Not too long ago, banks were just banks. You held money in an account, paid suppliers and invoices, and that was it. But then, a quiet revolution began stirring. In some cases, motivated and frustrated by their startup banking experience, fintech banking innovators saw a need for a change; tech-leaning, fast-scaling businesses wanted and deserved more from their business bank.
Today, a shift is occurring in the fintech space, with 35%+ of small- and medium-sized enterprises (SMEs) choosing fintech for its automation, efficiency, real-time insights, and seamless integrations, all of which are essential tools for businesses seeking alignment between their mission and their bank.
Modern businesses can't afford to rely on outdated banking systems built for a slower era. Every day, your client spends time tied to legacy banking that doesn't support their goals, and they're falling further behind competitors who are already harnessing fintech to move faster and smarter.
Unlike traditional banks, fintech solutions go beyond storing money. They help businesses optimize their financial operations.
Fintech is paving the way for a new form of banking that includes:
Automation efficiency eliminates manual data entry with opportunities to reduce errors, free up staff time, and improve operations. Tools like Rho offer accounts payable automation and real-time transaction tracking with features that:
AP and AR processes are part of fintech automation, offering a systematic shift in how businesses and accountants view modern banking.
Integrations save time. Fintech banking offers cutting-edge integrations that offer unified financing solutions in one easy-to-use platform. For example, depending on which fintech bank you use, they may connect with:
Maintaining harmony between multiple systems keeps businesses running smoothly and allows for the rapid adoption of new banking technologies.
Growing a company while stuck with a legacy banking partner is like trying to run a modern business on a typewriter. As the saying goes, how you do one thing is how you do everything, and the banking solution you recommend and that your clients use sends a message. If a company positions itself as the next big thing, its tech stack — including its bank — must match that ambition.
Scaling to meet business banking needs is easy with fintech banking, which is built on cloud architecture. Operations grow alongside solutions that make it simple and easy to scale operations up or down based on ever-changing needs and demands.
Fintech solutions support scalability while also putting money to work.
One way fintech banking achieves this is through streamlined corporate card programs that provide businesses with greater visibility, control, and automation in managing expenses. These programs integrate with real-time transaction tracking and financial reporting tools, allowing companies to optimize their cash flow without the manual oversight required by traditional credit card systems. Further, specific fintech-powered corporate card programs offer competitive cash-back rewards.
In addition to expense management, modern fintech platforms allow businesses to earn yield on idle cash through integrated treasury solutions. By leveraging these features, businesses can maximize their cash flow without requiring additional effort.
Having your money work for you is essential, but having proper audit trails is equally important; that's where fintech companies shine. Compliance automation features offer:
Reducing regulatory risks and improving reporting accuracy is a top priority for many organizations. Fintech banking provides built-in compliance that companies can rely on to scale operations confidently.
Unencumbered by legacy systems, fintechs can easily adapt to changing markets and client needs on the fly. They offer more agility and the ability to improve in real-time compared to traditional banking.
Let's be honest; many accountants and their clients are equally frustrated and anxious regarding business banking. Impersonal service, manual processes, delayed transactions, and outdated platforms make every step more painful than it needs to be.
As discussed, fintech delivers clear benefits: automation that reduces manual work, seamless integrations with accounting platforms, improved audit trails, and faster innovation that offers the agility your clients need.
But the benefits don't stop there.
Your clients' banking solutions are central to their most significant moments. Whether closing a major acquisition, securing critical financing, or making a high-impact hire, your clients don't want to deliver that news to an AI chatbot.
They want to call their banking partner and maybe even meet for a celebratory drink. The right fintech banking solution supports that. AI agents and bots have their place in business, but they should never stand between your clients and those they trust with their financial future.
Insights and Data Help Clients Make Smarter Decisions
Clients need to make informed decisions. Whether looking at hiring, expanding, investing, or finding ways to manage their cash flow, clients need access to reliable and accurate data.
Fintech banking solutions give accountants access to granular financial data in real-time, so clients get the information they need to make smarter decisions.
Leading fintech platforms offer features like predictive analytics and expense categorization to instantly give clients a clearer picture of their financial data and health.
According to a study from the Thomson Reuters Institute, 95% of tax professionals believe clients want advisory services.
However, transitioning to an advisory role can be challenging without the right tools and strategies.
With the right fintech solution, accountants are not just getting another "banking tool." They are gaining a partner who understands the value of their work and the complexity of their role. The best platforms are designed to work the way accountants work, giving you the control, visibility, and technology needed to elevate your role while helping you automate and streamline the processes that once consumed valuable time.
Fintech is shaping the future, and as an accountant, I know that the future can't come fast enough. Traditional banking has left you battling manual processes, chasing down transactions, and working with outdated tools, making delivering real-time advice nearly impossible.
Those who embrace and adopt modern fintech solutions early on will gain a competitive advantage and a banking partner built for the way accountants work, giving them the control, visibility, and seamless collaboration they need to thrive as advisors.
About Rho
Rho is the banking platform with everything businesses need to manage cash, control spending, and automate finance busywork. Rho offers corporate cards, banking, treasury, expense management, AP, accounting automation, and more in one integrated platform backed by award-winning concierge support.
For more information about Rho and our Accountant Partner Program, visit Rho.co/accountants