The word digital has been the buzzword for some time in various fields, but the finance and banking sectors have only recently started harnessing its benefits. Digital transformation entails changing your financial services from the complex, time-consuming operations in the past to quick, simplified structures. For financial institutions, the transformation focuses on the capitalization of emerging technologies to change employees into the best possible performers. Digital transformation includes several tools that will enhance productivity and efficiency.
The following are the digital tools that will change operations in your finance department.
According to a black and white paper on the adoption of cloud computing in finance, 51% of companies already use it, and 16% are planning to do so. This is because of the realization that cloud computing for finance departments means the expedition of new digital workflows that boost interdepartmental and customer collaboration. Moreover, moving to the cloud allows you to easily scale the data for core finance functions like billing, consumer payments, credit reports, and financial statements. With the financial services sector being a common target of cybercriminals, cloud computing is also the best choice to safeguard your clients’ data.
The financial sector is a data hub in most organizations. Data visualization tools allow financial analysts to trace the intersections of data, explain complex data, and present their data in an easy way that guides decision making. The tools can also help financial leaders to track the performance of teams by correlating their data analysis with KPI metrics.
Robotic Process Automation
With most financial institutions working on multiple technology systems, robotics process automation automates communication and transactions across these systems. This digital tool addresses the primary challenges of the financial industry, including:
- Billing, account receivables, and collection operations.
- Planning, budgeting, and forecasting.
- External and financial reporting.
- Journal entry, inter-company transactions, allocations, and adjustments.
Robotic process automation solutions, like that offered by getyooz.com, will also enhance your legacy systems’ functionalities. It does this through the reduction of inefficiency and by addressing manual intensive activities.
The predictive analytics tool notifies you on anomalies and reports prompts on your transactional data. This informs its status as the best digital tool for fraud prevention. Besides fraud prevention, the predictive analytics tool can collect, clean, and analyze raw data, which can then be used to predict customer trends.
Cognitive computing employs computer vision, machine learning, natural language processing, and speech recognition to simulate human thinking. For financial institutions, the tool allows the gathering of personal client information and its use to process bills, payments, or reminders. You can also use the cognitive computing tool to create conversation interfaces through which you can initiate conversations and reply to client queries. Chatbots are the most popular examples of cognitive computing-powered digital assistants.
Optimal customer experience is currently among the top driving forces of profits across all industries since it attracts and retains the right clients. Research by the Harvard Business Review on the motivation for digital transformation among companies, 40% of respondents cited customer experience as their main reason. It is nowadays more than ever, crucial to invest in the above and other digital transformation tools for your financial institution to appeal to customers. With clients becoming smarter nowadays, you can no longer afford to handle your financial functions manually or use outdated tools.