Callum Carlstrom’s Post

More complex networks = more risks of interruptions. When you rely on a complex network of card companies and payment processors, there's an increased risk that things can go wrong. Most businesses can't afford interruptions to their payments. Not to mention the high fees imposed on businesses for using these card providers. When your customers pay through their UK bank app, it's instant, cheap, secure, and most importantly... it's fair! Try Atoa free for 14 days to see for yourself :) #openbanking #payments

"66% of consumers have never received any communication from their banks regarding Open Banking" As providers of Open Banking solutions, it becomes our job to educate merchants on the benefits. This is important because merchants, in turn, will educate the consumer. Most consumers have used Open Banking solutions at some point and not even been aware of it. With better education, we could see a massive uptick in usage and people telling their friends at an increased rate. #openbanking #payments ---------------------- Source: fintech.global ----------------------

FinTech creates a whole host of financial opportunities for us. One thing in particular I've become interested is the idea of credit scoring through our digital footprints. Saying we're becoming more and more active in the digital world would be the understatement of the year. Everything happens online today. Most of those things don't matter. Some things do. What if we could aggregate data from all our online activities (our "digital footprint") and build creditworthiness from that? It would be revolutionary, particularly for the unbanked and those with little access to financial infrastructure. It could also gamify the experience of building a credit score and inceltivize better behaviors. Are there downsides? Many. Would it provide massive opportunities? You bet. Do you know of any solutions like this today? I'm trying to go deeper into the topic this summer 💳 🤔

The best FinTech products are the ones that make people's financial lives dramatically easier. If that's not one of the key USPs of the product, it won't work over time. As a user, it's one of the most delightful experiences when you find a solution that takes a previously complex and/or expensive process and simplifies it. This is also what makes customers rave about a product to other people. Simple. Not easy :)

Mobile payments users in the UK is expected to reach 42 million by 2025! As mobile banking apps have become commonplace, people are becoming increasingly used to paying for everything with their phones. Think Apple Pay or Google Pay contactless. With this explosive growth in mobile payments comes a big opportunity for UK businesses. What need is there to accept card payments when it doesn't necessarily provide a better user experience for the end customer? In the past, businesses have been forced to pay high card processing fees because they had to meet the needs of their customers. For many businesses, this eats into their bottom line. But they didn't used to have a choice. Business now have a choice without disrupting the experience of their customer. If you'd like to drop your fees to 0.6%, Atoa is here to help (depending on volume, we can go a lot lower than that 😊 ). We also offer a 14-day free trial with no commitments. Because we know the importance of a seamless payment experience! ---------------------------------------------------- Source: Humans of the Globe - Fintech Facts and Figures ----------------------------------------------------

Are you taking advantage of open banking to master and automate your finances? According to The Office of National Statistics, 40% of UK households did not expect to save any money in 2023. What's more, 26% of people who earned over £100K claimed to be living paycheque to paycheque according to The Independent. Why is this? Most of you on here are privileged enough to have access to some of the most powerful fintech tools ever created. And the amount of these tools that are either free or cost you next to nothing is staggering. So why aren't they being used efficiently? Are we lacking education? It's easier than ever to automate your finances and set yourself and your business on a more positive trajectory. Just start simple. If you're an individual, setup a "roundup to save" rule in your bank. Most neo banks have this feature. If you're a business, pick a cheaper payments provider that charges you under 1% per transaction. The tools are out there. Just got to use them :)

🌟 8 Global Fintech Stats That Caught My Eye 🌟 The fintech world is evolving at a rapid pace! Here are some interesting stats that highlight the rapid growth and potential of this exciting industry: #1 - Global fintech revenue has doubled since 2017, now nearing $198 billion in 2024. #2 - The number of fintech startups has exploded, more than doubling from 12,000 in 2019 to over 26,000 today #3 - 90% of Chinese citizens are leveraging fintech for their banking, payment, and financial needs #4 - US digital banking adoption has grown steadily, reaching 65.3% in 2022 #5 - Over $8.49 trillion in digital payments were processed globally in 2022 #6 - Capital markets, payments, and wealth management are the top three fintech sectors, each receiving over $5 billion in annual VC funding #7 - The global fintech market is projected to grow to $514.9 billion by 2028, with a compound annual growth rate (CAGR) of 25.18% #8 - Digital banking is the largest fintech segment, with global digital payments expected to reach $8.49 trillion in 2023 It's stats like these that makes this space so exciting to build in! 🚀 Source: https://lnkd.in/eiNXBJSp ----------------------------------------------------------------- If you found this post interesting, please share with your network! ♻️ #Fintech #Innovation #Startups #DigitalBanking #Investments #TechTrends #BusinessGrowth #VCFunding #FinancialServices #DigitalPayments

3 Reasons the Growth of FinTech is a Game-Changer For many, the rise of innovative FinTech might seem beneficial only to the financially savvy. But in reality, it has far-reaching impacts that benefit everyone. Here are three key ways FinTech growth is revolutionizing business: ------------------------------ #1 Boosting SMEs' Access to Capital ------------------------------ Small businesses, especially in emerging economies, face significant funding gaps. FinTech solutions use alternative data—like social media metrics, biometric data, and shipping information—to make quick and accurate credit decisions. This broader set of tools allows businesses to establish creditworthiness more effectively. ------------------------------ #2 Lowering Operational Costs ------------------------------ By simplifying and automating tedious administrative tasks, FinTech enables businesses to set up their financial infrastructure faster than ever, allowing them to start operations in days rather than weeks. ----------------------------------- #3 Enhancing Customer Experience ------------------------------ Customer experience is everything for businesses, especially startups aiming to attract new customers. FinTech offers tools that enhance personalization and convenience, providing a delightful experience that helps startups stand out. And this is just the tip of the iceberg. The best part? These improvements benefit us all. Better experiences and cheaper solutions are always a win for consumers. What's your favorite benefit of FinTech growth? #openbanking #fintech #growth #payments