RDA in Fintech
Money Matters!
If you are the head of fintech, you invariably find that departmental staff across the organization, and your team, in particular, is spending significant unproductive time carrying out low-value repetitive fiscal-related tasks. Take the example of Budget Approval. Most companies follow a bottom-up approach wherein individual departmental staff fills up their budget requirements for the upcoming year. This data is from across aggregates upwards to the fintech department. Each line item of this high-volume data from many teams is likely consolidated at every level by your team manually. Chances are that it may insert errors along the way, and takes significant time and effort to compile the data, especially given that the data is categorized into multiple heads and therefore, not to say, frustrates the team. Process automation in fintech would fit best your need to resolve the hurdles in your enterprise.
You would rather have your team analyse the consolidated budget requests and work with the decision-makers on an iterative basis to get necessary approvals. Therefore, the question in front of most fintech heads is how do we get there with minimal investment?
You may now be asking, HOW?
The answer is, it will take a new and different approach. One where automation becomes the cornerstone of the fintech department that is key to performing the day-to-day financial operations. All you would now need to do is figure out where low-value time is being spent by your team. And, with minimal time and expense, Digital Automation (DA) can take over. The IntelliBuddies® RDA platform combines the power of Robotic Process Automation (RPA), AI & ML and Business Process Automation (BPA) tools as one bundle. This not only allows leaders to automate their low-value/high-volume tasks but also, introduces workflows and AI & ML to realize the full potential of digital automation. Unlike other automation platforms, the IntelliBuddies® RDA platform doesn’t require a huge time and cost investment and best of all can be easily set up and managed by implementing digital automation in the fintech department.
Many automation possibilities within Fintech
- Accounts Receivable
RPA Buddies automates invoice routing based on predefined rules and hierarchies and reconciles payments with outstanding invoices. BPA designs structured Accounts Receivable workflows with approvals and tasks assigned to relevant teams. Notifications update fintech teams and management during the process and generate reports for outstanding payments. AI, particularly machine learning algorithms, can analyze historical AR data to predict payment behaviors and identify high-risk customers.
- Accounts Payable
RPA buddies can extract and validate data from invoices, enter it into accounting systems, and initiate payments via checks or electronic transfers per due dates. They can assist employees in submitting expense reports by extracting data from receipts. BPA designs structured Accounts Payable workflows with approval stages and task assignments. Automated notifications keep fintech teams and management updated throughout the process. AI enhances data extraction from invoices and validates entries, reducing errors. It enables expense categorization and validation, ensuring policy compliance.
- Budget Automation
BPA can automate budget approval workflows, routing budget proposals to the relevant stakeholders for review and approval. RPA buddies gathers financial data from various sources and automates data entry into financial budgeting software, reducing errors. AI-powered algorithms can analyze historical financial data and use predictive analytics to forecast future expenses.
- Travel & Expense Management
RDA streamlines and standardizes travel expense management by collecting expense data from various sources, including receipts, invoices, and expense reports. Buddies helps in data entry to their system, reducing manual effort and errors. BPA automates workflows, approvals, and document management, including routing expense reports. RPA automates routine tasks like data entry and extraction, enhancing accuracy and speed. AI advances expense management, aiding data extraction, categorization, anomaly detection, and predictive analytics.
- Tax Management
RPA buddies gather financial and tax-related data from various sources, including financial statements, invoices, and tax forms. BPA designs structured tax management workflows with approval stages and task assignments, automating review and approval. AI analyzes tax data and financial records to ensure compliance and recommend tax optimization. It generates reports and forecasts based on historical tax data, aiding in planning and budgeting.
- Financial Reporting
Buddies automate data entry into reporting templates, reducing errors. RPA ensures data accuracy through validation checks. BPA streamlines report approval by routing them to relevant stakeholders. AI analyzes data for trends and insights in reports. Predictive models enhance forecast accuracy, while NLP provides natural language explanations in reports.
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