With more than 5.5 million registered small businesses employing nearly half of the UK’s total workforce, it is undeniable that this sector has become a pillar of the economy.
The small and medium-sized enterprise (SME) sector is a vital component of the UK economy, employing nearly half of the workforce. However, SMEs face challenges in the form of a cost-of-living crisis and rising interest rates. Traditional banks and credit unions have become more cautious about lending to SMEs, making it harder for them to secure financing.
In this environment, financial technology (FinTech) emerges as a lifeline for SMEs, offering flexible financing options and much more. Let's explore some of the FinTech trends in 2023 that can empower SMEs to access capital, enhance customer relationships, streamline business processes, and sustain growth.
In a landscape where traditional financing options are tightening, SMEs can leverage these FinTech trends to navigate challenges and drive growth. Whether it's embracing embedded finance, adopting diverse payment solutions, harnessing blockchain technology, or automating financial processes, SMEs have the tools at their disposal to thrive in 2023's dynamic business environment.
Article written by Jolene Simmons for bluqube.co.uk