This is a powerful time to look ahead at how FinTech can slash stress and promote well-being. Financial technology is at the heart of making life easier, faster, and less stressful. One of the great functions of FinTech is to help consumers slash stress and promote well-being.
As we envision the future, now is a great time to prioritize this aspect of FinTech for consumers. With all the new digital applications, services, and resources, it’s possible to set sights on goals that bring technology together with well-being goals.
In the last year, we’ve seen a dramatic increase in consumers using virtual financial services. FinTech trends in 2022 indicate that more people will continue relying on virtual financial services. Let’s explore how FinTech can help reduce financial anxiety, minimize financial stress, offer convenience, and promote well-being.
Mobile Wallets
Research confirms that the trend for contactless payment will only continue and grow. As a consequence of the COVID-19 pandemic, more people turned to using mobile wallets. This trend is likely to continue, with several types such as QR codes, peer-to-peer, and NFC payments.
Mobile wallets provide the security of contactless payment. It offers peace of mind for the user and the provider. As consumers may have ongoing concerns about public health issues, they may continue to rely on these options.
If contactless payment is part of your FinTech strategy, think from the angle of the consumer. Are your products and services helping people to navigate the ever-evolving landscape of commerce? Are you enabling people to conduct business and personal transactions without risking their health and safety?
Outsourced VAT Recovery
With more businesses working in multiple countries, there is an increased need for international VAT recovery. While in the past, global organizations may have relied on in-house services, more businesses are now outsourcing the labor-intensive demands of VAT recovery.
This is especially helpful if your employees are submitting travel and entertainment expenses (T&E) and/or involved with supplier invoices. As VAT can be up to 27% of cross-border and local business transactions, this can provide a substantial return. Working with an outsource provider to handle VAT recovery is a smart way to relieve stress and avoid making poor decisions.
International VAT recovery is a constantly changing area. Each country has unique regulations and restrictions regarding taxation for employees and contractors. If your business is looking for top international talent, having an outsource partner to manage VAT refunds can reduce risks and increase cash flow.
As you evaluate this for your business, take a look at your global expansion strategy. If you are outsourcing to individuals, teams, or businesses, this can help you manage the complexity without losing sleep or ruining your weekend plans.
Autonomous Finance
This trend towards automation helps consumers because it takes the pain out of making financial decisions. Essentially, it combines artificial intelligence (AI) and machine learning (ML) to make financial decisions without requiring direct human involvement.
Apps for autonomous financing guide consumers on making critical financial decisions, to mitigate risk and maximize profits. If you are serving a unique audience, consider the benefits for your core demographic. Perhaps you can help someone who is stressed over complex math, has a poor memory, or just isn’t a “numbers person” just by using a digital banking tool.
Money Management
Many consumers rely on FinTech to reduce the stress of managing money and worrying about making mistakes. Data analysis helps consumers who are not financial wizards. Some money management FinTechs use data analysis to spot problem behaviors. A classic example is data analysis used for fraud prevention.
By tracking spending and financial patterns, these solutions can predict behavior that may enable a consumer to have more time to reconsider buying decisions. It could also identify people who may require further support, guidance in a credit application process, or assistance. Early problem detection can assist in reducing stress and may be useful in helping people protect themselves from problematic behaviors or poor decision-making.
Wrapping It Up
Research confirms that in recent years, there is a growing interest in self-care, reducing stress, and promoting well-being. While we work in a dramatic growth industry, it is even more important to find ways to cultivate well-being personally, professionally, and among our teams.
Source: https://www.fintechnews.org/how-fintech-can-help-promote-well-being-in-2022/
