Better Business of Tomorrow: How Fintech Companies Can Provide Better Business and Payment Solutions for the Future

By: Newsfile

January 10, 2023 at 07:00 AM EST

Vancouver, Kelowna and Delta, British Columbia--(Newsfile Corp. - January 10, 2023) - Investorideas.com, a leading investor news resource covering fintech stocks releases a special report on the growth of the fintech industry. As new problems affect small and large businesses and traditional banking methods simply aren't effective, new companies like AppTech Payments Corp. (NASDAQ: APCX) are aiming to be the leading solution platforms of the future.

Read the fill fintech stock article on Investorideas.com

https://www.investorideas.com/News/2023/technology/01100Fintech-Companies.asp

A recent Forbes article titled, "How Should The Fintech Industry React To A Global Recession?" discussed how "as technology continues to quickly advance, I believe the innovative solutions provided by fintech companies are becoming even more essential to the financial services industry. A growing tech-savvy audience looks to be served by technological advancements that offer data-driven solutions based on market trends and their behavior. Additionally, this revolution is advancing financial inclusion and broadening services across all industries, helping drive the development of the sector."

The article continued, saying, "Leaders in the fintech industry can promote economic growth by expanding financial opportunities for a variety of industries and by satisfying the needs of a younger demographic. Fintech can also benefit other companies by enhancing payment methods and customer relationship management."

AppTech Payments Corp. (NASDAQ: APCX) is an innovative Fintech company whose mission is to deliver a better way for businesses to provide their customers with immersive commerce experiences. Commerse™, its all-new, patent-backed technology platform powering seamless omni-channel Commerce Experiences-as-a-Service (CXS), drives highly secure, scalable, cross-border digital banking, text-to-pay, and merchant services altogether from a single, unified stack designed to increase operational efficiencies and growth for businesses while providing the economic convenience that their customers demand from today's commerce experiences.

"The AppTech platform represents the type of financial technology required to rapidly launch innovative and scalable solutions. From traditional businesses to Fintech startups dialed into web3, AppTech is a must have," commented Amiya Diwan, SaaS Entrepreneur.

The company also recently held a Fireside Chat between AppTech CEO, Luke D'Angelo, and CNBC and Fox Business Network Market Analyst Kenny Polcari. Polcari sat down with D'Angelo to discuss future growth and outline the most recent Company events. Viewers can watch the interview here: https://www.youtube.com/watch?v=7wtwhYGv4Bs

AppTech was also recently viewed on Fox business as one of the best long-term companies to have in your five-year stock plan, seen here: http://video.foxbusiness.com/v/6317511890112/.

TurboTax from Intuit Inc., the global technology platform that makesTurboTax, QuickBooks, Credit Karma, and Mailchimp, recently announced its new 2023 brand campaign, "Come to TurboTax." The integrated campaign reminds people that they can come to TurboTax and not do their taxes. Instead they can meet with a dedicated TurboTax Expert while they do their taxes for them, so they can get back to: Not Taxes.

"After decades of leadership in the online tax preparation category, TurboTax has become synonymous with DIY. With this year's campaign, we're changing that narrative by letting customers know they can come to TurboTax and NOT do their taxes," said Cathleen Ryan, SVP of Marketing for Intuit TurboTax. "We believe that TurboTax has the best assisted tax experience in the market. People can sit down from the comfort and privacy of home and in one meeting, have their taxes prepared, signed, filed and then get back to doing what they love: Not Taxes."

This is the third year the brand campaign is focused on the company's TurboTax Live offerings. Leveraging Intuit's AI-driven expert platform, TurboTax Live matches filers with a tax expert with the experience to handle their unique tax situation, who, in just one meeting, will prepare, sign and file their taxes for them. No more waiting or wondering, just taxes done right and off the mind.

The Come to TurboTax" campaign has a total of seven films and will culminate with a spot in the NFL Super Bowl LVII, the brand's tenth year in The Big Game. In addition, TurboTax will once again be the presenting sponsor of both the AFC and NFC Divisional and Championship Games. The integrated campaign will span broadcast, digital, audio and social with digital partnerships with Roku, Twitch, Spotify, and BuzzFeed. TurboTax will also be one of the brands to run media on the recently launched Netflix ad supported plan, giving the brand the opportunity to reach the highly engaged Netflix audience throughout the tax season.

