HomeFintechWhy Fintech Must Embrace Automation

Why Fintech Must Embrace Automation

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There are few areas of business, or even of life, as important as finances. Financial needs are a common concern everyone shares. That makes it a natural opportunity for technology to make a difference, whether that’s through helping with consumer finance, corporate fiscal concerns, or anything in between.

Let us explore a few suggestions for areas that need improvement, both now and in the future, to help bring fintech automation up to speed.

Automated integration

Fintech often operates in its bubble. Accounting departments may be critical to a business. And yet, often they remain isolated from other areas of a company. This creates siloed information that can restrict business activity.

Several companies have been moving toward IPaaS solutions to help unify their organizations. The acronym stands for “integration platform as a service.” This refers to a cloud-based software solution that helps integrate the various software tools a business uses.

However, fintech remains behind in IPaaS tech in many respects. If fintech is going to keep pace with the rest of the tech sector, it needs to develop in the key area of automated integration.

Automation of applications

Another area where fintech must improve is in the verification of sensitive data. And, of course, this only serves as a reminder because consumers have been dealing with an endless string of cybercrime news for years.

According to identity-verification platform Okta, nearly 60% of customers hesitate to do business with any company that has suffered a data breach. However, the percentage of mistrust goes up precipitously when a breach takes place within the financial services sector.

Robotic process automation must become mainstream

Robotic process automation (RPA) has been developing for a while now. Despite its slow development, RPA continues to be one of the most promising ways to reduce operating costs. It also helps increase the efficiency of banking operations. The ability to utilize AI and machine learning to conduct a variety of mundane tasks is an essential next step in fintech automation.

Developing fields such as data analytics and process mining must find greater applications within existing banking services.

Embrace extreme automation

Those who wish to truly push fintech to the next level must look for ways to utilize the latest RPA tech across their entire enterprise. They must embrace the concept of extreme automation by looking for any and every way to integrate robotics into their systems.

The last word

Fintech has undoubtedly come a long way already. From online banking to managing digital interactions and everything in between, there are countless ways technology is impacting the financial sector. If fintech hopes to keep pace with the rest of the tech industry, then tools like extreme RPA automation and automated integration are necessary.

Dheeraj Kapoor
Dheeraj Kapoor
A content writer with over 5 years of experience, Dheeraj has written for a variety of domains including finance, education technology, technology, and Big Data among others.

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