Rise of Fintech May be Small Business Ecosystem’s Biggest Game-Changer, According to Industry Veteran
Sadie Williamson, founder of Williamson Fintech Consulting, notes that the rise of Fintech may be considered the small business ecosystem’s “biggest game-changing” developments of the past several years.
Williamson acknowledges that Fintech products aren’t yet mature enough to fully replace legacy banking systems. However, she claims that they’ve been disrupting traditional banking platforms and service providers for a relatively long time.
Williamson writes in a blog post published by Due:
“One of the areas where Fintech has had the largest impact is small business lending. This has been a haven for traditional and smaller community banks, but today they face increasingly stiff competition from a wide range of Fintech companies. Small businesses typically issue credit to their customers, and this places stress on their working capital. Without a line of credit, it’s harder to find a good credit card processor to work with, and it’s impossible to pay