4 Ways to Automate Business Practices Using Fintech
November 25, 2021
The hyper-fast evolution of technology over the past decade has allowed businesses large and small to leverage the most powerful tools in order to grow their business.
One of the fastest growing areas of business technology is Fintech. Fintech by definition is any piece of technology that aims to automate and improve the efficiency of financial services and products. As a business owner, if you are not already incorporating different pieces of Fintech across your business, then it might be time to consider implementing…
Read on to learn about the four ways to use Fintech to automate your business processes –
1. More Efficient Onboarding Leads to More Customers
Landing a new customer or client can be a challenging, but rewarding feat… But what happens when you actually need to onboard one?
Onboarding a new customer is an extremely important process that should be handled with the utmost caution and attention. Making a good first impression on new customers will help foster a relationship that spans a long period of time.
One way to ensure that your onboarding process is as efficient as it can be is by incorporating elements of Fintech into your process. Using an onboarding automation platform is a great first step to improving your client onboarding process. Our platform helps teams automate the onboarding process in a few key ways, those being:
- Assisted client data input – Save yourself the time and headache of manually inputting each line of client data. Our landing pages pre-populate client data for you and validate all information to ensure complete accuracy
- Guided data entry – Each landing page will walk you through a guided form entry page that doesn’t require you or your client to second guess where to put a certain data point
After the data entry phase, our platform allows you to easily track transactions, log client data, and even rewind transactions, if needed. All of this is housed in a secure platform that follows strict compliance procedures as well as the best cybersecurity practices.
The age old cliché, the first impression is the best impression reigns true here. Automating your client onboarding process will leave new customers satisfied and excited to get working with you.
2. Automated Accounting Keeps Books Balanced
While capturing new clients is an essential part of any successful business, it will mean nothing if you do not tend to the other areas of your business.
The financial health of your business is one of the most important areas to tend to, but doing it alone can be time consuming and lead to accounting inefficiencies. To best guarantee that your accounting processes are carried out correctly and efficiently, you can use a tech-focused accounting platform.
Cloud-based accounting platforms have grown in popularity amongst businesses large and small. For small businesses, the benefits of using one of these systems are endless.
The best cloud-based accounting platforms will allow you to input every financial transaction, document, and process into a comprehensive dashboard. As you use the software, the AI will learn more about the ins and outs of your business and provide you with snippets and snapshots of important financial data points. Being able to easily see how business decisions impact things, like cash-flow and revenue metrics, will help you make more informed decisions.
The automation of these platforms is definitely the most alluring feature. As a small business owner, you may not have a dedicated accounting department to handle the mundane tasks that go into financial tracking. Thanks to the evolution of Fintech within the accounting sphere, you can automate your financial tracking and improve accuracy without taking time away from other tasks..
3. Smarter Business Lenders Provide Smarter Capital
Automating business processes, no matter how small your operation is, is never cheap. Luckily, the world of Fintech has leaked into both the personal and business lending worlds. Modern lenders are able to leverage some elements of technology to help automate business lending making the process easier and more efficient.
Business lenders, such as Credibly, use a combination of back-end technology as well as real financial officers to provide businesses with the right business capital solutions for their needs. These new lenders are able to provide small business loans in as little as 24-hours and the application process is streamlined and done completely online.
While this is not directly adding to the automation of your business processes, it is a Fintech tool that gives you the ability to add automation if you desire. The best thing about these new lenders is that they are putting pressure on the institutional lenders that have dominated the market for years to improve their own lending processes.
4. Automated HR Practices Save You Time
Another back-office department that can be helped through automation is your HR department. Most businesses, no matter the size, should have at least one HR professional on staff, but is that enough? In modern times, with the intricacies of remote work, coming out of the pandemic, and shifting needs of employees, the short answer is, no.
Adding on a whole new HR assistant can be costly, but now, thanks to technology, that is not your only path to improving your HR team.
The marketplace is actually flooded with Fintech-focused HR platforms that help automate every aspect of HR, but it can be difficult to choose the right one for your company.
When looking at the HR software market, think about what features you absolutely need to assist your existing staff. For small businesses, automation should be a key focus as it will free up time for your staff that they would have spent doing day-to-day tasks. Some common tasks to consider automating are:
- Job Board Postings – maintaining postings across all the major job boards can be difficult, but it is a necessary task if you want to be a competitive recruiter. Most HR platforms assist in monitoring and uploading job postings online
- Applicant Tracking – another area of HR to automate is applicant tracking. These programs allow users to assign profiles to prospective applicants that then allow them to mark where they are in the hiring process.
- Onboarding – Similar to client onboarding, employee onboarding can be time-consuming and if the user-experience is bad, it can leave a poor first impression on a new hire. Using a program to automate the onboarding process, including first day paperwork, benefits, and other first day documentation will go a long way in improving the capabilities of your HR team and business.
As a side note, make sure that you look into the integrations offered by each HR platform. Certain companies allow you to integrate other software platforms that you may be using elsewhere in your business. These integrations are key to running a well-oiled machine.
Start Working Smarter
Well, there you have it! Four ways to incorporate fintech across your business to help with automation and efficiency. For smaller companies, automation will be key in freeing up time spent on mundane tasks. Now, the time you gained back can be used elsewhere, like assisting with client onboarding, or learning more about a new customer.
If you have any questions, or if you want to learn more about our automated onboarding platform, click here to contact us today!