How automation can mitigate human errors in Fintech
Published:
2020-07-24
Time to read:
2 min

What about automation?

Digitalization is an unstoppable process that covers all the business spheres, especially fintech. 

Every day a new software occurs to make the day-to-day operations more effective. 
There is a trend of replacing human resources by using the software. Accounting, clients support, billing, mobile, analytics, human resources management — automation helps with repetitive procedures and simplifies complicated tasks.
Even consumers are now turning to FinTech. Global FinTech Adoption Index 2019 reports that 96% of global consumers are aware of at least one money transfer and payment FinTech service.

The level of competition in fintech is rising rapidly and every company that wants to be successful should create a unique flow to optimize as much as possible. 

Big data analytics is, maybe, the best example to show how automatization can replace humans. According to the data in IDC the worldwide revenue for big data analytics is expected to be 260$ billion by 2022.

That’s where automation stands out. Everything is changing faster and faster, and microservices replace humans in some ways. Is it good? Yes. Is it a bit scary? Maybe.

But we can all agree that when it comes to business it’s all about revenue. And the automatization is the best friend on the way to adjust to the world.


Still, thinking?

We’ll give you 5 reasons why reducing 2 people from the company may bring success to your business.

  1. 1. It reduces costs. Optimizing and automation is the key when it comes to saving the budget. If there is a microservice you can develop and implement once, or to keep an expert with the same duties and pay every month — what will you choose in the perspective? According to the KPMG report, robotic process automation can reduce up to 75% of costs for the financial services companies. We’re not telling you to replace humans with robots, but if you want to grow and grow fast, you better think about how to optimize. 
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  3. 2. It gives you an advantage. Automation helps you to reduce the possibility of human mistakes when covered by the software. Fewer mistakes mean fewer losses. If you decide to cover all the billing issues by tailored microservice, you will get the perfect way to save time, analyze better, and improve strategy.
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  5. 3. It improves your decision-making process. Even the best of us can be biased, but the software can not. Automating parts of your business can improve the fairness of the data, and help you to avoid confusion about individual decisions. The Franklin Templeton magazine says that the speed and quality of the automatic loan approval can become twice more effective for financial companies.
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  7. 4. It reduces risks. Automation is the best way to manage your risks — every operation can be automated and evaluated the way to be effective without subjective interpretations. Imagine:  the customers’ loans now are evaluated personally, one by one. It takes time and adds personal judgments. What is a perfectly implemented microservice can make it 5 times faster and 100% accurate?
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  9. 5. It allows you to develop your business. Automation lets your business work faster and more accurately, improve customer experience, and make your revenue grow. It means that your business can offer more competitive terms, rapidly implement changes, and provide you with 100% clear data.

Automation is the future. And you can evaluate it at its true value only by implementing it. There is no reason to wait — let the software cover you while you will be focused on your business development.
 

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