In recent years, Financial Technology (commonly referred to as fintech) has become an integral part of commerce, transforming how businesses and consumers handle financial transactions. It is revolutionizing banking, payments, investments, and even how commerce operates on a global scale. The adoption of financial technology in commerce is no longer a mere trend—it is a necessity. From startups to established companies, fintech solutions provide significant advantages that enhance efficiency, convenience, and security in commercial operations. This blog explores the importance of financial technology in commerce, its benefits, and why individuals and businesses increasingly choose fintech solutions over traditional financial systems. What is Financial Technology? Financial technology, or fintech, refers to the use of technology to enhance and automate financial services. It spans various sectors, including digital payments, online banking, investment platforms, lending solutions, blockchain technology, and even insurance (referred to as “insurtech”). The top B. Com colleges in Delhi have already started focusing on the data economy as the ecosystem has become an integral part of the market now. By leveraging advancements in artificial intelligence, blockchain, mobile technology, and data analytics, fintech companies have introduced innovative solutions that simplify and democratize financial services for businesses and consumers alike. Why Financial Technology is Important in Commerce 1. Efficiency and Automation Fintech offers streamlined solutions that reduce the time and resources required for processing financial transactions. Automation allows businesses to efficiently manage payments, payroll, invoicing, and accounting tasks, freeing up time for other core activities. For example, payment platforms like PayPal and Square allow merchants to accept payments instantly, eliminating the need for manual processing or complex banking systems. By automating processes, businesses can reduce human errors, save time, and increase productivity. Automation also reduces overhead costs, allowing businesses to reinvest their savings in other growth areas. Furthermore, automation in areas like financial reporting ensures real-time access to accurate information, which enhances decision-making. B.com(Hons) 2. Global Reach Commerce has gone global, and businesses today need solutions that allow them to operate beyond borders. Fintech enables this through cross-border payment platforms, global currencies, and blockchain technology. In a traditional setup, international transactions may involve intermediaries, high transaction fees, and delays. Fintech, however, has introduced faster, cheaper, and more secure ways to handle cross-border commerce. For instance, services like TransferWise (now Wise) have revolutionized how businesses and individuals move money internationally. Blockchain technology and cryptocurrencies such as Bitcoin and Ethereum further enhance global commerce by providing decentralized systems for transactions, cutting out the middleman and lowering fees. The ability to operate globally with minimal financial friction has enabled small and medium-sized businesses (SMBs) to tap into international markets, significantly boosting their growth potential.B.com(Hon) 3. Improved Customer Experience In the digital age, customers expect seamless, convenient, and secure experiences. Fintech helps businesses meet these expectations by offering user-friendly interfaces, quick payment options, and personalized services. Whether through mobile wallets, online payment platforms, or buy-now-pay-later (BNPL) models, fintech has created a frictionless experience for customers. A prime example of this is mobile wallets like Apple Pay, Google Pay, and Samsung Pay, which allow users to make payments with a tap of their smartphone or smartwatch. Similarly, platforms like Klarna and Afterpay give consumers the flexibility to pay in installments without credit cards. The convenience of such options drives customer satisfaction and loyalty, as it meets their demand for speed and simplicity. Additionally, many fintech applications use data analytics to provide personalized financial advice, tailor offers, and recommend financial products. This enhances the customer experience and fosters deeper relationships between businesses and their clientele.B.com(Hon) 4. Financial Inclusion One of the most transformative aspects of fintech is its ability to increase financial inclusion. Millions of people around the world remain unbanked or underbanked, limiting their access to essential financial services like savings accounts, loans, and insurance. Fintech bridges this gap by offering accessible digital financial products that can be used by anyone with a mobile phone or internet connection. For example, platforms like M-Pesa in Kenya have provided banking services to millions of previously unbanked individuals, enabling them to send and receive money, save, and borrow, all from their mobile devices. The democratization of financial services has created new economic opportunities, especially in emerging markets. Fintech companies also offer alternative lending solutions, allowing small businesses and individuals with limited access to traditional banking systems to secure credit. Peer-to-peer (P2P) lending platforms like LendingClub and Prosper have gained popularity for offering loans to individuals and businesses without relying on conventional credit evaluation methods.B.com(Hon) 5. Enhanced Security and Fraud Prevention Security is a major concern in commerce, particularly as businesses and consumers engage in more online transactions. Fintech companies use advanced encryption techniques, machine learning algorithms, and artificial intelligence to enhance the security of financial transactions and detect fraudulent activities. Digital wallets, for example, use biometric authentication, such as fingerprint or facial recognition, to provide an extra layer of security. Blockchain technology, which