Fintechs — The Innovative Approach To Banking
The landscape of today’s financial market is dynamic and ever-changing. Just as the merging of technology and money has created a sweep of alternative finance players offering loans and cash advances, so too have fintech companies such as Populous World, that are providing capital off of unpaid invoices with the facility of invoice discounting for small businesses.
The rise of fintech companies has undoubtedly placed a new sense of hesitation on small business owners seeking out traditional big banks for financing.
According to a report published on October 1st 2018, by Moody’s Investor Service, Britain’s incumbent banking sector faces increased pressure from fintech firms targeting the most profitable — and often non-competitive — parts of their business. This insight has been derived after circulating concerns and forecasts about the UK and the impacts the banking sector faces, as we are just six months away from Brexit.
Moody’s forecasts show that British economic growth will slow in the coming 18 months owing to uncertainty holding back investment and spending, causing default rates to rise for the banks whose lending has been credited with sustaining consumer spending in the past two years.
PWC published that fintechs are shaping the landscape of banking, stating that traditional players are still in the early stages of customer-oriented solutions, at least when compared to what fin techs propose. Only half of the respondents from the banking sector (53%) believe they are consumer-centric, compared with over 80% for fintech survey participants.
A relatively new player, fintech company, Populous World originated as an idea, name after the video game released in the late eighties, and from this concept and community feel, has been built from the ground up by the people, for the people. Serving as an invoice discounting platform built on the blockchain, Populous World delivers transparency of invoices sold, the accuracy of bids placed and global participation.
Populous World is considered as a way forward for entrepreneurs and SMEs, that have previously found the big banks to be hard to work with, due to differences in management and culture as well as differences in operational processes.
Populous World is a platform where we, the people of the community, come together as a whole, designed to provide invoice discounting for small businesses that need an injection of cash.
Our alternative finance provider is unlike any other invoice finance marketplace, as the platform is built on top of the Ethereum blockchain and provides investors and sellers with a way of trading invoices in a hybrid auction/crowdfunding model facilitated by smart contracts, and enables invoice sellers and invoice buyers to transact, regardless of geographic location and without the need for any third party.
As we fund more invoices onto the platform, we look forward to jump-starting SMEs and talented entrepreneurs into successful businesses.
As Britain approaches the exit of the European Union, Populous World will continue to globalise what is currently a very localised and limited market sector, and in the process disrupt the financial marketplace.
