The finance world is changing big time, driven by a wave of innovative technologies collectively known as Fintech. But what exactly is it? In a few words, it is a dynamic domain where IT companies like Relevant Software are developing tools and solutions that are transforming the way we manage our money.
Why is this transformation so critical? Traditional financial services, while established, are often riddled with inefficiencies, limited accessibility, and a lack of personalization. This translates to a frustrating and time-consuming experience for customers, who increasingly demand agility, convenience, and a tailored approach to their finances.
So, how can Fintech address these challenges? Let's look at the details.
Digital Banking
Fintech innovations are breaking down barriers to financial inclusion. Millions of people worldwide still lack access to basic financial services. Fintech is bridging this gap with mobile-based solutions that don't require traditional bank accounts. This allows individuals to save, send, and receive money securely, promoting financial independence and inclusion.
Payment Innovations
Remember when making a payment meant writing a check or waiting days for a bank transfer to clear? Those days are long gone. Now, peer-to-peer payment apps, contactless payments, and instant payment systems are the norms, radically reducing transaction times and increasing user convenience.
Automation and AI
Fintech introduces automation solutions powered by Artificial Intelligence (AI) that streamline tedious manual tasks. Mortgage approvals, for instance, can be significantly expedited with AI-driven document processing and risk assessment, saving both time and resources for lenders and borrowers. Similarly, AI-driven chatbots can handle customer inquiries 24/7, providing a level of service that was unimaginable just a few years ago.
Low Code Platforms
Low code platforms are shining as a new trend in fintech innovation. By using visual tools instead of writing code, creating fintech apps becomes much easier, helping close the skills gap. Fintech newcomers can harness the power of low-code platforms to quickly bring to life innovative ideas that stay in step with market trends
Blockchain and Cryptocurrency
It's impossible to talk about Fintech without mentioning blockchain. Through this technology, one can perform transactions securely and with transparency, without reliance on a centralized authority. Additionally, blockchain is used to prevent fraud, streamline cross-border payments, and improve supply chain transparency.
RegTech
The fintech sector moves fast, often outpacing regulatory frameworks. This can lead to a gray area where innovations flourish without adequate oversight, potentially leading to risks for consumers and the financial system at large. Therefore, collaboration between fintech companies, traditional financial institutions, and regulatory bodies is crucial to ensure that innovations benefit everyone without compromising security or fairness.
InsurTech
Insurance is another area ripe for disruption. InsurTech companies are utilizing tech to make insurance options more economical, widely available, and tailored to specific preferences.. Think pay-as-you-drive car insurance, or parametric insurance that pays out based on specific events, like a natural disaster.
Open Source & SaaS
For fintech startups, being quick and adaptable is key. That's where open source and SaaS (Software as a Service) come in. They allow companies to use and improve software without the hassle of managing it. This means more time focused on customers and less on tech headaches.
Embedded Finance
This means users can access financial services through non-financial platforms. Think buying insurance from your favorite online store or getting a loan from your ride-sharing app. It's making finance a seamless part of everyday life.
It's easy to get caught up in the excitement of all these innovations, but it's also essential to approach them with a critical eye. Regulatory hurdles, security concerns, and the digital divide (the gap between those with access to digital technologies and those without) are just a few of the issues that need addressing. Moreover, as the financial sector increasingly relies on technology, the risk of cyberattacks constantly grows, necessitating robust cybersecurity measures. But the potential benefits—increased accessibility, efficiency, and personalization of financial services—are too significant to ignore.
And what about the traditional banks? Some may argue that fintech is spelling doom for conventional banking institutions, but that's not entirely accurate. Sure, fintech is disrupting the status quo, but it's also pushing banks to innovate and adapt, leading to collaborations that combine the best of both worlds. Traditional banks are leveraging fintech to enhance their digital offerings, making banking more accessible, efficient, and customer-friendly.
Therefore, what can we expect for financial services moving forward with the rise of Fintech? It's a question many in the industry are pondering. While the trajectory seems clear—more automation, increased personalization, and further democratizing financial services—the pace and nature of these changes remain fluid.
What's certain is that those who can adapt to and leverage these innovations will find themselves at the forefront of a new era in finance. The journey is complex, but the destination—a more inclusive, efficient, and secure financial ecosystem—is undoubtedly worth the effort.
In today's fast-paced business landscape, every dollar saved counts. Corporate offices face constant pressure to optimize resources and maximize efficiency, but navigating the path can be complex.
Streamlining operations, however, offers a powerful solution, unlocking hidden efficiencies that can boost your bottom line and empower your team.
This article discusses the five key strategies for streamlining your corporate office operations. These insights will help you achieve significant cost savings without compromising on your core values.
Automating Manual Tasks
Eliminating repetitive tasks can help businesses optimize their operations and redirect manpower to more strategic activities. The benefits of automation are manifold. Not only does it reduce labour costs, but it also improves accuracy and accelerates processing times.
According to Forbes, automation presents a compelling opportunity for businesses of all sizes. Tasks such as invoicing, bookkeeping, and reporting are prime candidates for automation, offering significant cost and time savings.