underpins cryptocurrencies, offers an immutable ledger that secures transactions and prevents tampering. This decentralized approach ensures transparency and reduces the risk of fraud. Fintech companies also invest heavily in cybersecurity, protecting user data and financial assets from hackers and breaches. By enhancing security, fintech helps build trust in digital transactions, which is critical for the success of e-commerce and online business models.B.com(Hon) 6. Cost Savings for Businesses Traditional banking services often come with high fees, long processing times, and bureaucratic procedures. This is where you can step in as a graduate of one of the top B. Com colleges. Fintech offers more cost-effective alternatives, enabling businesses to save money on transaction fees, banking services, and payment processing. Digital payment platforms such as Stripe, Square, and PayPal offer transparent fee structures that are often lower than traditional credit card processing fees. Also Read: Data Analysis: The Future of Technology Additionally, fintech solutions like cloud-based accounting software (e.g., QuickBooks or Xero) allow businesses to manage their finances more efficiently, reducing the need for costly accountants or financial managers. Automation of payroll, invoicing, and tax filing also contributes to…
What is Data Economy and Why Does It Matter? Google was nearly bankrupt in the early 2000s and the board was talking about selling the company. In the next 4 years, Google’s revenue rose by almost 3,590% banking on just one innovation. Amazon, at a similar time, was not making any profits. In fact, the company sold products online at a loss for quite a few years. Today, Amazon is one of the most valuable companies in the world and its CEO is the richest man. Amazon also banked on the same innovation that Google invented and applied. Both these companies, along with Facebook and Microsoft, used data as one of their assets. These corporations collected data from their users and are now using it to provide value to a variety of players in the market. So, what is a data economy? In simple words, it is a digital ecosystem in which various enterprises collect and pack user data and exchange it among vendors to offer value based on the underlying information. Take the example of Google’s business model. When you frequently search about cars in Google, the search engine collects this data and stores it in a central database. It next decodes this data to understand whether you are a simple car enthusiast or looking to purchase a vehicle. Accordingly, it aligns its advertisers and shows you targetted advertisements that tend to help both you as a consumer and the car seller as a business. Here, Google itself derived value from the available data. In the market today, multiple third-party players just collect data. One such company can collect data from you and sell it directly to a car manufacturer who then contacts you directly intending to sell a car. Thus, an exchange of data happens where one collects and the other uses and again, value is driven to both consumer and business in the end. The top B.Com colleges in Delhi have already started focusing on the data economy as the ecosystem has become an integral part of the market now. One who owns the most data is known to rule an entire industry, as is happening with the big names like Google and Amazon. Why should it matter to you? Data, in its raw form, is useless. Data scientists work through data and bring out the true meaning hidden in its depths. With both these aspects available in abundance, businesses are still struggling the apply the interpretation adequately and derive maximum value out of the collected data. This is where you can step in as a graduate of one of the top B.Com colleges. Going forward, companies will be looking for employees who can execute that final step of customer conversion and this is why data economy matters for 21st-century freshers. The most profound effect that data economics has had is on marketing. Targetted advertisements have replaced traditional billboards and companies are investing heavily in digital marketing. Now, data may tell you that a particular set of customers are looking for a particular type of car. And it will be your job as a marketing expert to paint your company’s product in a way that resonates with that group of customers. This final step requires human creativity, closely curated by available data. Also Read: How to Get Ready for a Hybrid Workplace? Even sales tactics have changed exponentially in the data economy. Door-to-door sales pitches are vanishing and sales meetings are increasingly becoming fact-oriented. You will need the skill to eliminate useless data based on the client you are approaching and provide facts that can convert. Companies will want to see how efficiently you can work with data and its intended value and that will decide your success in the future. From banking to healthcare, insurance to e-commerce, every sector is now adapting the nuances of the data economy. Corporations have started realising that this is indeed the future. The best B.Com colleges in Delhi NCR have already started training their graduates on these lines and that is where you should be headed to stay ahead of the market competition. We are now entering a world where SaaS, digital payments, Internet of Things, and online banking will dominate. Enterprises will need more data-savvy, business experts. Lingaya’s Lalita Devi Institute of Management & Sciences, affiliated with IP University and based in South Delhi, is a top institution where you can train as per the necessary aspects of the data economy. LLDIMS provides unmatched exposure to its students in all modern and upcoming sectors and makes them job-ready by implementing efficient skill development sessions. In LLDIMS, you study in a futuristic B. Com course and ultimately become a graduate that future companies will want to hire. Progress will not wait for anyone and you should be ready to jump on the bandwagon.
