While we know that the financial services industry had a rather traditional outlook and it took time to warm up to change and innovation, the pandemic has shaped a different narrative. It has accelerated a perceptible shift by necessitating a quick transition from physical to digital, requiring the industry to rise to the challenge of arming businesses with powerful digitization initiatives. The shift can also be largely attributed to rapidly changing consumer behaviours and emerging new patterns that are dictated by a clear preference for cashless and contactless operations.
The pandemic has revolutionized the way digital payments work. With an increased spike in digital platform adoption during the pandemic, digital payments platforms and digital wallets have seen an uptick in demand. India currently has 14 fintech unicorns; 6 of top 8 are payment companies. Buy-Now-Pay-Later (BNPL) is a short-term micro credit model, where consumers have to pay little to no interest for online and offline purchases.
It can be said that necessity is not only the mother of invention but also of adoption. Many industries have been in need of digital transformation, but without dire urgency, the adoption of this transformation has been slow.
Digital transformation has become a disruptor in almost every industry and fintech is no exception. The introduction of digital technologies has made the sector more customer-centric and technologically relevant. Companies in the FinTech industry can streamline their operations by using the right ERP software. ERP systems provide Fintechs much of the structure, process and operational capabilities they need to be able to grow.
Real-time Financial Management in the Cloud – Comprehensive Finance and Accounting
- Gain full visibility into your integrated financials with prebuilt, accounting-intelligent capabilities.
- Accept and process electronic payments from your customers in a secure and reliable manner.
- Track, manage and report the book value and depreciation of your company’s fixed assets.
- Close with confidence and report financials quickly and accurately.
- Ensure proper security, support compliance and gain complete audit trail visibility.
- Configure and monitor business processes and workflows.
- Get immediate visibility into financial performance with pre-built or customized reports.
Budget, Forecast and Manage – Financial Planning
- Model and evaluate unlimited “what if” scenarios between actuals and projections and update forecasts as needed.
- Establish rolling 12-month forecasts and analyse variance between actuals versus project results.
- Create and consolidate driver-based plans with customized data entry sheets and reusable formulas and allocation methods.
- Provide self-service and easy-to-use reporting across the organization.
Report Revenue with Confidence and Accuracy -Revenue Management
- Automate revenue recognition with financially intelligent capabilities to report results in accordance with accounting standards.
- Automatically generate and dispatch invoices at recurring intervals on time.
- Schedule renewals automatically or set reminders in advance to pursue upsell and cross-sell opportunities.
- Package and offer the service you want based on the type of rates and duration needed.
Real-time Business Intelligence – Reporting and Analytics
- Ensure compliance and accommodate requirements with easy and timely customized reporting.
- Create reports and dashboards that combine operational and financial data and KPI’s.
- Analyse statistical measures and results for each department, location, funder/donor and more.
- Gain instant, real-time visibility for all key stakeholders, from high level summaries down to the underlying transactions.
- Ensure compliance and minimize risk with robust security, segregation of duties and fully auditable business processes.
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