1 . INTEGRATION OF DIGITAL SERVICES One dashboard that integrates with accounting packages and provides an overview of things like transactions , cashflow , outstanding invoices , tax return filings and funding eligibility .
2 . SPEED Neobanks provide a bank account setup within minutes , and traditional banks such as JP Morgan , Investec and Marcus are following the trend . For businesses that need funding , Liberis can integrate with their bank account and dashboards to provide access to instant funding that can be retrieved within minutes .
3 . SUPER APPS PayPal and Revolut are developing omni-services within their existing ecosystems . For example , through Revolut , users can take out pet insurance , travel insurance , buy commodities and link to their other bank accounts and credit card statements through Open Banking .
4 . OPEN FINANCE This provides the ability to aggregate user data from a range of financial apps in one place . Having all bank
transaction , sales ledger and credit bureau data in a single application means customers can get a real-time view of their cash position , and capture any emerging risks to their business or identify working capital gaps before they become critical .
5 . DIGITAL WORKING CAPITAL For too long , small businesses have relied upon bank overdrafts or personal credit cards to support their fluctuating working capital cycle . With the emergence of new lending technology , banks , specialist lenders and fintechs are creating new frictionless finance products that use realtime data feeds to assess their eligibility for a wider range of lending products like term lending , invoice finance and asset finance .
6 . EMBEDDED FINANCE The ability for financial service providers or specialist applications to embed their propositions into other third parties channels . This may mean that a small business can get access to a range of marketplace solutions in their banking app . fintechmagazine . com 97