Written by 11:35 am Accounting, Consulting, Financial Planning, FinTech, Technology Views: 4

How can Fintech Companies Integrate Automation in just 5 Steps?

Integrate-Automation

Introduction

Automation in fintech is a need of an hour – why are we claiming?

With ever-changing and constantly increasing technologies in fintech – the maintenance and optimal usage of such innovations are even hard to handle for tech personnel.

Not only operational integration – bookkeeping, invoicing, accounts payable and receivable, tax compliance, payroll, or expense management automation – but we need robust automation for better customer experience and higher retention. 

Proof: in a survey of 750 companies, over 500 reported a 60% increase in customer satisfaction due to reliable fintech automation.

Moreover, with AI and immersive tools, finding and mitigating the manual risk is becoming a no-brainer – further automation benefits via increased cross-selling, faster services, and user interaction – thus, cost-effective and stronger financial health.

In the blog, we’re sharing five ways to integrate automation into your fintech operations.

Let’s start!

5 ways to integrate automation in fintech operations

1. Personalized troubleshooting with virtual assistants and chatbots

According to reports, chatbots are proven to help businesses reduce live chat inquiries by 75% – and its market excepted to grow by $447 million by 2027.

For example, Swedish SEB bank with its two chatbots- Aida for its customers and Amelia for its employees – Aida handles approximately 13 percent of IT support tickets, while Amelia solves internalities issues. 

To develop your own chatbot, it’s always advisable to hire the right and seasoned expert – discuss with them the scope, personalized requirements as per users, and integration of AI and ML – so that your chatbot provides informed advice with natural language and suggests other smart features.
Automation as a service – you can consult with our experts here – FinAccountants and consulting.

2. AI for stock and financial-related decisions 

Now, with tons of stored data and easiness of finding it with AI – businesses and customers can make quick and better trading decisions!

It helps with – client profiling, claims processing, legal document analysis, risk assessment, and so on. 

The benefits of AI and ML – 

  • Unlimited predictive capacity, as they are machines. 
  • It can easily compare several decades of data.
  • With algorithms, trading decisions come very quickly.
  • Eliminates human biases in reports.

For example, it also helps in Credit Scoring/Direct Lending – with the increasing number of borrowers, it gets tough to identify who can pay back on time. Here, AI comes as a rescue for risk assessment. Digital footprint allows one to access borrowers’ history and details and gauge income and debt, thus finding the potential borrower.

However, to perform AI-enabled decision-making – you have to ensure it provides with large enough volume of high-quality training data to make accurate decisions. 

3. RPA- optimize your routines

RPA, or Robotic Process Automation – allows users to avoid mundane tasks with automation.

RPA is all about taking sets of preprogrammed actions – it optimizes legacy solutions – like extracting information from a legacy system, thus, automated workflows. Business conditions where the UI doesn’t change are an ideal fit for RPA integration. Cloud-based enterprise automation helps to connect RPA’s API to incorporate it into automated workflows.

It might feel like the simplest option, but it all depends on the operation’s complexity and scope- or instead, you can partner with existing platforms with the same services and incorporate the routine you’re trying to automate. 

In most cases, you’ll need a seasoned software partner, which you can rely on to update RPA features according to your users’ changing requirements. – consult with FinAccountants.

4. API for cross-integrations

It creates an industry-wide presence with third-party involvement. 

Without your direct involvement, cross-integration and third parties can create add-ons, plugins, and, especially, automation extensions.

You must develop an API and find partners interested in building extensions for your service. Many companies have been moving toward IPaaS -an “integration platform as a service” solution to help unify their organizations.

Cautions: while outsourcing the API building for software development, ensure the person holds narrow expertise and ensures security. While developing it, confirm if the data is safe and encrypted – also, verify API that it won’t let other suspicious code enter, especially when your API handles money transactions.

To seek out the most seasoned software experts in the field – consults with FinAccountants.

5. Smart contracts to streamline legal transactions 

It uses blockchain technology – thus, it doesn’t need intermediaries such as brokers, legal advisors, or banks.

It has all possible outcomes programmed and automated inside of them – so agreements won’t violate.

An example would be – Propy offers users to buy an apartment from anywhere in the world using an app; the service takes care of the rest and strictly adheres to legal protocols.
You can also benefit from third-party blockchain platforms such as R3 Corda and Ethereum to offer smart contracts to your clients – check here.

FAQs

  1. How does a fintech company utilize AI?

Via behavioral study, AI helps identify possible threats and frauds faster and more effectively than humans. Moreover, it leverages ML for claim handling, increasing the speed to reduce costs and processing time.

  1. What benefits of utilizing AI in fintech companies?

It helps elevate user experience with proactive and speedy user interaction, eliminating mistakes and making financial workflows flawless.

  1. How can IoT be used in FinTech?

The online payment trends have reported an overwhelming surge in the industry, allowing mobiles to perform as major point-of-sale systems. 

How we can help!

With automation, it’s clear: No longer will management need to tackle labor-intense tasks when, again, automation does it for them.

Also, It’s more about user empowerment, smart working, curating better decisions, and focusing on core functionalities. 

We at FinaAccountants helps business with robust automation to incorporate into workflows and get more things done while being cost-effective.  

Book a call!

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