In the financial sector, convenience and security are the top priority, and it is tough to have these two in tandem. The fintech sector delivers both through technology that consumers and companies rapidly adopt. Now, it’s time for workflow automation platforms that is accelerating the fintech industry.
The workflow automation platforms are used in different organizations to support accounting, HR, and customer services, and there are many more things it can manage today. Let’s explore how workflow automation is ruling the fintech industry.
What is fintech?
Fintech is nothing but financial technology. The financial services companies use the best technology to simplify complex workflows to make the services more efficient.
Workflow automation in fintech
We see that workflow automation is accelerating the fintech industry, but what are the ways that impact fintech?
Let’s dig a little bit to understand it better!
Financial process automation uses the latest technology to simplify accounting and financial performance, thus helping companies save time and reduce staffing and costs. As fintech organizations focus on helping consumers and business owners manage their accounts and finances with unique algorithms and software, workflow automation platforms for the fintech sector are the development solution.
1. Invoices and billing
Customers who rely on fintech services usually sign up to register with the company. Repeated payments keep the service running for them as long as they have an active account.
Automatic payments work best for both the provider and the consumer sides of the statistics. Invoices are complex papers for consumers to carry as the occasional purchase from suppliers. By processing automated invoices, accounts remain in place under minimal supervision.
Internally, automated workflows can track hours and pay employees more efficiently than the HR team. Prompt payments keep employees happy and help employers stay on top of their finances.
2. Finance
Fintech companies should set an example by ensuring that their books are perfectly balanced. While workflow automation will not replace accountants, it can relieve the burden on their shoulders.
A good example is tracking costs. Workflow automation software like Quickwork can scan receipts and enter payment details in software such as Quickbooks. Other cash flow predictions: KPIs like cash flow and profits can be automatically calculated with programs like fathom and fluidity.
3. Data Security
Fintech companies hold several sensitive information, including customer bank account details. No one wants to work with a fintech company prone to security, which is why security is crucial.
Workflow automation tools help keep the system stable. Most digital security is about stopping threats before they destroy the processes. Automatic tools such as email filters and shortcuts block malicious software before downloading.
4. Lending
Getting a loan is not easy, and providing income proof and making a payment plan can be frustrating for both the buyer and the lender. The workflow automation platforms for the fintech sector can make the process much easier.
AI is at the forefront of policy-based decisions such as credit approval. The right system can guide customers through the process almost entirely on their own. A few calculations of income and expenses are needed to determine a person's ability to pay.
Fintech companies can also set up triggers for personal reviews. For example, a person who wants to borrow $ 1,000 with an annual income of $ 1 million is likely to qualify, but the situation does not result in a test. Prices that differ from what is expected are easy to spot with algorithms.
5. Data Analysis
The data helps fintech companies make better business decisions. Workflow automation platforms for the fintech sector can quickly identify trends, diagnose performance issues, and more.
You can set parameters that quickly collect the data you need to retrieve and analyze using workflow automation platforms. For example, you can set a default workflow to enter individual and credit card applicant income data into a spreadsheet. Your marketers can use that data to identify new audiences and direct their targeting strategies. In your product design team, that data can inform new credit products.
6. Hiring
Finance and technology are two of the most expensive sectors to hire and retain talent. Workflow automation tools can help managers identify and support popular players.
Workflow automation software can help human resource groups filter through a restart. Automation tools can help managers give and receive feedback. And they will not take the place of a human manager, but they can make the job easier.
7. Customer service
How many times have you lost a credit card?
Forgot your bank account password?
Those things happen more often than consumers would like to admit. Instead of calling customer service, workflow automation platforms can enable users to deal with their own needs.
An excellent solution to the previous problem is an application-based switch. A customer who loses a card can lock it until they have received it or requested a replacement. Lastly, the answer is an “I don't remember my password” button: an automatically generated email can verify that the user owns the account and tells them to create a new password.
Many fintech companies base their value proposition on workflow automation software. Build the next technological hack- or time-saving hack, and you could knock the big banks down with a nail or two.
Summing it up
Workflow automation platforms will transform nearly every sector, but none so much as fintech. While financial institutions have historically been slow adopters, they’re feeling the pressure from small, nimble startups to experiment with automation. Automation allows companies to reduce operational costs, improve security, and offer their customers the low-cost, personalized services they crave.