As a B. Com graduate of 2021 or 2022 of any other year in the next 5 years, you are likely to step into a hybrid workforce that is very different than the traditional office-going workforce that we were all used to till 2020. And as a fresh graduate just out of one of the top B. Com colleges in Delhi, hiring companies will expect you to be ready for their hybrid work culture. This means you will need to learn different forms of the same soft skills. You might also need to add a few abilities in your arsenal that no company is going to teach you. Being ready for the hybrid workplace may just seem like being able to work from both office and home, but the involved challenges are much greater. Here are what you can do while in college to build your skills around the hybrid workplace culture. Not just MS Excel or Tally but you need to pick up the technical nuances of video calling platforms like Zoom, Google Meet and Skype and corporate collaboration software like Microsoft Teams. If you arrive at a company with these skills, you will be seen as an asset in this hybrid world. Companies waste hundreds of hours of productivity because their employees are yet to get accustomed to these platforms. Hence, they are looking for people who already know how to use these among the current crop. Fire up YouTube to learn the basics and experiment on your own with the free versions to pick up the basics. Every small step will count. The best B. Com colleges in Delhi NCR are already tailoring their communication skills development programs as per the hybrid requirements and you need to work exactly on those lines. Following 2020-2021, communication skills cannot simply include fluent verbal proficiency. You also need to sharpen your email writing skills, video conferencing, text messaging and online presentation skills. Getting the point across in virtual meetings can be difficult. The other person rarely sees your body language and the screen in front acts as a distraction for many. When you communicate, you need to be precise and also build the ability to hold your virtual audience. Only a few of us prioritise time management as a skill. Even fewer give adaptability any importance. In the hybrid culture, you can no longer get away without building these skills as you will have to shift between the office and work from home almost every week. When working from home, time management will be crucial as the physical distance between you and your colleagues will make collaboration time-consuming. And you will have to adapt to the hybrid style as you cannot opt for teleworking permanently because of the involved disadvantages. Form goal-oriented working habits to save time. Keep your mind open to constant changes in your working dynamics. Show flexibility as all companies now value candidates who can adapt themselves as per the current needs. Office working promoted both personal and professional growth. You could meet with your colleagues beyond your cubicles and offices and talk about random topics. You could also form valuable networks with your seniors and tap into the next available lucrative opportunity. Your visibility came naturally when you were present in the office. Now, with working from home in the mix, the natural visibility factor has diminished. You will now have to work hard to maintain your visibility over virtual mediums to form valuable networks. Social media etiquettes come first. The brand you create of yourself will matter. Learn what to post and how to post them. You might also need to work on your skills to chat in office groups. These might sound simple but every bit is important in the hybrid workforce culture. The top B. Com colleges today obviously focus on these skills along with the conventional hard and soft skills. The motive is to make you job-ready in this new world. The Lingaya’s Lalita Devi Institute of Management & Sciences, affiliated to the IP University and based in South Delhi, has been one of the first B. Com colleges to quickly adapt its curriculum to the hybrid workplace culture and all its students have access to skill development programs and resources as required by the current era. LLDIMS is all about contemporary learning. Anything changes and you know it first at this college. Enroll into the best B. Com curriculum in Delhi and stay ahead of the crowd with modern skills that only a few have in the job market.
