FINTECH, the synergy between finance and technology has significantly enhanced business operations and the delivery of financial services. From insurance companies to big banks, automation has found its place in every financial sector as a revolutionary tech. Even the traditional financial institutions and banks have put a foot forward into making the use of technology and automating their activities.
With this in mind, we’ll take a look at how automation has been transforming the financial sector’s key processes.
Fintech can take the form of software, a service, or a business that provides technologically advanced ways to make financial processes more efficient by disrupting the traditional methods.
Automation helps with repetitive procedures and simplifies complicated tasks, increases accuracy and safety measures while minimizing human error. Expectations indicate that the FinTech industry will extend its tech integration significantly over the next few years.
With a growing tech landscape, integration and automation will likely become increasingly important. So, let us look into the right approach to automation enabling fintech companies to achieve their vision. As fintech companies evaluate integration and automation platforms to manage their SaaS applications, databases, and microservices, a company should consider the following criteria:
- An agile platform that facilitates rapid time-to-deployment
- Adapts to changing conditions
- A unified, elegant solution to both integration and automation
- Cloud-based, serverless enterprise automation
- Alignment of business goals and automation strategy
- Real-time, event-driven data operations
- Orchestrating internal processes across SaaS apps
Applications of automation in the Fintech industry:
- ROBO-ADVISORS: Robo-advisors are online investment management services that use algorithms to optimally allocate assets and generate portfolios for customers. They allow users of all age groups to engage in investment activities at low fees with minimal manual effort.
- CROWDFUNDING PLATFORMS: These platforms allow entrepreneurs and early-stage businesses to raise funds from all over the world, allowing them to bypass geographical boundaries and reach international markets and investors. For example, GoFundMe, Kickstarter, etc, are some of the crowdfunding platforms.
- MOBILE PAYMENTS: Finance companies now consider mobile-oriented technology as part of the core workflow. One of the most prevalent uses of fintech is mobile payment applications and gateways. These applications allow users to carry out banking activities without physically visiting a bank.
- BILLING/INVOICING: Although many companies are partially stuck in the past of creating manual invoices and payments, the automated systems are increasingly taking over. Online payment systems like Stripe, invoicing, and billing systems like Freshbooks and more advanced ERP systems are examples in the way fintech is automating business functions.
- HUMAN RESOURCE MANAGEMENT: Finance companies have been increasingly recognizing their employees as the most valuable resource. Various employee engagement platforms have been build to assist the workflow.
The automation platforms have definitely revolutionized the ways finance activities take place by consolidating finance operations with technology. With the urge to learn, grow, and evolve, the fintech automation platforms also keep the employees on their toes and perform accordingly.
short, fintech promise convenience, mobility, and speed of service in
the traditional sector.