We now live in a society full of technologically advanced people and change is the only constant to this. People are changing and the world is moving fast-paced. With this demand of the fast-paced world, it is required to develop even in the banking sector to make the payments hassle-free and easier for businesses to run. Now people expect everything to be done very quickly without wasting a second.
The current system of the bank is slow and complicated alike other industries that are making a change for granted. Therefore, to solve this issue Eyal Nachum has come up with a business model that will help to integrate bank accounts at a single point. He feels that the issues with cross border payments can be solved.
An Issue with Small and Medium-sized Industry:
A decrease in employees in the bank and a reduced number of branches of banks have created this issue. According to Eyal Nachum banks are getting into a larger crisis then they are now. As we know the backbone of the business world is small-medium enterprise and they will sustain only when there will be cash inflow. And that can only be done with the payment system getting right. So, the issues are the lack of the right payment solution. How can businesses thrive in this competitive world if they have to face payment issues?
Solution available as per Eyal Nachum:
The non-banking financial sector can help these small-medium business issues to be solved. They have all the authority to do what banks are doing right now. Even they can do more to help these small business houses. We know there are all sorts of businesses available in and around the world and their survival strategy lays in the appropriate hassle-free payment solutions.
Being in the industry is easy but to survive is difficult therefore an easier payment solution will help the business houses to focus on what they want to do and make things much easier. But this is only possible when people will adapt to change and follow the latest trends. Following the old school trend can be a struggle for survival. So, changing from the current payment’s issues to the new school of payment gateways can help them survive.
So, follow the steps stated by Elay Nachum and grow your business. Focus more on the business that you want to do and not in the payment system. As the payment gateways have taken a toll with a better user interface and lots of security and authentication.