Fintech companies use technology to streamline financial services by automating certain processes. Multiple technological applications help achieve this. Using automation allows employees and decision-makers to access critical data in real-time.
Fintech companies use technology to streamline financial services by automating certain processes. Multiple technological applications help achieve this. For this to be successful, these different applications should be able to share data with each other. Let us understand this with the help of an example.
Consider that a business uses a payment gateway to collect online payments from customers. They also use accounting software and a third-party app for POS, enabling customers to pay offline. The accounting software should get data from both these applications to get the consolidated business income. These payment entries could be manual, or automated. For automating this process, the fintech company would require an application like Workato, which acts like a bridge between these heterogeneous applications and enables data transfer among them.
Automation puts current data in front of staff straight away. Nobody waits on a manual export.
Automation puts current data in front of staff and decision-makers instead of making them wait for a manual export.
Softype has delivered more than 600 NetSuite implementations, and this is usually the point where teams tell us their current setup has run out of room.
Using automation allows employees and decision-makers to access critical data in real-time. It also helps key stakeholders to make better decisions quickly.
It frees up an employee’s time as some of the routine processes are automated. They can now focus more on strategic and business-critical tasks. Â
As processes are automated, it significantly reduces errors due to manual entry. It also results in enhanced data accuracy.
The financial services industry is heavily regulated. Companies have to adhere to compliances and strict guidelines laid down by authorities. All information they present should be accurate and as per rules and regulations. If they use multiple applications, the chances of errors increase, especially if they have several manual processes. An app integration platform reduces this risk through process automation. It ensures that they adhere to compliances and the various terms and conditions required for the same.
It may also help them to track payments better, thus avoiding any penalties due to late payments. Customers will be able to take advantage of early bird rebates, if available, thus increasing customer satisfaction.
An automated system reminds users about vendor payments, thus resulting in timely payments. It will help businesses create goodwill among vendors and strengthen the business relationship with them.
Automation also allows scalability. Imagine making thousands of manual entries. Once a task is automated, it is executed several times with the same efficiency and effectiveness.
It can also help businesses with a lean finance team, thus resulting in lesser monies spent on salary software.
It becomes critical for a business to select an appropriate app integration platform to reap maximum benefits through automation. Here are some features that an app integration platform should have.
Judge a platform on reach first. It has to connect to the apps you already run.
Softype has delivered more than 600 NetSuite implementations, and this is usually the point where teams tell us their current setup has run out of room.
Fintech teams run many separate apps. Automation moves data between them, so staff see current numbers instead of waiting on a manual export. Judge any integration platform first on how many apps it connects to.
The platform has to reach a wide range of applications, so look first at what it can connect to.
Softype has delivered more than 600 NetSuite implementations, and this is usually the point where teams tell us their current setup has run out of room.
The platform should be able to connect to a vast range of apps. It should especially have the ability to create a bridge between the apps that you use for your business.
It should have a native library of pre-built integrations for popular applications. This ensures that users can use automated workflows for popular industry-based applications.
It should also be easy to use for non-technical users. It will empower employees who are not tech-savvy to create their automation with minimum or no IT (team) intervention. This will boost productivity and efficiency.
Also, the platform should have lots of resources in the form of blogs, product demo videos, FAQs etc. This will help users take advantage of the multiple features available within the platform. This will also help users with faster platform adoption.
The application platform should preferably have the support of a community of developers, both internal as well as external. A loyal, knowledgeable, and thriving developer community base; contributes immensely in shaping the future path of the product. It provides valuable insights that will help with product enhancement.
The market potential for these types of app integration platforms is enormous. As more and more technologies become a part of the fintech ecosystem, there is a greater need for these platforms. They will help enable the variety of applications to talk to each other.
If you are a part of fintech services industry and want a platform that can act as a bridge between the different heterogeneous applications you use, connect with us at Softype.
Softype is a global provider of cloud business automation solutions and an experienced enterprise consulting provider to medium and large enterprises. We have more than 15 years of successful experience with ERP system implementations, business process consulting, and integration. We have offices in the US, Philippines, India and Kenya.
We have been a Solution Partner for Oracle NetSuite, the original and leader cloud ERP, since 2004. We have successfully assisted more than 400 clients across 25 countries and four continents over the past 17 years. Besides NetSuite, our company has expertise in workflow automation and integration for the WD, Retail, Education and Light Manufacturing industries. We are partners of StoreHub Cloud POS and Workato for integration and automation for different enterprises.
We do not just build things/spaces or create software. Our focus is practical solutioning coupled with expert service delivery of software projects to maximize our clients’ investments in business automation solutions that they undertake. We partner with them to deliver the promise of success.
For further information, please contact us here. You can also reach out to us at info@softype.com or call us at +1 650 488 4412 (Global), +63 967 429 9575 (Philippines), +91 22 4616 3839 (India), +254 720 940 174 (Africa), and +61 452 183 613 (Australia).
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Softype is an Oracle NetSuite solution provider with more than 25 years of experience and over 600 implementations. Our team sets NetSuite up around how your business already runs, then stays on to tune it as you grow. To see what that looks like for your own numbers, book a meeting with our team.
Automation gives employees and decision-makers access to critical data in real time.
An integration platform should connect to a wide range of applications.
Disconnected fintech applications force manual work that automation removes.
The breadth of available connectors is the first thing to assess in any integration platform.
Fintech operations typically run across many separate applications. Bridging them with automation lets employees and decision-makers access critical data in real time rather than waiting on manual consolidation.
It should connect to a wide range of applications. Breadth of connectivity is the first requirement, because a platform that cannot reach your systems cannot integrate them.
It removes the manual movement of data between systems, which both saves staff time and keeps the numbers people rely on current.
No. Integration connects what you already run, so each application keeps doing its job while the data moves between them automatically.
Automation between applications is worth doing where the same record has to exist in more than one system. That is where manual re-entry creeps in and where the numbers start to disagree.
Assess connector breadth first, then how the platform handles errors. A connection that fails silently is worse than no connection, because the data looks current when it is not.
A fintech operation usually runs a core ledger, a payments provider, a KYC tool and a reporting layer. Each holds part of the same customer record.
Bridging them means a change in one place reaches the others without a person retyping it. That is what gives staff and decision-makers real-time access to critical data.
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