Consider the example of accounts receivable management. Hiring a bookkeeper to handle this task manually can incur substantial costs. However, investing in bookkeeping software with invoicing and billing automation yields substantial savings. Software such as QuickBooks streamlines accounting processes, potentially resulting in a 50% reduction in expenses compared to manual labour.
Optimizing Space Utilization
Minimizing unused office space and associated overhead costs can help businesses achieve greater efficiency and flexibility in their operations. Strategies to optimize space utilization include implementing hot desking, flexible work arrangements, and utilizing space optimization software.
Hot desking, where employees are not assigned dedicated workstations but can use any available desk, has become increasingly common as a cost-saving measure.
According to a survey by Morgan Stanley, about a third of office workers in the U.S. now have access to hot desks, with only half of office desks being regularly used. This shift allows employers to reduce their office footprint and realize savings on rent, utilities, and maintenance costs.
Furthermore, leveraging space optimization software can help businesses make informed decisions about space allocation and layout. By maximizing the efficient use of available space, companies can reduce expenses and build a more dynamic work environment, driving productivity and success.
Implementing a Visitor Management System
In today's security-conscious world, implementing a visitor management system (VMS) offers a range of benefits. Firstly, it enhances security by providing a systematic approach to visitor registration and tracking, reducing the risk of unauthorized.
Additionally, the VMS's ability to track visitor movements and generate reports enhances compliance with security protocols and regulatory requirements.
Moreover, according to Greetly, the efficiency gains associated with a VMS are substantial. Features such as pre-registration capabilities and automated notifications streamline the visitor experience. This results in faster processing times and improved operational efficiency.
These efficiency improvements translate into cost savings through reduced labour costs and minimized security risks. Furthermore, integrating the VMS with access control systems and pre-registering frequent visitors further enhances security measures while optimizing the visitor experience.
Leveraging Data-Driven Decisions
In the information age, data reigns supreme, especially when it comes to optimizing your corporate office. Tracking key performance indicators (KPIs) across departments and analyzing resource allocation will empower businesses to gain a deeper understanding of their operations. This, in turn, will facilitate the identification of areas for improvement and enable informed decision-making processes.
For example, analyzing data on employee productivity and customer satisfaction enables businesses to identify bottlenecks and optimize resource allocation.
Moreover, data-driven decision-making enables businesses to measure the impact of changes and initiatives, allowing for informed adjustments to operations. Whether it's implementing new technologies or reallocating budgetary resources, data-driven insights provide valuable guidance for decision-makers.
Furthermore, the ability to adapt and innovate based on data-driven insights positions corporate offices for long-term success.
Embracing Remote Work
Adopting remote work offers multifaceted benefits for corporate offices, including the potential to significantly reduce office space needs and lower overhead costs.
Moreover, according to Gusto, tapping into global talent pools via remote work offers a strategic remedy for small and medium-sized businesses (SMBs). With 1.4 job openings for every unemployed individual in the U.S. as of July 2023, the scarcity of talent has spurred many employers to increase wages.
Consequently, SMBs have looked to international employees to fill essential positions and control costs. A significant 86% of SMBs reported hiring internationally for cost management. Moreover, 58% cited a dearth of available U.S. employees as a key motivator for seeking talent globally.
However, successful implementation of remote work requires careful consideration of various factors. Businesses must establish effective remote work policies, provide necessary tools for remote employees, and maintain clear communication channels to ensure productivity and collaboration.
In conclusion, from automating mundane tasks to harnessing the power of data, the journey to a streamlined corporate office isn't just about cost savings. It's about empowering your team, enhancing security, and creating a work environment that thrives on efficiency and innovation.
Remember, streamlining isn't a one-time event. It's a continuous process. Regularly evaluate your strategies, gather new data, and embrace evolving technologies to stay ahead of the curve. By choosing the right tools and cultivating a culture of continuous improvement, you can ensure your office remains a haven of efficiency.
So, take the first step today. Choose one strategy, implement it effectively, and measure the impact. You'll be surprised at how quickly streamlining can unleash the true potential of your office, empowering your team and boosting your bottom line.
With a 6.6% global inflation predicted for 2033, running a business is becoming more complex. One of the best ways to survive in the current times is to focus on investing in improvements and modifications that generate a high return on investment (ROI).
ROI is a financial metric that is used to measure the profitability and efficiency of an investment relative to its cost. ROI is used by businesses, individuals, and investors to evaluate the performance and viability of various investment opportunities. Here are three tips you can follow to increase the ROI for your business to maximize profits earned.
#1 - Focus On Customer Retention
Despite having good investments, marketing, and team members, some businesses fail, while companies with little investment and strategies succeed. This depends on your customers, so you need to invest in retaining your customers to increase your ROI. Increasing customer retention by 5% can result in 25% to 95% revenue. You can invest in loyalty programs and give your customers incentives to shop again by providing discounts or gifts.
