There’s a high chance that right now, you’re reading this article on your phone. After all, 77% of Americans own a smartphone, a device which has become a primary source of not just information, but all the other services we participate in as well.
Financing is a big part of those services. Over 41% of banking consumers use a smartphone or the internet for financing, a staggering statistic considering how long the practice has been around (as well as how quickly people have adopted to it.) The web has quickly been the main way to keep up with and manage our finances, with businesses now following suite.
As you probably already know, the internet has placed a wide range of financial tools and services right at our fingertips. In fact, many of these services are probably ones you’re already using in your day-to-day, such as mobile banking and keeping track of expenses. And yet, the coming years are going to see a significant change in how these services expand.
With an efficient stream of data available in real time, expect products and services to integrate with one another more fully in order to accurately balance out other processes, such as more in-depth financial forecasting and analyzing needs.
For example, let’s say one of your vital pieces of equipment has broken down and you need to decide if it’s worth it or not to repair. With mobile technologies working together seamlessly, you can not only break down all your data points into the pro’s and con’s of each scenario but have the confidence to pull the trigger on a decision in a matter of minutes.
While lending has been the primary practice, there are a ton of other resources out there that also help businesses. Beyond just borrowing money, firms are now able to streamline their forecasting, accounting, and tracking in real-time, creating a level of efficiency we’ve never had before.
With economic forecasts predicting that equipment financing is going to be on the rise in 2017, we thought we’d share with you a few insights into how the web has played a role, as well as how it will expand given current innovations going on in the industry.
While these technologies are in the vein of following consumer trends across the board, expect them to play a big role in how we respond to our current financial picture. The world of business can be a volatile one, so having access to funds fast can make or break your business.
Services like Currency or Express are finding ways to leverage the web to expedite the funding process by taking what used to be an archaic paper based application, approval and funding process and leveraging the intrinsic value of the information age to gather borrower information quickly and instantly deliver funding approval responses.
Make Room for AI and Machine Learning
As all of Silicon Valley gets giddy with excitement when any story flashes about machine learning and AI, its usage is going to entirely change the business landscape forever.
The possibilities are nearly endless. With AI/Machine Learning, business owners are now going to be able to track efficiency, improve processes, and keep up with maintenance like never before. For example, a coffee shop owner can use sensors to measure the weight/time of each espresso shot, as well as see how many shots are being poured per hour. Additionally, AI can judge when a machine needs new parts, a cleaning, or even replacement. Plus, with all this information available, business owners can get approvals and make buying decisions based on concrete information in a matter of seconds.
Perhaps one of the most exciting parts of this new arena to the small business world is how accurate AI/Machine Learning is getting while simultaneously becoming cheaper. Being able to track and manage these processes with pinpoint accuracy on a smartphone is much nearer to us than we’d imagine. And it is absolutely going to change the game for any small business.
The future of our finances in the information age is going to bring us into an unprecedented time in business. Not only will we have access to a plethora of information right at our fingertips, but we will also be able to synchronize them to work with our financial partners. Additionally, this upcoming era of innovation seems to be moving towards services differentiating themselves from the competition by replacing brute force with high-level client services. This is a wonderful shift for small businesses who have traditionally received the run around from lenders. Going forward, companies like Currency will set a new standard in service by complementing cutting edge technology with first class relationship management. Don’t hesitate to reach out to our Funding Specialists at Currency Capital. We’re always available for a call at 877-358-4595, and would love to answer any questions you may have.