Building Resilience: How FinTech Solutions Are Mitigating Risks for C-Suite Leaders in India

Financial technology companies in India have been making a significant impact on businesses across domains. The growth rate of FinTech in the country has been truly an aspiration. As per EY report, FinTech is expected to clock $200 bn in annual revenue by 2030. One of the major drivers of this growth is new-age Indian businesses that are relying on FinTech companies to scale their operations. 

Financial technology companies in India have changed the status quo by helping enterprises that are underserved by traditional banking and financial institutions. These solutions have empowered entrepreneurs from Tier-3 regions to explore untapped markets.

More importantly, Indian FinTech companies have provided relief to C-suite leaders by eliminating potential risks around financial management through their innovative solutions.

In this blog post, we will discuss how financial technology companies in India have been helping business leaders make business growth risk-free.

Financial Technology Companies in India Helping Fight Risk

Indian FinTech companies have been growing at an accelerated speed, all thanks to its client-centric innovation. They have been powering businesses to achieve operational excellence by digitalizing financial management to minimize risks. Below are some of the key ways it helps business leaders:

Enhanced Financial Management

Financial technology companies in India have automated a long list of tasks and workflows for organizations across departments including finance and accounting. It has redefined the way finance leaders manage day-to-day financial operations including expense tracking, invoice management, and payment disbursal. Traditionally, these tasks were done manually, which takes up significant time and resources, while creating a lot of mistakes and errors. Furthermore, businesses lacked visibility into financial management, which opened up the businesses to fraud. Fintechs have changed this by introducing digital and AI-driven solutions to simplify managing invoices, spending, and employee benefits.

For example, with Zaggle, businesses can streamline invoice management avoiding inflated billings using an automated feature that verifies every incoming invoice with a purchase order to identify irregularities.

Easy Access to Credit

Businesses find it challenging to purchase financial solutions from traditional banking institutions. Be it to get loans or credit cards, the lack of credit history affected their prospects of receiving financial help. Financial technology companies in India have provided enterprises with an alternative through innovative financing options like peer-to-peer lending and revenue-based financing. It means, FinTech firms assessed a company’s creditworthiness based on its short-term revenue and transaction volume. Such an approach allowed young business leaders to leverage credit lines to drive its growth. Unlike traditional banks that have strict eligibility criteria and slow processing, FinTechs offer funds quickly through era-suitable criteria. 

Decisions Driven by Data & Analytics

Before the emergence of FinTech companies in India, C-suite leaders have been relying on their gut feeling and industry pundits to assess the mood of the market for growth strategies. It is not only a viable approach but also risky. Financial technology companies in India have replaced this method with data-driven decision-making. They provide businesses with solutions to collect, process, analyze, and prepare reports based on all the financial information. With access to analytics dashboards, business leaders get real-time insights into financial performance. It allows them to identify potential problems early on and make informed decisions to mitigate risks.

Make Compliance Part of Culture

Financial technology companies in India are empowering businesses to ensure compliance with industry standards and regulations. They are making it easy by automating tasks related to regulatory compliance including Know Your Customer (KYC) checks and Anti-Money Laundering (AML) procedures. Through inbuilt compliance checks, businesses can avoid the risk of fines and penalties.

Zaggle Leading the Industry with Innovative Solutions

Financial technology companies in India have been a real boon for businesses of all sizes. They provide a range of benefits like improved financial management, access to capital, and data-driven decision-making. These advantages can be real game-changers for companies that are emerging onto the national scene and expanding across borders seamlessly. One major blockade for most companies slowing their growth was the risks involved. These are now being mitigated by fintech firms such as Zaggle. As one of the few unicorns in India, Zaggle has been providing customized financial platforms automating the financial operations of companies across expense management, employee benefits, channel partner rewards, and spend analytics.