3 Essential Ways to Scale Your Fintech Startup by Embracing Process Automation

Fintech platforms are finding success in embracing innovation where their traditional financial institution counterparts have evolved slower. Now, as automation becomes sophisticated enough to streamline an array of processes for fintech startups looking to scale, there’s never been a better time to take your business to the next level. 

Automation helps companies lower their internal costs while speeding up their services in a way that traditional banks have been slow to replicate. Because fintechs are more agile than major institutions with different IT requirements, it’s been far easier for fintech firms to reap the rewards of automated services. 

As the industry continues to evolve and become more competitive, automation will become an essential consideration for all fintech firms. So, how should this be accommodated? Automation can help to take SaaS applications, microservices, and databases to the next level, and can offer rapid time-to-deployment ratios, adaptability, unified integration, cloud-based optimization, and real-time data insights. 

Introducing Automation to Your Fintech Startup

How can automation tools help to scale your fintech startup? There are plenty of different areas that can be optimized with the help of automation, many of which span different areas of a company. These include:

• Robotic Process Automation: RPA is a leading automation strategy in fintech that can help to improve the UI credentials of a company. Tasks like extracting information from a legacy system or mainframe can be automated with the help of RPA, and cloud-based enterprise automation tools can connect to the API of RPAs to help automate workflows.

Robotic process automation can also combine with AI services to help incorporate intelligent solutions to further optimize the automation of workflows and application development tools. 

• iSaaS: Subscription-based integration software is often referred to iSaaS, and they can help users to automate tasks like converting inbound communications directly onto spreadsheets or Slack channels. 

• Bots: One increasingly popular form of automation software is bots. These can work in optimizing communication in different platforms, respond to requests, and complete work processes, user interactions, or perform any tasks that can be undertaken by AI. 

• Enterprise Automation: This can help automate data and workflows through SaaS apps and cloud processes that use API connections. Enterprise automation can combine both integration capabilities and automation, helping IT departments to collaborate with non-IT users to automate business functions within a user-friendly interface. 

Automation services can help pave the way for a more comprehensive digital transformation initiative that can deliver a unified solution across different use cases that are central to your fintech company. 

How can these automation processes be directly applied to your fintech startup? Let’s look at three essential ways in which automation can optimize your business:

1. Automate Compliance

Automating compliance can bring many benefits to fintech firms, particularly when it comes to cutting costs and assessing emerging financial issues. 

Ensuring that you have accurate data in your Enterprise Resource Planning (ERP) is vital when it comes to compliance, along with accurate audits and the identification of financial risks. 

Because of this, it’s vital that organizations introduce automation processes to matters relating to eCommerce, CRM, payroll, and procurement apps. This can help to eliminate the possibility of human error in data entry, but can also instantly synchronize information throughout your ERP, which helps to prevent unnecessary duplicate data entries across different processes. 

As automation technology grows, there are many financial software development services that can directly improve the management of your fintech startup’s data. These custom software development tools are capable of generating automated reporting regarding profit and loss, net asset value, and risk reports that can help you understand your value-at-risk and worst-case scenarios in the case of an emerging issue.

2. Embrace the Automation of Applications

Another area of fintech that can be optimized to prevent issues caused by human error is the automation of applications. 

Fundamentally, this can be an essential consideration when it comes to limiting instances of security breaches where sensitive data can fall into the wrong hands. 

Fintech is particularly vulnerable to breaches, and for startups, the cost and reputational damage that comes with falling victim to cybercriminal activity can be fatal. 

Security issues have undermined fintech startups for many years, and the SolarWinds hack of 2020 served as a timely reminder that every digital company or firm that’s focused on digital transformation must prioritize security as a core component of the services they offer. 

In utilizing software solutions that automate the verification process for consumer financial applications, it’s possible to ensure that you limit the dangers of data breaches undermining your fintech startup. Over time, the technology supporting these innovations will become more trustworthy and efficient in practice, helping you to scale accordingly. 

The adoption of these services provides a more solid and dependable solution in a sustainable manner. Moving early to bring automation to verification processes, can be a great way to calm consumer uncertainty and encourage more activity on your platform through faster approval times.

3. Look to Marketing Automation for Greater Engagement

Automation can help to improve internal processes through the observation of customer behavior in how they interact with businesses. In utilizing marketing automation tools for your fintech startup, it’s possible to offer a more personalized approach in attracting and retaining customers. 

Furthermore, automation can offer an omnichannel approach for fintech in improving customer service. This is a lead nurturing and client engagement strategy where a company can adapt their products, offers, and support tools to suit the expectations and needs of customers across a range of different platforms and devices. 

Through omnichannel marketing, your startup can promote products, offers, and provide support for customers throughout the internet with consistent branding and targeted messaging. 

This customer-centric approach helps to put your existing customers and leads first and to build long-term relationships through tailor-suited experiences. 

Crucially for fintech startups, automated omnichannel marketing tools can also help to save costs by reducing repetitive processes, helping enterprises to scale without having to change marketing budgets. 

Although there are entry costs associated with adopting automated omnichannel marketing platforms, the level of personalized, adaptable marketing campaigns for every channel helps to leverage a higher ROI–particularly for enterprises looking to scale over the coming years. 

Paving the Way for Sustainable Growth

Given the many advantages that automation tools can bring to customers in terms of security and efficiency, there’s plenty of reason for fintechs to move quickly in adopting these services as part of a sustainable growth plan. 

For ambitious startups, Robotic Process Automation could bring a range of benefits that can help them outmanoeuvre rivals throughout many stages of their development. Process automation platforms remain a strong choice for operations automation, and can be a cost-effective and lasting end-to-end solution. 

If you’re a fintech startup with an eye on securing faster growth, it’s clear that automation should be a key consideration. In terms of time-saving and developing stronger security in the face of cyber threats, process automation could be the single most important tool to secure your growth.