Topic: The Evolution and Methods of Financial Software
The advancement of FinTech over the last decade or so has enabled banking and financial organisations to provide a faster, more streamlined process. This is evident in the way we interact with our banks, insurance and finance companies, and how much simpler it is to process applications, customer service queries and much more. Here we take a look at how certain methods have evolved for both lending and finance in general.
Fast Lending Approvals
One of the areas where customers would have to be patient over the years is lending approval. It used to be that you could wait days or even weeks to get a decision on if you were approved for a loan. The internet age changed that and continued to evolve to now being able to provide 24/7 loans, where you can apply any time of day or night and get a decision by the next working day. The demand for instant approval and same day cash has driven the change. Some lenders can even get funds into your bank account within an hour, making the process extremely fast. Thanks to artificial intelligence and machine learning processes, applications can be assessed and approved in minutes, filtering through applicants quickly based on certain criteria.
Streamlining processes is also possible from advances in cloud computing, enabling financial sector workers and customers to connect wherever they are. Driven by the smartphone generation and those remote working, the need to connect to a central hub from multiple locations has become a reality. This means customer service teams can work 24/7 and help organisations bring in a wider and more diverse workforce that can be based anywhere. Chatbots, for example, are an innovation that has enabled customers to communicate with automated responses, all whilst still getting the answers and help they need, reducing the number of calls needed.
Asset Management Improvements
The automation of asset management has enabled powerful tools to assist in forecasting and predicting performance. If you are an investment manager or similar, the way work processes have changed enables both tangible, physical assets to be efficiently managed and tracked as well as any intangible assets such as intellectual property. What used to take hours can now be done in minutes that allows more accurate projections for investors and much more control about the information gathered. This all enables better planning and a more reliable service for those requiring asset management. If you want solution for supply chain related tasts, you can trust tail spend solution provider.
We all know how valuable data is and the more data an organisation has, the more vital having the right storage processes in place. Data warehousing advancements have enabled the quick retrieval of stored data when needed and effortless analysis for reporting purposes. From grouping investments to using complex calculations to identify trends and more, data warehousing syncs with accounting software for an extremely streamlined process.
With financial software in a continuous cycle of evolution, advancements and improvements happen quickly. The next 5 years will see further changes to the above areas as well as many others. We look forward to seeing how blockchain technology, cryptocurrencies and further FinTech innovations will change the financial software landscape.