Innovations Fueling Fintech and Financial Transformation

Numerous organizations face challenges with inadequately integrated data. Business stakeholders often struggle to locate the right information or lack confidence in the accuracy of the data they do find. To tackle this issue, they resort to labor-intensive methods, such as developing custom programs or utilizing global replacement functions.

However, fintech and finance transformation can effectively address data management issues by leveraging emerging technologies. In this article, we will first define what is fintech and finance transformation, the benefits of it, and why attending a financial innovation event is crucial for you. Let’s jump right in!

What is Fintech and Finance Transformation?

Fintech (financial technology) is the application of technology to financial services, while finance transformation is the broader process of modernizing financial operations and processes through technology, aiming for efficiency, innovation, and improved customer experience.

Robotic process automation (RPA)

Robotic process automation (RPA) is a form of business automation technology that utilizes software robots to carry out tasks that are usually performed by human beings. In the finance industry, RPA leverages machine learning and automation features to speed up tasks that can be time-consuming like payroll and invoice processing.

Also Read: Financial Technology Networking Events Are Essential for Fintech Professionals

Artificial Intelligence (AI)

AI-driven technologies empower organizations to tackle data-related challenges while enhancing and supporting human skills. These tools foster innovative problem-solving approaches that boost productivity and inspire fresh ideas.

Blockchain

Systems like Decentralized ledgers offer a permanent record of transactions shared across many internal departments or external collaborators. Blockchain features can help lower costs. How? For example, using blocking in the accounts payable workflow can tackle the root cause of high income processing expenses, while also minimizing invoice exceptions and payment delays.

Cloud

Cloud technology allows finance departments to build an infrastructure that is scalable, adaptable, quicker to deploy, and ultimately more affordable. In contrast to traditional, on-premises financial systems and data warehouses, leading cloud solutions are specifically designed to meet today’s demands, offering real-time analytics integrated with recognized processes.

Advanced Analytics

Advanced analytics enables companies to extract new insights from their data to address challenging business issues, uncover patterns, enhance decision-making, and improve customer experiences in the invoice-to-cash processes.

You will be learning a lot further about everything around RPA, AI, Blockchain, cloud, and advanced analytics in the CFO Summit.

fintech and finance transformation

Benefits of finance transformation

A successful financial transformation can positively impact the business on a day-to-day basis. It can lower costs, speed up business processes, increase efficiency, reduce errors, and offer easier-to-use data and reporting.

Reduce costs

Automating and streamlining business functions can help ensure cost-saving opportunities across departments. And opportunities to conduct business remotely mean potentially lower wages and better payroll planning.

Faster business processes

Finance transformation includes driving efficiency and speed in operational processes, ensuring that they are aligned and running on the appropriate technology platforms to support improved business processes. A more efficient workflow will also reduce costly bottlenecks that can slow the financial process and also give customers a better, error-free experience.

Error reduction

By automating and standardizing finance processes and systems, organizations can avoid errors and increase efficiency. In addition, having a single source of truth for financial data can further reduce errors and any confusion from stakeholders.

Increase productivity and efficiency

Implementing a centralized finance data hub improves collaboration across the teams and offers opportunities to operate remotely. Combined with improved processes, this can increase productivity and efficiency. Separately, the automation of time-consuming tasks can free up finance team members to focus on higher-value projects.

Data reliability

Organizations are experiencing exploding volumes of data from internal systems, websites, and external sources such as social media. Using emerging technologies, finance transformation can provide a better grasp of the data and the time and tools to analyze what it actually shows and if it is trustworthy.

Why Attend NexGen Finance Transformation Summit London?

You will get the opportunity to explore how advanced technology is revolutionizing the fintech and finance transformation industry by streamlining operations, enhancing transparency, and allowing data-driven decision-making. This summit will probably cover all important areas that are transforming the future of finance like automated budgeting, intelligent expense management, and AI-powered fraud detection. If you are curious to join the interactive sessions held by finance transformation professionals and discover strategies to harness technology for optimizing your finance functions then this summit is specifically built for you. Enroll today in the Finance Transformation Summit London!

FAQ

Why Is Finance Transformation Important?

A successful financial transformation can have a significant positive impact on daily business operations. It can reduce costs, accelerate processes, enhance efficiency, minimize mistakes, and provide more user-friendly data and reporting options.

What Is the Primary Objective of FinTech?

FinTech aims to simplify financial transactions for individuals and businesses, making them more accessible and often more affordable. It encompasses companies and services that leverage AI, big data, and encrypted blockchain technology to enable highly secure transactions within an internal network.

What Does Finance Transformation Mean?

Finance transformation refers to the integration of processes, systems, and organizational changes throughout a business, executed through the use of new technologies, training initiatives, and data analysis.