Financial technology, or “fintech” as it’s frequently referred to, continues to transform financial services firms. Finance has gone from being a back-office function to a role that is central to an organization’s strategic goals. Today’s tech-savvy finance experts are recommending that financial services start implementing technology to better serve their customers.
These are the top trends and advice for financial firms you should be watching as we move closer to 2022 — and beyond.
Apps for mobile finance
Financial companies can now offer a wider range of services, including self-service applications that focus on risk management, international payment processing, analytics, and other services. Once a luxury concept, self-service apps are now a necessity to make financial operations more efficient, from the desktop computer to the mobile device. For both the financial services firms and their customers, this means their applications, systems, and processes will be with them wherever they go. Mobile finance apps are essential for today’s successful financial services firms.
Improved employee experience
Increasingly, financial services firms are understanding the importance of providing a positive and motivating experience for employees. Now and in the years ahead, companies must pay special attention to the technology used by current and incoming finance professionals. It is important to ensure ease of use, flexibility, and scalability. This is especially important considering how the pandemic has affected work environments. More employees have had to work out of their homes and will likely continue to do so in the foreseeable future.
Immediate access to analytics
It’s not enough for finance firms to close the books and maintain a month-end cycle. Companies can use a central data source to bring together data from finance, accounting, and other departments in order to have an integrated view of all real-time data. This can help financial services with better decision-making processes.
In the finance sector, many companies have gone beyond the pilot project and proof-of-concept phase to implement real-life applications. There are more tools and solutions available that automate processes. Banks and other financial service firms are now able to automate their intake process, allowing them to use more of their resources for value-driven work.
Enhanced Global operations
Financial services are expanding their reach and can more easily tap into international networks. Many financial services firms have clients from all around the world, and they want to ensure that technology used in their financial functions is also globalized. This includes addressing specific regulatory requirements.
Better Predictive modeling
Many fintech companies are shifting toward prediction-based modeling to help with cash-flow decision-making. Financial services companies will be able to use historical data to make better decisions, plan, and forecast.
More “Cloud” possibilities
The cloud has made it possible for finance firms to shift the focus from application implementation to operationalization, modernization, and continuous evolution. Cloud technology has the advantage of being fast to market. Cloud technology also reduces the time it takes to implement. Future software releases will be more important than ever. Finance teams must also be as agile as possible. This will help to drive the end-to-end operation. Finance firms will continue to grow and scale as they build a strong foundation to sustain their growth.