Gone are the days to stand in a queue at the bank & fill numerous forms for loans and support as everything is done from our convenience with technology.
Yes, technology has transformed Fintech to the next level and opened new doors to today's business.
With the advancements in the business and competition now, the industry is looking forward to standout by providing better customer satisfaction, faster service delivery, improved cross-selling to ensure more robust financial health.
To achieve the above, workflow automation for Fintech is the right solution that helps Fintech gain good traction from the customers. Moreover, if the solution competes with the banks, automating any attentive service in the list can help you gain a competitive advantage. Here are five ways or ideas for Fintech to stay ahead in the competition using the Workflow automation platforms for Fintechs.
Implementing FinTech Automation
Automation solutions are not all the same. The actual application of automation solutions will vary depending on the business type and the requirements. The best way to choose the right automation solution is to understand your business needs and narrow down the options that meet them. Sometimes automation is only necessary for a few tasks, and in other cases, complete automation may be needed to automate the entire business decision-making process.
FinTech automation can be achieved in many ways. FinTech automation is traditionally done by reconfiguring all operations. FinTech companies with unique business needs should consider custom automation solutions. When designing an automation solution, it is essential to consider future business goals. After determining the future business goals, regulatory compliance needs to be considered in the new framework. When designing FinTech automation, it is essential to consider all possible constraints, such as those involving regulators, creditors, or customers.
After the design has been completed, product management, software engineering teams, and together prioritize requirements. The scope of the automation project determines the duration of the project, rollout times, and onboarding times.
Single-step automation is another approach to FinTech automation. It might be more beneficial for some businesses to automate a single application, recurring, or administrative tasks. This method allows two systems to be quickly and economically integrated to automate a task. Automating a task can be beneficial depending on its repetitiveness and the likelihood of manual error.
Simplifying the processes with automation
For Fintechs, it is always beneficial to automate the single application tasks, administration functions, and recurring processes like forms, invoices, and support. By choosing the best iPaaS platform like Quickwork can help Fintech to integrate and automate seamlessly. It helps in simplifying the complex workflows and establishes clear and concise processes throughout the company.
Automated Chatbots for personalized communication
According to the results from the various Fintech automation survey reports, it is revealed that 95% of users are expecting that they will utilize Chatbots in the future. Chatbots help in reducing the processing time for the support tickets and build better customer interactions.
Automation for Fintechs using a best workflow automation platform
The broad range of functions offered by process automation tools allows teams to automate nearly any type of operation.
They enable teams to automate their manual business processes and create digital versions.
Rules-based logic is used to control the processes. Automated processes work by following a set of predefined rules and responding to triggers or actions that can be tailored to each specific operations use case. A process automation platform, once configured, can handle simple, one-step operations as well as complex, multi-step, and multi-stakeholder automation.
The workflow automation software tools allow you to easily integrate two systems to automate a task.
Here is a case study from Quickwork that can help you understand the power of workflow automation for the fintech industry
Financial reporting for making informed business decisions
Intelligent businesses always stay at the top of cash flow management. It is imperative to monitor the cash flow regularly at different times to track your business's pulse. The numbers might be critical and tell you how much is coming and going out of your business. If you think that the cash flow is edging into the red, it's time to resolve this problem immediately to avoid severe consequences for your business.
The problem can be solved by automating the workflow journeys in your business. Using the different sets of integrations of Accounting, CRM, Salesforce, Slack, Quickbooks, ERPNext, Zoho Books, Hangouts together for your organization communication and cash flow management, Automating all these brings you a complete 360-degree view of the clash flow that occurs within the organization.
Using a workflow automation platform, you can schedule a daily report at the end of the day to show relevant metrics your organization follows:
- As you integrate the systems mentioned above, your financial transactions are recorded.
- By integrating with the accounting software, you will receive the list of generated invoices and detailed information about payable and receivables.
- With the integration of CRM and ERP systems, you will receive relevant sales orders and customer information
- You can share the report across preferred enterprise messaging channels like Google Hangouts.
- All the above journeys can be automated seamlessly and provide you with a clear sketch of complete cash flow management.
However, depending on how repetitive the task is or how susceptible it is to human error automating it can be very useful.
If you are planning to implement workflow automation for Fintech; it is time to dive into the best workflow management platform like Quickwork which simplifies your approach to automation.
Connect with Quickwork iPaaS platform now and realize the benefits of automation.