Financial technology empowers credit and finance teams to get more done within a shorter time frame. This uptake of innovation is rapidly changing the credit management industry — there are online credit apps, software applications using big data and AI, and open banking API's seamlessly integrating within systems — credit managers are now making more accurate decisions, faster.
With the disruption of traditional financial markets and an inevitable push towards a more modernised credit management system, there are some interesting technology trends shaping the financial industry.
Big Data Gets Way Bigger
Big data initiatives are driving big businesses with better data tools and visuals. The more data you have, the better you can make informed decisions. In credit management, technology allows us to use comprehensive data as a tool for managing risk and speeding up decision-making. Data is often an under-utilised and misunderstood resource that's not being used effectively. The bottom line for any credit manager is to minimise risk – so what's stopping you from using your data to make better decisions?
Banks are creating more cloud-based business models in 2018 and continue to focus on security and regulatory compliance. For SME's, IT scalability is critical when working on a global platform. How do you scale up when the time is right? Well, the answer lies in the cloud. Embracing cloud technologies will help financial companies outsource hardware, software and IT needs to a reliable and dependable server system. This approach allows for increased performance, cost reductions and makes it easy to scale infrastructure based on your current and projected needs.
Innovative Payment Apps
Payment options have changed with technology; from cash to card, to mobile apps, cryptocurrency and wearable devices. As the technological devices improve after every product release, you can count seeing more FinTech payment solutions influencing credit card transactions. As financial technology continues to influence the financial playing field — finding the right solution to your accounts receivable management just got easier.
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