One New Year resolution that every entrepreneur definitely makes is to try and grow their business into an even more profitable model. But how can you map out the strategies for your business without knowing the oncoming financial trends? Here are a few important ones that your start-up is most likely to face this year. Plan your strategies accordingly so that 2018 turns out to be nothing but a financially favourable year for your start-up.
1. Banking models will begin a fundamental shift
The want of better and comfortable living standards is a prominent reason why so many technological advancements are being made. The millennial wants the convenience in banking too, of banking whenever and wherever they want. To satisfy this need, the traditional banking model will certainly have to be changed as it nowhere meets what the users want. As a result, paperless banking will be the top priority of users. The count of digital banking users is expected to grow to more than 2 billion by 2020. So you can upgrade your banking solutions and grab the opportunity of being the provider of what those 2 billion users want; or you can stick to traditional banking solutions and see those 2 billion users turn away to someone who has technology-first solutions. The choice is yours.
2. Speed is the key in modern banking
You know how annoying waiting for payments, lending, banking services, statement processing etc. can be especially when you can do nothing about it because you have no other choice. Well, in the coming time, the banking channels are predicted to speed up. Middle men like brokers and agents are likely to get eliminated so that the customers get their work done in fewer steps. So even you must strive for speed in your business and come up with solutions that offer quick, easy, confusion-free, and one on one services.
3. Mobile banking means more mobile cyber attacks
Increasing digitisation has resulted in a very handy approach to all banking services. Mobile banking will soon be on its boom and phones are already very close to becoming the wallets. But at the same time, the chances of cyber-attacks on mobile banking and transactions have also increased, and they are expected to continue. Approximately 80% of financial institutions’ customers are doing online banking, 50% are on mobile and these figures are still increasing. While mobile banking leverages you with a large network of customers, you must have a strategy to deal with the risk of cyber-attacks that comes along.
4. Technology and cyber security
Realizing the risk of cyber-attacks, many enterprises are likely to increase their investments in advanced cyber security operations which not only work for prevention but also for detection and problem solving. These advanced operations include hybrid security offerings combining on-campus and SaaS/ Cloud solutions. So even you should follow up on this trend and consider spending on cyber security to keep your business on the safer side.
5. Online and cloud accounting will become more common and widespread
Switching to online and cloud accounting systems is one of the most popular trends that 2018 is going to see. While companies like Giddh are making these systems a great buy, the user-companies are also really satisfied with the way these systems make accounting easier, faster, error-free, and more productive. The network of online and cloud accounting is expected to expand rapidly in the coming time because it will be not only seen as a business need but also a business trend.