From mobile payments to peer-to-peer lending, fintech is changing the way we invest, bank and do business. Fintech encompasses all technology that improves financial services and products. In short, fintech makes our financial lives easier. And this is true not only for individuals, but especially for businesses. Fintech helps you scale your business!
Fintech in a nutshell
Fintech, or financial technology, is a rapidly growing industry that is revolutionising the way we manage our finances. One of the key benefits of fintech is its ability to automate various financial processes. For example, fintech can be used to automatically track income and expenses and manage investment portfolios.
Automation is key!
Are you still working with excel for your financial structure? If so, that may work quite well for you. But on the whole, such a document grows into a dragon of a document that no one else but you can work with. The secret is to work more efficiently by automating processes. And although you can use countless formulas in Excel, this does not achieve the level of quality and output of fintech tools.
Scaling up effectively for the long term
If you want to achieve long-term success with your business, you need to scale up effectively. As a business grows, so does the complexity of its operations. This is especially true in the financial branch, where regulations and compliance requirements can change rapidly.
Compliance as a reason for fintech
Earlier, large financial organisations ran into these increasingly stringent laws and regulations. Think of the mega fines for Commerzbank, ING and ABN AMRO. Even unicorn Bunq became embroiled in a lawsuit against De Nederlandsche Bank, regarding money laundering procedures, but managed to win it.
To be compliant as a company and remain agile in this, fintech makes your life easier. By automating repetitive tasks and integrating with other systems, fintech can help companies expand their operations without compromising quality or compliance. In other words, fintech can give companies the agility they need to stay ahead.
Greater focus on the customer
As a finance professional, it differs whether you work at, say, a neo-bank or spend your time growing, say, an insurance or mortgage company. The bottom line is that you can have your onboarding process and transaction monitoring fully automated, leaving you time to focus on what really matters: the customer.
In doing so, Onguard’s CreditManager is the perfect addition to your toolset. With this credit management solution, you automate your financial processes so you don’t have to perform repetitive tasks and can focus your full attention on scaling up.