Mastering Data Automation: Solving Data Management for financial Institutions. Plus: Latest fintech and tech developments in SEA

Hello Finance Leaders!! ??

Welcome back to another edition of Finance Bulletin; your weekly Fintech & Innovation Newsletter!

?

In this edition, we take on a finance professional’s nightmare: Managing customer data; verifying it, and converting it into valuable insights.?

As a finance professional, navigating through customer data manually is challenging and frankly quite monotonous. So we decided to break down data management and show how automation can supercharge your business operations.?

Let’s start with the basics. Right from the get-go, when customers try to onboard for your service or product; your team has to deal with data. Data could be in the form of physical documents or digital files. However, the analysis and management of all these documents are crucial for overall customer success and can make or break your business operations.?

For any business without data automation, business operations might look like this.?

1. Manual Assortment: As a customer register on signups for a service. Identify the type of document and subsequently bucket it at its appropriate place for further evaluation
2. Converting Raw Data: Useful Information needs to be extracted and taken note of. Depending on the product/service the customer opted for.?
3. Cross-Verification: The information collected needs to be verified against govt records to avoid fraudulent activities.
4. Profiling: Once the data is collected and verified, the customer’s profile gets assessed to understand their creditworthiness.?
5. Approval: Obtain necessary approvals from relevant stakeholders such as credit officers and risk analysts.?

This entire process takes a lot of time; reducing the intent of the customer and forcing them to abandon their journey.?

Imagine, running a financial institution lending to a particular set of clients. As your business scales, the data management process becomes more complex, with a higher volume of documents, multiple approval layers and increased compliance requirements.?

This is where automation takes centre stage.?

Data Automation Solutions in Onboarding and Underwriting, like those offered by PowerCred, streamline the process by eliminating manual data collection, verification and underwriting. This reduces the chances of error and provides an in-depth understanding of your client's financial capabilities.?

But how do we do all this??

1. Data Digitization: Any physical document can be instantly digitized and relevant information is extracted. PowerCred’s Intelligent Document Parser is document & type-agnostic.?
2. Fraud Prevention: All submitted documents are passed through fraud checks, not just that, the customer's criminal and telephone records are also taken into consideration for better profiling.?
3. Plug-n-Play Integration: Data automation can be integrated seamlessly into your existing lending operations, by directly integrating into your software or via white-labeled microsites.?
4. Data Visualization: The facility to pinpoint issues, or irregularities in data, vastly reduces the time that is otherwise spent if done manually. This helps credit officers make informed decisions without spending a lot of time.?
5. ?Analytics & Reporting: Real-time dashboards and analytics provide insights into your lending operations, helping you to make the right decisions and optimize profits.?

No matter how big or small your business is; Data automation is critical. And with so many tools out there, make sure to choose one that can be tailored to your specific workflows and business goals.?

Here are a few tips that will help YOU do so

• Ensure that the solution is document, type and language-agnostic
• No manual training is required for the solution to yield? accurate results
• Doesn’t impact your current business workflow and can be implemented without any staff training?
• The tool offers advanced analytics and fraud detection capabilities.

Looking for a ONE-stop solution for all your onboarding and underwriting needs? Visit PowerCred to know more.

Still not convinced enough to start your data automation journey??

We have listed down just a few basic benefits of embracing Data automation. No matter how big or small your scale is, these are some immediate benefits that you will notice for sure.?

• Increased Efficiency: Faster document processing and customer profiling reduce lending turnaround time and improve productivity?
• Enhanced Compliance: Automated NPWP, DUKCAPIL Verification and other regulatory checks ensure you are always compliant
• Better Customer Relationships: Faster loan disbursals, accurate assessments and an easy onboarding process ensure the customer intent is HIGH throughout?
• Cost Savings: Reduced manual labour and fewer errors help reduce the chances of NPLs thus saving your business from a potential loss
• Improved Decision-Making: Real-time insights into customer profiles and their creditworthiness enable better decision-making and forecasting

To Sum It All Up?

Mastering Data automation is essential for any finance leader looking to build a financially stable and thriving business. By understanding and leveraging Data Automation tools like PowerCred, you can streamline your business operation, unlock hidden efficiencies and grow your business.?

Now that we covered our main story of the week, it's time for a quick news feed from the world of finance and tech in SEA.?

Quick Bites?

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

1. Singapore-based ride-hailing firm Ryde has listed on the Frankfurt and Stuttgart stock exchanges to attract European investors. ??????
2. In the SEA region, about 97% of 'Buy Now, Pay Later' users meet their payment deadlines, showcasing impressive financial responsibility! ???
3. Philippines Unveils eGOVchain: The country's first government blockchain platform aims to boost security, transparency, and efficiency in public services. ????
4. JULO aims to disburse over US$650 million in loans by the end of 2024 as it pursues neobank ambitions to boost financial inclusion in Indonesia. ????
5. ????? Vietnam Data Security JSC has launched DataTrust, Vietnam's first platform designed to meet personal data protection regulations, boosting cybersecurity and compliance for businesses.
6. Wealthy investors in Singapore and Hong Kong favour digital platforms ??? for hedge funds and private markets ?? due to their transparency and efficiency.
7. Digital Nasional Berhad (DNB) and Shopee have teamed up to promote 5G adoption ?? among MSMEs in Malaysia, aiming to boost their e-commerce ?? through better live streaming capabilities.

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

?? Love Our Content? Share with your colleagues and hit subscribe for more!

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

Cheers!

Team PowerCred :)