This year, over the Black Friday and Cyber Monday weekend, two subsidiaries of Block, Inc. Square and Afterpay, reported that their sellers saw more than 61M transactions as consumers globally kicked off the holiday shopping season. Square and Afterpay's Festive Forecast report indicated that nearly 80% of consumers intend to spend the same if not more compared to last year, signaling that sellers should continue to prepare for buyer demand during the holidays.

The peak minute for shopping occurred on Monday, November 28 at 11:15 am ET. Cities with the largest volume of sales were New York & Brooklyn, London, Los Angeles, San Francisco, Chicago, and Toronto. As for staffing over the busy shopping weekend, Square found a 19% increase in the number of employees who worked, with more than 260,000 employees working a total of 3.8M hours; the average employee clocked around 14 hours.

"The Black Friday and Cyber Monday weekend kicks off the biggest shopping season for businesses - but it's only the beginning," said Alyssa Henry, Head of Square. "We're entering a pivotal month for businesses to end the year with strong momentum, especially given recent headwinds. Sellers should leverage multiple revenue streams across online and in-person to ensure a successful holiday season, using software like marketing and loyalty programs to keep their business top of mind and to attract customers."

Transactions of Buy Now, Pay Later (BNPL) methods through Afterpay grew 120% compared to pre-holiday across online and in-person. This is in line with findings from Square and Afterpay's t Festive Forecast report where one in six Americans reported that they planned to use BNPL during the gift-giving period.

Galileo Financial Technologies, LLC, a leading financial technology company owned and operated independently by SoFi Technologies, Inc., last month announced the launch of Galileo Direct Deposit Switch. Powered by Atomic, the infrastructure provider for connecting with payroll accounts, Galileo's Direct Deposit Switch functionality gives the company's fintech clients an opportunity to better serve consumers by offering faster access to their wages and a more streamlined approach to redirecting part or all of their paychecks into a financial services accounts of their choice.

With Galileo Direct Deposit Switch, customers can quickly and easily set-up and update their payroll direct deposit information, specify how much of their wages to deposit in their accounts, create accounts for specific purposes, including a vacation or education fund, and make recurring deposits to multiple accounts. The new financial feature also eliminates processing delays, gives users peace of mind by instantly verifying requests, and empowers workers with greater control over where they route their funds.

Approximately 93% of U.S. consumers receive their paycheck by direct deposit. However, the direct deposit experience is laden with manual friction that commonly occurs during onboarding when workers join a new employer or request to update their disbursements, such as changing their primary account on file or splitting their paycheck routing across two or more accounts.

"Recent Galileo research shows people are keeping money in more accounts, and they want fast, flexible ways to move and manage their money," said David Feuer, Chief Product Officer at Galileo. "We are proud to partner with Atomic to help our bank and fintech clients simplify direct deposit onboarding, drive higher customer lifetime value and boost access to financial services that will enhance everyone's financial future. As we continue to accelerate digital banking, Galileo Direct Deposit Switch will be the best way to drive value for our clients' ledgers."

"For financial institutions and fintech firms, a steady deposit stream is key to account profitability. These benefits extend to businesses as they look to leverage digitized and automated direct deposit payroll processes that present enormous financial opportunities," said Lindsay Davis, Head of Markets for Atomic. "Clients leveraging payroll connectivity solutions, such as direct deposit switching, have seen as high as a 3-4X lift on direct deposit acquisition when benchmarked to other solutions."

Galileo Direct Deposit Switch is available for most top employers and incumbent payroll providers, bespoke enterprise solutions, modern HR tech providers, gig-economy platforms and government systems via Atomic's network of payroll coverage. To learn more about embedding this financial feature as part of a broader approach to eliminating friction, activating newly onboarded clients and giving existing customers simpler options for directing their payroll funds, download Galileo's new resource, The Payments Growth and Activation Playbook.

From a recent BloombergLaw article: "A 2021 study shows that more than 50% of loans to Black-owned businesses under the pandemic's Paycheck Protection Program came from fintech lenders-doubling such lending executed from manual-process small banks. The improvement is easy to understand. Automation can empower smaller lenders, increase financial inclusion, and reduce reliance on payday lenders."

AI tools can tap into a cache of data not used in traditional credit reports to create more accurate risk assessments essential to obtaining credit and other financial services.

As many indicators point to a possible recession ahead, Fintech companies may provide some much needed lending and support solutions for both small businesses as well as their consumers which could be a great thing for this market segment as well as individual financial freedom.

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