99% of marketers say personalization increases customer relationships, so provide your customers a personal experience by giving them your time to answer prompt and friendly responses, queries, and questions and go the extra mile to exceed their expectations. Investing in customer relationship management (CRM) can help you manage customer interactions, track leads, and create relationships. This will show your customer that you are committed to improving their experience.
You can allocate a portion of your budget to marketing and advertising, including digital and paid marketing campaigns. To personalize your marketing, you can research your customers, leverage customer data, and understand their wants. Investing in marketing will attract new customers and raise awareness about your company.
Consider maintaining regular contact with your customers even when they're not purchasing by sharing helpful content, updates, new products, or even personal offers to remind them of your brand.
#2 - Improve Your Teams Performance
One of the best ways to increase ROI for your business is to improve the efficiency of your employees. This involves a combination of strategies focused on enhancing productivity, efficiency, collaboration, and skill development. Invest in the training and development of your customers to enhance their skills and knowledge related to their roles. Try fostering an environment that encourages employees to pursue further qualifications.
Your finance team's expertise in financial analysis, budgeting, cost management, and performance measurement makes them crucial in increasing ROI. One of the best ways is to train your finance team to get maximum ROI through companies that provide virtual services like this one.
Try setting clear goals and expectations for your employees and communicate performance, and explain and align your employees with your business objectives. It’s best to regularly review your employees' progress and provide feedback to help them understand where they stand and can improve. Recognizing and rewarding your employees' achievements with incentives will create motivation and a sense of value.
You should regularly assess and solve any problems in resources that may affect employee performance. Dividing tasks and responsibilities evenly will allow employees to take ownership of their work and make better decisions. By investing in your employees' development and aligning their efforts with business objectives, you can enhance employee performance, increasing ROI for your business.
#3 - Automate Your Processes
Using the assistance of automation can help save up even an hour of your employee's time every day. You can use automation in departments with solutions like chatbots for common questions in customer support. Softwares are available to help customer support solve problems, and technologies like NLP can automatically categorize and route customer inquiries to a specific department.
Getting automation for marketing can get more done with less effort. You can automate email campaigns and software that uses analytics to create personalized marketing based on the customer's preferences. Automating a few time-consuming tasks for your employees will help them focus on completing the necessary work. It will be great for increasing your ROI without hiring extra people.
Endnote
ROI is used to measure the profitability and success of your business. Focus on customer retention by giving them a personal experience and reminding them of your business and loyalty programs to make revenue. Train your employees and give them incentives for good performance to enhance employee performance.
Automating business processes like marketing and customer support will allow employees to focus on getting the important work done. Using these strategies can help your business make maximum profit helping it run in this inflation.
To help you on your journey, here are several tips that all successful traders follow religiously.
They Have A Plan
The first and most important thing that all successful traders have is a plan. This plan includes their investment goals, risk tolerance, and entry and exit strategies. Without a plan, it is very easy to get lost in the sea of information out there and make impulsive decisions that can lead to large losses.
To come up with a plan, you need to first determine your investment goals. Are you looking to make a quick profit or are you more interested in long-term gains? Once you know your goals, you can start thinking about how much risk you are willing to take. Higher risks usually mean higher potential rewards but they also come with a greater chance of losses.
After you have determined your goals and risk tolerance, it is time to develop your entry and exit strategies. These will be the rules that you follow when buying and selling assets. For example, you may decide to only buy stocks that are trading below their intrinsic value or you may sell an asset as soon as it reaches your desired profit level.
They Use Automation
Many successful traders use some form of automation in their trading. This could be something as simple as using a trading bot to execute their trades or it could be a more complex system that includes algorithmic trading. Using RoboForex, you can easily automate your forex trading strategies. For instance, using the MetaTrader platforms allows you to set up expert advisors that will automatically follow your trading rules.
Additionally, using automation can help you to take emotion out of the equation and make more logical unbiased decisions. It can also help you to execute trades faster which can be crucial in the fast-paced world of trading.
They Keep A Trading Journal
Another important habit of successful traders is that they keep a trading journal. In this journal, they track their trade setup, entry and exit points, and profit or loss. This helps them to stay disciplined and accountable for their trades. It also allows them to go back and review their previous trades to see what worked and what didn’t.
This has shown to be an extremely useful exercise for many traders as it allows them to improve their performance over time. If you don’t already keep a trading journal, it is highly recommended that you start doing so.
They Have A Risk Management Strategy
Risk management is one of the most important aspects of trading. Without proper risk management, it is very easy to lose all of your capital. That’s why successful traders always have a risk management strategy in place before they even enter a trade. This strategy includes things like setting stop losses and taking profits at predetermined levels.
By having a risk management strategy, you will be able to limit your losses and protect your capital. This will allow you to stay in the game even when things are going against you.
No matter how good of a trader you are, there will always be times when things don’t go your way.
That’s why it is important to prepare for the worst. This includes having enough capital to cover your losses and being able to emotionally handle losing streaks. Many traders blow up their accounts because they are not prepared for a losing streak. By having the proper mindset and capital in place, you will be able to weather any storm.
