAce is to automate the import of statements and transactions when dealing with FinTech providers. This promotes the transition to digital and more efficient business operations and encourages the recruitment of high value-added staff.
Short description of the results of the operation:
The operation has developed, refined and commercialised a web application for the conversion of business data through FinTech providers and its direct import into accounting and ERP software. In addition, we have developed and integrated the Bankconnect module, which allows a significantly simplified direct retrieval of bank statements also from traditional banks. Within the project, we have prepared the basics for building an API interface for more modern integration with other applications. In addition, the project implemented a number of other solutions, such as integration with the CRM system, integration with the payment and subscription system (Stripe) and a multilingual website - including a back-end multilingual interface (application).