Financial services companies help organizations and individuals borrow funds, manage risk, manage funds, and increase the size of financial holdings in order to achieve targeted goals. The financial services industry faces many challenges as they try to move forward in the digital world. They are looking to update outdated technology, comply with federal regulations, and keep up with the ever-growing consumer demands.
FinTech or Financial Technology is the technologies that help financial services companies to manage money and secure customer data, and automate business processes. A common automation solution used is Business Process Automation (BPA) that covers the process of automation, digitization, robot-controlled user accounts, workflow, rules-based process flow, and structured data. Depending on each individual organization’s current situation and their long-term goals would determine the elements needed to automate their business processes. The BPA implementation may include elements such as digitization, data storage, workflow, integration, robotic process automation (RPA), and intelligent automation (IA).
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We expect to see more and more organizations turning to automation to streamline processes and save money in today’s competitive landscape.