They Stay Up-To-Date
The world of trading is constantly changing. New products are being introduced, regulations are being implemented, and economic conditions are always fluctuating. That’s why traders need to stay up-to-date on all the latest news and developments.
This can be done by reading financial news articles, following thought leaders on social media, and attending industry events. There are also many great resources like Traders Laboratory where you can find useful information and connect with other traders. By staying up-to-date, you will be able to make better-informed trading decisions and you will also be able to adapt to changes in the market quickly which can give you a competitive edge.
Conclusion
Successful trading investors tend to follow similar patterns and guidelines to be successful. Some of these include automation, maintaining a trading journal, implementing a risk management strategy, and staying up-to-date with the latest news and developments. By following these tips, you will be on your way to a more successful trading career.
Now, sometimes, no matter how things may appear to be fine, you realise that there’s some room for improvement. Maybe the meetings are not as productive as they used to be, maybe some of your employees are not meeting the deadlines, etc. That means that now it’s time to think of ways that are going to help you make your business more efficient. If you’re not sure where to start, or what to do, don’t worry. These tips will definitely help you out.
Superb Tips To Enhance Business Efficiency:
Focus On Automating Workflows And Processes
Businesses, especially smaller ones, are frequently dealing with repetitive tasks, but the good news is, you can always focus on automating them. Now, a lot of companies avoid this option because they’re afraid of having additional costs and that it will affect the duties of their workers. But the truth is, automating repetitive steps can actually positively impact the production, sales, and distribution process and can enhance the bottom line and allow your employees to focus on other, more important tasks.
Consider Business Incorporation
Everybody is aware of the fact that owning a firm can be potentially very risky, however, if you want to limit personal liability, you can accomplish that by incorporating your company. Although it requires more costs and paperwork, it still comes with several advantages.
So what are they? It doesn’t matter whether you decide to consider incorporating online, or not you will still experience numerous benefits. One of them is that you’ll be able to protect your personal assets. Namely, if you decide to take this step, you will no longer have to worry about risking your homes, savings, cars, and many other things, unlike owners of sole proprietorship who oftentimes have to deal with endless liability for both personal assets and business.
Another huge advantage of incorporation is the fact that it will improve the credibility of your firm plus, your company will become much more stable than those that are unincorporated.
Adding More Useful Information Below:
Stimulate Your Workers To Communicate Face-To-Face
Even though sending an email, or chat message to your employee may seem like a more efficient way of communication, frequently, it can have the opposite effect. How come? Well, it's because you will wait much longer for a response than you would normally do if you chose to communicate in person. Although Skype, Slack, or Google chat are truly incredible tools, face-to-face communication can actually speed up the whole process and enable you to resolve any issue much faster.
Provide Your Employees With The Right Tools
It may sound like the most obvious suggestion, but you wouldn't believe how many business owners aren't providing their workers with the tools that are essential for their tasks. It doesn't matter whether you need tools for a particular project, or for training, do not hesitate to invest in them.
You will soon realise that these things are definitely worth every penny because they will help your workers complete their tasks quickly, efficiently, and accurately.
Prioritise Increasing Your Network
This is highly beneficial for every type of business. Namely, by networking with business owners, professionals, and entrepreneurs from your industry, you'll be able to boost the presence of your company and at the same time, properly promote it.
So what are you supposed to do? Start by joining business associations, contacting business magazines, visiting business-related forums, and attending community events that will allow you to raise awareness of your company. At these events, you will get the opportunity to talk about your services and products, potentially attract new clients and consumers and generally give more details about your brand.
Do Your Best To Keep Current Clients Faithful To You
Now, you may think that you're giving your clients the best possible solution, however, that may not always be the case. If you want existing clients to stay, then you have to make sure you are providing them with a service that's much better than the competition.
There are simple, yet effective steps to help you accomplish that, like educating your workers, instantly responding to messages and emails, upgrading your policies, and many other things.
Between the 17th century when goldsmiths issued the first-ever British banknotes, to the modern-day where we sit atop the table as the largest exporter of financial services in the world, the UK has ushered in a wealth of key developments in the finance industry. A large portion of the UK’s economy consists of financial services (FS) employees, and they occupy a range of roles that help people and organisations with their money related needs. Whether granting loans to small businesses, exchanging currency and stocks, or providing insurance cover, FS employees are there to help make, invest and manage money and to support businesses and consumers alike.
A big part of the UK’s emergence as a global financial hub has been its willingness to adopt technological innovation, and this status looks set to remain thanks to the recent development of and investment in pioneering, industry-disrupting technology. We’re now firmly in the FinTech era, and British founded, online-first banks such as Starling and Monzo are beginning to challenge traditional institutions. Cryptocurrencies like Bitcoin are also fast becoming a household concept, and it’s clear that technology’s influence on FS is only growing.
