Technology is upending infrastructure, workflows, and processes in the financial services industry. Nowadays, an agile workforce which embraces everything the latest tech offers – analytics, AI, and robotics – can perform complex financial tasks quicker and more accurately than ever before. The impact of this trend is comprehensive and far reaching.
Rise of the machines
Once put to work, algorithms, for example, can trawl through the data your business compiles and identify underlying patterns that aren’t always immediately obvious. Savvy C-level executives are already embracing advanced analytics to enhance their decision-making ability.
Figures vary wildly, but one report by KPMG, estimates that robotic process automation could cut costs for financial services firms by up to 75 percent. Perhaps that figure is a little ambitious but it’s obvious to me that companies who embrace the latest technology stand to gain a future competitive advantage by becoming faster and more accurate. This can only be a good thing. After all, who wants to do business with an outdated, slow company?
Elsewhere, we’re seeing how artificial intelligence can implement automated processes to transform repetitive behavioral patterns. My colleagues at Arvato’s robotic lab in Dublin, Ireland, have been working with robotic process automation – an essential part of financial process outsourcing – for years.
They focus on increasing the speed administrative tasks can be conducted, while ensuring accuracy is maintained. They do so by using software to mimic human interaction with systems and follow rule-based business processes.
Time to transform
So, technology is rapidly transforming the financial services sector for the better. But if you feel like your company is missing out on the opportunities offered by technology, there is some good news – outsourcing services can provide an easy, effective, and rapid solution. At Arvato Financial Solutions we use the latest technology to help transform our client’s businesses.
So, how do we do it?
Order-to-cash is one example of many activities that can be outsourced. We can enable extensive credit risk management by optimizing fraud prevention and risk management processes. Of course, we can also help our customers minimize risk by analyzing and scoring customer data and consistently monitoring our customers’ financial status. By reducing bad debt losses across all phases of the customer life cycle, our risk management service helps our clients to significantly increase their revenues. Everybody wins.
Additionally, we can provide comprehensive services for other phases of the order-to-cash process, ranging from sales invoicing to accounts receivable as a service, from dunning to comprehensive debt collection services. The offering is completed by receivables purchase services that help keep the balance sheet clean.
Finance-in-a-box slogans often underestimate the complexity and duration of proper finance and accounting outsourcing. Still, when building the scope around order-to-cash, it is possible to proceed steadily while gaining immediate benefits from the outsourced processes.
Transformation for any organization is intimidating. It can be hard to relinquish control and to place your trust in another firm. So, where should you start? The trick is ensuring that you partner with a provider with a deep understanding of the challenges and opportunities you’re facing, as well as broad experience within your market and industry. Doing so mitigates risk. As a financial solutions provider, Arvato Financial Solutions manages around 10,000 customers, specializing primarily in the retail/e-commerce, telecommunications, insurance, banking and healthcare sectors.
If you’d like to learn more about what we can do for your organization, get in touch with me here.