As technology advances, more and more of it is finding its way into our industries. Finance is no exception to this.
Financial technology, or Fintech, is the integration of technology and financial services. The aim is to make the financial processes more accessible and simpler for both businesses and customers alike.
So, how can your business benefit from Fintech?
Efficiency and accuracy
Embracing technological advances as a business has many benefits which will enable you to grow and expand your business.
Continuing to do financial tasks manually can be inefficient and mean they are subject to human error. By employing the services of accountancy services you can free staff up to work in other areas whilst having the confidence that the work is being done efficiently and as accurately as possible.
By freeing staff up to do other tasks, your workforce will be more productive and profitable for the business. This may also raise morale among the workers as staff may find their job has more variety and is more rewarding.
Automation
The ability to automate tasks has made running a financial business that much simpler. As well as freeing up staff to do other tasks, automation of systems means it can run around the clock and isn’t restricted to working hours.
Tasks that previously took hours or days to complete can now be done much faster as the systems can run overnight and on non-working days. One example of this could be receipt organisation. By being able to use software to send and pay invoices, what would previously be a load of paperwork is all online and compliant with government requirements.
Customers
As much as Fintech has benefits for your business model, customers can also benefit as well. By having an online profile or a downloadable app, customers can easily check order information and balances, complete paperwork online with a digital signature, and make transactions without needing to phone up or visit a branch.
Again, this streamlines the transaction processes for both customers and staff. This will create a favourable impression of your company as you will be considered easy to use. In turn, this will create loyal and repeat customers.
Jobs and careers
One thing that makes people wary of Fintech and automation is jobs being automated and therefore people being made unemployed. Whilst some jobs may be made redundant due to technology, such as in the administrative departments, there is also the opportunity to advance into different roles.
As good as the technology is there is still a need for people to manage and implement the new systems. As a business, you can get ahead of this and start upskilling your staff to be able to use the new and manage the new systems, which prevents them from feeling pushed out and redundant.