But not everyone is embracing technological change with open arms, as amongst FS workers there remains a sense of apprehension. The reason why? Automation. In many instances, automation technology is already able to replicate large portions of FS workers’ roles, given its ability to quickly and efficiently handle process-heavy, repetitive, and often administrative tasks that humans tend to struggle with. From a productivity perspective, the benefits of this are clear, but the issue for employees is that this tech threatens to displace them as it becomes more prevalent in the workplace. This could cause huge unemployment issues in the short term, whilst in the long term, it could also lead to a massive gap between the skillsets employers need in workers to perform their role and the actual skills possessed by possible future employees.
With new technology comes new pressures
This apprehension amongst workers in the FS sector, including insurance, is understandable, as this sense of pressure on their roles is underpinned by data. Our research indicates that a huge 20.8% of all roles in FS/insurance in the UK are potentially automatable before 2026, whilst 13.6% could potentially be augmented by automation and technology over the same period. Whilst potential doesn’t always necessarily equate to actualisation, these figures still raise alarm bells for those working in a sector that has persistently turned to technology to drive productivity and growth.
Our research indicates that a huge 20.8% of all roles in FS/insurance in the UK are potentially automatable before 2026, whilst 13.6% could potentially be augmented by automation and technology over the same period.
In fact, we’re already seeing this adoption of automation technology come to fruition in some financial organisations, such as the FSCS. It recently made the decision to begin implementing AI and automation to reduce the time spent on claims handling, a lengthy process that tech can handle far more swiftly and effectively than humans. The results were impressive, with the body reducing the costs associated with claims handling by £9 million as a direct result of the use of automating technology.
It’s a scenario that reflects a common reality - that organisations have to take decisions that make the most business sense. The question however is how they account for the possible human cost of such decisions.
Planning for the future to help employees now
Whilst the current situation may have FS and insurance workers ruminating over a dystopian, sci-fi-esque ‘technology takeover’, we must remember that the human touch will be just as important as technology to both industries in the future. Firms such as EY for example are encouraging an approach of “intelligent automation”, combining the strengths of Robotic Process Automation (RPA) and AI with innately human capabilities such as creativity, problem-solving and strategic planning. For all that automation technology can offer it’s these skills through which true innovation flows, and it’s fundamentally important that employees in FS are encouraged and given the means to remain and work alongside technology, rather than be replaced by it.
The main question right now is, does the industry have the skills pipeline and the innovation mindset needed to fully embrace this transition? With the battle for talent in finance and the UK in general heating up, a concerted investment into reskilling and retraining the workforce is imperative if employees in the industry are to retain employability.
This investment should be focused around workforce planning and skill development, with a dedicated strategy that fully equips FS firms to deal with anticipated future demand for skills, and proactively identifies and develops talent to fulfil the associated roles, an urgent priority. Data analysis should form a key part of this strategy, so businesses have insight into what skills their employees are lacking when compared with the skillsets that are set to be in demand in future. That way, they are empowered to draw up and implement a strategic and informed programme that helps employees reskill in the competencies needed for those roles, ensuring they have a consistent pool of appropriate talent as their technology adoption increases.
The current era of technological innovation is just the latest of many that have defined the UK’s historic and fruitful FS sector. But one thing that has always remained constant is the importance of employees in upholding the industry, and this isn’t about to change. Pursuing innovation, no matter how technologically focused that innovation may be, requires a human touch that technology simply cannot replicate. It’s time now for businesses to act – the tools are available for them to ensure that a technology takeover remains the stuff of fiction, and now’s the time to start building a workforce where humans and automation work harmoniously together rather than at the expense of one another.
The challenges of adjusting to the reopened economy have placed financial services under significant strain. Budget cuts, the great resignation and post-Brexit recruitment problems mean that many employees are spending disproportionate amounts of time grappling with mundane operational tasks to simply keep businesses afloat. Innovation and strategic planning run the risk of being left behind as energy is spent on resource-sapping back-office complications.
This stagnation can be costly - in more ways than one. A study has found that office workers in the accountancy, banking and finance sectors spend on average over three hours a day on manual, repetitive tasks which are not part of their primary job. As well as being slow and demoralising, such high levels of manual processing can lead to inconsistent results and financially damaging errors.
Tactical solutions are needed to ease the burden on teams and free up staff to focus on more challenging, qualitative endeavours. This is where automation comes in. By transforming monotonous work into streamlined automated processes, businesses can reduce costs, drive productivity and efficiency, and foster a happier workforce culture.
The need to automate
Rapidly accelerating digital transformation has created a wealth of opportunities for financial services. However, invoices still need to be processed and payrolls need to be generated. Currently, these day-to-day tasks form a significant chunk of employees’ time, adding to the pressure they are already under to juggle a variety of repetitive administrative processes. The use of innovative IT solutions to automate these tasks can offer precious time back to teams, allowing them to focus on the more stimulating, value-adding activities that drive business growth.
When it comes to time savings brought about by automation, the figures back up the promise PwC’s Finance Benchmarking Report found that automating finance tasks can save 30%-40% of the time spent on doing the same tasks manually. Not only does this point towards vast efficiency improvements, but it also suggests a reduction in costly instances of human error.
