Business Data Automation: Why should you care?

Greetings, financial leaders!

?? Welcome to Finance Bulletin, your weekly Fintech & Innovation Newsletter!

?Before we get started, introductions are a must.?

Well, we are your weekly insider’s guide on how to leverage data automation for a future-focused finance operation.?

In this newsletter, we give you a better understanding of what data management is and it’s importance in lending solutions.?

Data management in financial institutions and banks is transforming dramatically. As the race to be digital-first in SEA? heats up;? for banks to remain successful in the future; they must continuously and dynamically adapt their business models to the changing conditions.

But, before this getting into the nitty-gritties of data automation.

Let’s talk about fundamental challenges with handling data (of any form) traditionally. After all, any business, financial institution, bank or SMBs, run on data.??

Imagine running a financial institution on manual data management methods. When it comes to businesses there are multiple data points. Data Points could be anything, from a KYC document to Bank Statements.?

The sheer variety of data and then its verification slows down ANY process. On top of that, the verified data needs to be analyzed and converted into useful insights.

It is quite obvious why Data? Automation holds the key to unlocking transformative lending services.

Here’s How:?

• Boost in Efficiency: Experience high reduction in document processing time, leaving you time to make better credit decisions.?
• Data Accuracy: No more wasting time behind fraudulent clients. Reduce fraud cases by almost 45% & ensure compliance at all times.?
• Customer Relations: A seamless onboarding journey ensures clients don’t lose interest in the loan journey.?
• Single Source of Truth: An IDEAL data automation tool supports ALL data irrespective of its type or source & provides necessary insights.?

2024 Data Automation Checklist: 4 things you can get started with.?

• Spot Automation Opportunities: Dig deeper into current workflows of onboarding, identity verification, credit analysis, etc to pinpoint areas where data is not being utilized properly.
• Evaluate Current Process: Assess whether your current systems are data type agnostic and are future-proof.?
• Use Data Automation Tools: Convert complex data into meaningful insight for accurate assessments.
• Motivate Employees: Old habits die hard, as such encourage employees to go digital-first and show them how to make use of technology to maximize their output.

With this, you can start your data automation journey and supercharge your organization’s performance.?

Now that we addressed the Elephant In The Room; It’s time to jump right onto the latest fintech news with Quick-Bites —just the headlines and direct links for a quick update.?

Quick Bites?

Bite-sized fintech headlines for the time-crunched finance leader.?

1. ???? StanChart Introduces Variable Capital Company in Singapore: Standard Chartered Bank launches its inaugural variable capital company, Standard Chartered Funds VCC, offering high-net-worth clients bespoke investment strategies and exclusive opportunities. Read more.
2. ?? GXS Bank Enhances Loan Onboarding with FICO - GXS Bank leverages FICO technology to significantly streamline loan onboarding, improving credit access for clients in Singapore. ???? Read more.
3. Funding Boost for Fintech Osome: Osome, the finance admin platform for founders and SMBs, announced the completion of its Series B funding round of $17m, from both new & existing investors?
4. Card Payments Decline in Singapore as SGQR Thrives - The success of the SGQR code is propelling digital wallets to surpass card payments in Singapore. ?? ??
5. Singapore Fintech Association Unveils New Strategy Council - The SFA establishes a strategic advisory council to advise the SFA and the fintech community on key issues to advance its interests. ?? ??
6. ?? Quang Ninh Launches Innovation Hub - Quang Ninh, Vietnam, opens a center to support digital transformation and startups , aiming to enhance local businesses. ??????
7. DBS Appoints Eugene Huang as New CIO ?????? Former Ping An Technology CEO, Eugene Huang, brings his extensive IT and corporate finance expertise to DBS Group Holdings as the new Chief Information Officer.

For more such interesting content and quick updates, keep checking our LinkedIn page.

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That’s all for now. See you next week!?

Team PowerCred :)?