The 5 Booming Industries for B2B in 2017
April 12, 2017 – by Larry Myler
Excerpt from full article
Financial Technology (aka FinTech)
The B2B market in FinTech is quietly one of the more active areas of the market despite the fact that it does not garner a lot of headlines or attention. Still, B2B and enterprise-focused FinTech investments are driving a significant amount of innovation and growth, presenting tremendous opportunities for early adopters.
“We’re already seeing significant levels of investment from private equity firms and strategic investors all across the B2B FinTech landscape. This interest is being driven by the rapid adoption and penetration of FinTech related solutions in the B2B space. There really is no area of the enterprise that is not being addressed by FinTech innovation, as businesses leverage technology to decrease the financial-related friction in transactions with other businesses,” explains Steve McLaughlin founder and CEO of FT Partners, a leading investment bank for financial technology.
B2B FinTech is one of the major driving forces behind the unprecedented levels of infrastructure improvements showing up across the enterprise. Internal IT departments do not have the ability to develop true enterprise B2B products and services, and these product gaps are being addressed by FinTech businesses that are enabling increases in financial and operational benefits. Even your 401(k) is getting a boost from the advances in FinTech. Today, you can submit your company's 401(k) plan and have it analyzed for fees, and then presented back to you via a customized video in real time. "We are really excited about leveraging technology to bring transparency to America's number one retirement vehicle," says Josh Robbins, CMO of America's Best 401(k). "A typical small business with 10 employees would retain upwards of $1M of retirement savings by reducing their fees by 1% over a 20-year period."
If you can produce a FinTech solution that reduces costs, increases efficiencies and leverages data in new and creative ways, now is a good time to market such a solution.