The benefits of automating mundane but necessary tasks can be transformative and empowering -both for employees and for the business itself. Crucially, it allows individuals to channel their energy into more creative and strategic tasks, where they can exercise their autonomy and problem-solving skills to achieve tangible results for the business. Reducing the time taken up by onerous administrative tasks will give employees more time to concentrate on the ‘bigger picture’ initiatives that are so vital to boosting revenue.
Finance departments across the country have been forced to downsize following the Covid-19 pandemic. As a result, many have accrued a formidable backlog of invoicing and payroll tasks – and are relying on much smaller teams to handle them. For these organisations, the use of streamlined automated technology to reduce the administrative burden can help them overcome a significant hurdle on the road to recovery. It is a strategy that will also safeguard them against human error and other internal administrative crises that can cause damaging financial loss. The high level of accuracy and efficiency that automation brings will prove a key factor in the future success of businesses across all sectors.
Long-term benefits
As financial companies vie to attract talent and remain competitive in a post-Covid world, it has never been a better time to embrace smart, expertise-driven IT solutions. A recovery informed by automation will allow businesses to get the most value from their workforce and avoid piling the pressure on overburdened employees to pick up mundane tasks.
It can also be an opportunity for businesses to transform their workplace culture. Employee satisfaction visibly manifests itself in greater productivity, innovation, commitment, and other tangible benefits to the business bottom line. As organisations look to differentiate themselves and retain employees, being able to reassign individuals to more creative, strategic, and value-adding tasks goes a long way to increasing staff morale and retention.
Clearly, tech has a major role to play in the survival of businesses beyond the pandemic. Automation is a versatile solution that can revolutionise the way financial organisations operate without the need for cumbersome, time-draining manual checks.
In August, IPC, a technology and service leader powering the global financial markets, announced its partnership with Overbond, a fixed income fintech platform for AI predictive analytics and visualisations. The aim of the partnership is to leverage the voice that IPC captures through its Natural Language Processing (NLP) solution, known as a Dictation as a Service, to facilitate Overbond’s AI pricing and liquidity algorithms. It is worth noting that bond trading tends to be far more illiquid compared to equities, meaning prices for the majority of bonds are difficult to determine due to the infrequency with which they are traded at.
What exactly is being leveraged?
Moreover, to gain a greater understanding of the strategic collaboration, it is important to examine what exactly is being leveraged. Firstly, IPC’s Dictation as a Service is a cloud-based tool. To power this, IPC utilises its award-winning Connexus Cloud infrastructure. The solution allows traders to “dictate” trade terminology as well as translate what is being said in real-time through IPC’s Blotter visualisation platform. The combination of these applications provides end-users with an extensive solution for transforming previously unstructured voice trade data into discoverable, transportable data – all of which takes place in real-time.
Adding to this, Overbond has made significant progress in tackling data aggregation problems impacting automated trading of fixed income securities. Overbond’s COBI-Pricing LIVE tool is a customisable AI pricing engine that helps traders when it comes to automating pricing and trading workflows for global investment-grade bonds, as well as producing prices and liquidity totals for over 100,000 fixed income devices. By integrating COBI-Pricing LIVE with a bilateral representational state transfer (REST) application programming interface (API), which works by handling requests for a resource and returning all the necessary information regarding the resource, translating it into an easily interpretable format for clients, the AI algorithm is able to absorb, collect and process data. This can be from both present and past vendor feeds, internal historical documentation, over-the-counter settlement layer volume records, and now, thanks to this partnership, voice transactions.
Significant milestone
This partnership represents a significant milestone in the evolution of market structure, with technological innovation happening across different levels as a combination of services capable of translating trader voice communications to a structured data feed successfully for bond trading. The aforementioned levels are: voice call tagging to security code – within the workflow of the traders – and AI for downstream processing of the data.
What issues will the partnership help to solve?
Bonds are still traded by voice, with almost 25 percent of fixed-income trades that are made in both Europe and the United States of America executed using voice. This represented a large amount of data that wasn’t previously considered, illustrating a substantial gap in AI-powered, automated fixed-income modelling and trading. The strategic collaboration between IPC, which operates one of the largest networks for fixed-income voice trading in the world, and Overbond will ensure that this valuable voice data no longer goes uncaptured. What’s more exciting, as this trade data can now be captured and anonymised, is Overbond’s algorithms are now capable of pricing fixed-income instruments with greater accuracy.
It is no secret that the bond markets have been one of the last holdouts in financial services’ digital transformation, however, the resistance has started to wane. Partnerships between organisations, like the one between IPC and Overbond, showcase the ability to bring innovative technologies together developing next-generation solutions for the fixed-income marketplace. The strategic collaboration with Overbond continues the digital transformation of fixed-income trading by fully harnessing the power of voice data. Both businesses support an open platform approach in terms of rethinking how financial institutions around the world trade, optimise productivity and engage in knowledge sharing.
In closing, the partnership between IPC and Overbond enables the integration of IPC’s point-of-trade voice transaction data with Overbond’s AI pricing and liquidity algorithms to bring precision to the automation of bond trades.
