Quick Guide To Properly Process Automation For Fintech

Financial Process Automation is to make use of the latest technologies to streamline accounting and finance operations, thus helping companies save time and reduce labor and cost. With Fintech organizations focusing on helping consumers and business owners manage their accounts and finances with specialized algorithms and software, Financial Process Automation is their answer for improvement.

In hindsight, like the CEO, the CFO is liable for taking on the ups and downs within an organization; and, they’re focused on providing timely, accurate, and precise results. With that said, the CFO must keep up with the ever-changing regulations and fintech trends in the industry.
So, what’s the right approach to Fintech process automation? Let’s jump right in!

Different Types Of Automation Strategies

When it comes to finding the right strategy for your Fintech operations, consider the following strategies. (Keep in mind that these strategies vary.)

  • RPA – a UI-based process automation tool. Although this isn’t a comprehensive automation solution, it’s still relevant for some tasks (i.e. extracting info from a legacy system on a mainframe). You can even connect an RPA’s API into automated workflows, using cloud-based enterprise automation.
  • iPaaS – an integration platform offered via subscriptions. Although it’s not necessarily cloud-based, iPaaS can be operated by an organization’s IT department. Many of these require server deployment (“atoms” or “nodes”).
  • Bots – software that performs automated tasks and orchestrate work in messaging platforms by running a script. Responding to requests, bots can work to complete processes, work, or interactions.
  • iSaaS – a term referring to integration software offered via subscription basis. While it doesn’t offer the security features or robust integration capabilities of iPaaS, it’s often used to automate tasks like directing incoming emails to messaging platforms or spreadsheets.
  • Enterprise Automation – a strategy that’s cloud-native, and uses API connections to offer enterprise application integration, data automation, and workflow automation between SaaS apps, databases, and microservices. Coupled with robust automated integration capabilities, enterprise automation also makes it possible for users outside of the IT team to work collaboratively with IT to design automations for their function or department.

How Automation Strategy Differs In Fintech Processes
Fintech automation carries a lot of value when implemented. Such perks of implementing automation strategies for Fintech include:

  • Fraud reduction
  • Reduced internal operating costs
  • More efficient internal operations, including:
    • The less likelihood of human errors being made
    • Faster loan and credit approval processes
    • Real-time data processing

Automating Compliance Processes
Automating the compliance processes can help organizations cut costs, along with identifying risks and red flags ahead of time, and ensuring maximum accuracy in finances for an enterprise.
Accurate data in your ERP is essential to compliance, along with audits and financial risk identification. To improve data accuracy, organizations must synthesize and automate data from sources like:

  • eCommerce
  • Payroll
  • CRM, AND
  • Procurement apps

Not only does automation eliminate manual data entry, but can also accurately and instantly sync information into your ERP, thus handling any necessary data transformations between applications without generating unwanted duplicates.

Define and Refine Fintech Business Processes

Think of setting automation to defining and refining Fintech business processes as if you were automating Fintech loan approval processes. Essentially, you’re reflecting on your decision-making criteria when it comes to your business. By automating such processes, you’re establishing a collection of principles for your system, and refining them at the same time.

Implementing Fintech Process Automation

Finally, as you implementing automation in any Fintech process, it’s still important to remember that there are many strategies, along with resources, that your company can use to make it possible. Enterprise automation platforms like Workato facilitates robust process automations that can be run across:

  • SaaS and on-prem apps,
  • Cloud and on-prem databases, AND
  • Microservices


As you can see, financial process automation thrives on its mission to suggest quality practices that can improve payment workflows. No longer are the days that payment factories should be managed by anyone, when automation can do it for them. No longer will management need to tackle in-house banks, or any other labor-intense tasks, when, again, automation does it for them.

When a company chooses to use automation, the following are streamlined:

  • Financial transactions
  • Risk reduction
  • Cost reduction, AND
  • Complete control & visibility

Plus, automation excludes the error rate often made by traditional payment systems, including human error. Thus, it goes to show that companies may want to implement automation to make their Fintech endeavors faster and more successful.

Kristin Herman is a writer and editor at Ukwritings.com. As a marketing writer, she blogs about the latest trends in online advertising, business affairs, and social media influencing.

Lavanya Rathnam

Lavanya Rathnam is an experienced technology, finance, and compliance writer. She combines her keen understanding of regulatory frameworks and industry best practices with exemplary writing skills to communicate complex concepts of Governance, Risk, and Compliance (GRC) in clear and accessible language. Lavanya specializes in creating informative and engaging content that educates and empowers readers to make informed decisions. She also works with different companies in the Web 3.0, blockchain, fintech, and EV industries to assess their products’ compliance with evolving regulations and standards.

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