Even chasing these late payments can also be a drain on your already stretched resources, taking time and money away from other areas of your business. Putting ground rules in place can help you protect your business and your bottom line, as well as preserving those precious relationships with your clients. So, with this in mind let’s explore some helpful tips to ensure your invoices are paid on time, every time.
Make Your Invoices Clear And Professional
Writing up invoices can be time-consuming and incredibly dull, and this is often reflected in the end result. Dull, boring invoices can easily be overlooked or forgotten about, causing you a bigger headache later on. Updating your invoice software and utilising invoice templates will help you create eye-catching, memorable and high-quality invoices within seconds. Customisable templates will also help you build a strong business identity, with bold logos on professional-looking documents that will encourage loyalty to your brand, as well as better recognition.
Automate Your Invoices
Automating your invoices every month helps in two ways. Firstly, you’ll know that the job has been done and it’s one less responsibility you need to oversee. Secondly, when your invoices are automated, clients can’t claim that they didn’t receive your invoice or that it’s been misplaced. Automation leaves a digital paper trail that can’t be ignored or disputed.
Be Willing To Check In
Of course, some payments are often late, due to a lack of organisation and forgetfulness on your client’s part. If payment is late, it’s always worth checking in with your client, to enquire. While reaching out and chasing payments can sound daunting, there are gentle ways you can prompt or remind clients about outstanding amounts without being aggressive, such as calling to enquire about their satisfaction with your services and if they haven’t paid because something wasn’t quite right. Most of the time, clients will feel embarrassed at their oversight and pay you straight away.
Set Clear Expectations
You want to get paid on time, but if you fail to stipulate this in your payment terms, then your clients won’t know this. Stating your payment terms as early as possible, and reminding them of your guidelines when you send out your invoice, will ensure payments are on time and overdue payment collections will be avoided.
Highlight Your Willingness To Pursue Legal Action
This doesn’t have to get personal! In your payment terms, it’s important that you also highlight that you’ll be willing to take legal action if payment terms aren’t met within a certain time frame and after a certain number of reminders and warnings have passed. Stating these terms as early as possible keeps everything professional and clear.
Final thoughts…
Follow these tips to ensure your invoices are paid on time, every time.
Business growth consultant Daniel Groves offers Finance Monthly an insight into the business trends which will define post-pandemic life.
2021 is expected to be a year of change, with businesses around the world optimistic that the months ahead will be brighter than what 2020 dealt us. Many of the micro trends that companies thought would be temporary measures throughout the pandemic have become macro trends that are here to stay. These are a few of the trends that small businesses and entrepreneurs should be watchful of in order to maximise their efforts and enhance the likelihood of success.
Digitisation will become the focus
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The way we shop and interact with businesses has changed and it’s unlikely that we’ll return to the old way of engaging with companies. Businesses have had to adapt swiftly and boost their online presence, including digitising their operations to meet the demand for online services. There’s been a huge shift to online shopping, forcing companies to rethink their strategies, owing to the desertion of the high street.
An online presence is vital in today’s digital world to compete, and companies need to have a strong digital footprint to engage with customers. But in the next normal, the focus will be on online experiences over in-person alternatives. The future of business will centre around digital offerings and solutions, from the increase in remote working tools to experiential shopping experiences that make use of artificial intelligence and data-driven innovation, including live streaming eCommerce.
Convenience is key
A study by PwC discovered that customers expect efficiency, convenience, and a welcoming service from businesses, and they would pay more for these elements. All of these features are achieved through a blend of technology and the human touch, so, companies need to focus on digitisation going forward to stay competitive. There are various ways that businesses will create a more convenient experience for customers, from subscription models and delivery to reducing friction with cashless payments. Contact-free payments, like QR codes, are a flexible way to accept contactless payments, creating a new kind of convenience for customers while also streamlining processes for staff. QR codes are faster and versatile for a host of industries, but they are also incredibly accessible and easy for customers to use, making them a frictionless solution.
Automation will increase
Automation will be a top business trend in the next normal, as businesses return to normal, albeit with a larger remote workforce than pre-pandemic. Many businesses are seeking efficiency, in many cases because their workforce has diminished as a result of the pandemic, which has meant a greater reliance on automation. Automation tools can help businesses build greater resilience and agility to adapt when situations call for it. Here are a few of our favourite automation tools for UK businesses:
- Hubspot - CRM system for small businesses
- Buffer - free social media scheduling platform
- Zapier - custom automated actions between essential applications
- Calendly - automatically book meeting slots depending on your availability
- Trello - free visual project management tool for teams
Automated interfaces such as chatbots are helping businesses to deal with customer service and are delivering a better customer experience. While simplicity was important during lockdowns, automation isn’t going anywhere now that lockdowns are lifting.
In fact, in the next normal, we’re likely to see more automation as businesses look to technology to streamline their operations, deliver more consistent services and manage workloads. From smart devices used in healthcare to monitor patient's vitals to using it for administrative tasks, automation is here to stay.
A redefined workforce
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The pandemic forced businesses to adapt to a distributed workforce, but many business owners have been pleased with the results and don’t want to return to the old way of doing things. There’s no doubt that there are challenges to working remotely, for some industries more than others, whether it’s data security, fostering effective engagement, or maintaining efficiency.
But the benefits have outweighed the difficulties to make remote working a staple feature of businesses going forward. Remote working offers productivity benefits, cost-saving measures, and a better work-life balance for staff, making it an appealing option for many companies who will be seeking solutions to the challenges they’ve faced over the past year to improve operations in the future.
Final thoughts
The way businesses operate has changed indefinitely. SMEs can begin making tactical adjustments to adapt accordingly while also growing. There are many ways to adopt these trends going forward but staying flexible and prioritising digital transformation are at the heart of them all. Companies that can integrate digital practices into their existing processes with agility will increase their successes in the long term.
Scott Bozinis, CEO at InfoTrack UK, explores the changes we have seen in the property market and the path ahead post-pandemic.
21 June 2021: it is a date already engrained into the minds of people across the UK. It is the day when Boris Johnson hopes to lift all forms of lockdown and social distancing measures; it is the day life is due to return to normal.
In many respects, however, life will not return to normal – at least, not the normal we knew before the pandemic. Certainly, when it comes to the ways businesses operate and industries function, irreversible changes have taken place, meaning the long-term outlook is not one of returning to the past but preparing for a future defined by new processes. The most prominent of these is the adoption of new technology.
The property sector is a prime example of this. From estate agents and conveyancers through to homebuyers and sellers, the industry is in the midst of many interesting trends which look set to shape the year ahead.
The need for technology will only get stronger
Technology has been embedded in our lives for many, many years. However, when COVID-19 began to spread rapidly in early 2020, forcing offices to shut and people to remain in their homes, there was a further leap from the physical world to the digital.
In the property industry, lockdowns and social distancing rules have caused many headaches. It is, after all, an industry that has traditionally been slow to embrace technology, instead remaining reliant on offline processes and masses of paperwork, particularly when it comes to the transfer of property from one person (or organisation) to another.
In the property industry, lockdowns and social distancing rules have caused many headaches.
In a very short space of time, businesses throughout the property sector had to adapt; digital transformation strategies were greatly accelerated, and entirely new practices were adopted almost overnight. This is especially true when we look at the way in which people buy property, with virtual house viewings, e-signatures on documentation and new compliance requirements quickly becoming the norm.
But it is the conveyancing space that has perhaps been the greatest beneficiary of the sudden rush to embrace technology. With buyers, sellers, agents and solicitors all involved in a property transaction, the conveyancing process has historically been blighted by inefficiencies in coordinating activities, providing updates to stakeholders and securing all the necessary documentation. However, when this process is put through a single digital platform, it becomes exponentially easier, saving time, money and stress for all parties. What’s more, the risks of human error are also removed.
In short, the pandemic has underlined what was already becoming clear to many businesses: technology can provide both competitive advantage and significant efficiency gains. When it comes to conveyancing, technology enables firms to streamline the entire process, automating cumbersome and time-consuming manual tasks so that skilled employees can instead focus on delivering a better service to clients.
There might be a timeline for the easing of lockdown measures in the months ahead, but the property sector’s reliance on technology will not recede in line with these changes. Faced with no alternative, firms have found better ways of working by using digital tools. These tools will not only help them through the limitations of lockdowns but ensure they are better positioned to win more business in the future and maintain higher caseloads.
Will there be an exodus away from British cities?
Away from the fundamental, technology-driven changes that have taken place behind the scenes, the property market could also be facing another notable shift over the coming year. It could be about to witness a significant change in demands from homebuyers, which will have ramifications on businesses in this sector.
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COVID-19 has, in the short-term at least, sparked an “exodus” from cities. Unable to enjoy the vibrancy of life they are used to (pubs, bars, restaurants, shops, theatres, museums and galleries all being closed), data shows that urban homeowners have been selling up in their droves so they can move into rural areas.
For example, Londoners bought 73,950 homes outside of the city in 2020, a four-year high, according to Hamptons International. Meanwhile, during June and July last year, the number of city residents enquiring about village properties via property portal Rightmove rose by 126% when compared with 2019.
Will this trend continue throughout 2021? Only time will tell. The reopening of leisure, retail and hospitality businesses may reignite the appeal of city living – or maybe the desire for more spacious properties and greener surroundings will win out.
Either way, it is an important trend for businesses in the property space to monitor. It will, of course, have an impact on house prices and may affect the areas in which they operate.
Tax reforms are on the horizon
Public debt has spiralled as a result of the pandemic, with the Government having little choice but to borrow eye-watering sums of money. This debt will need to be brought under control in the years ahead, making tax hikes almost inevitable.
There are some we already know about: as of April 2021, for instance, non-UK residents that purchase properties in England and Northern Ireland will be subjected to a 2% SDLT surcharge. Coupled with the impact of Brexit, this may result in fewer overseas buyers looking to invest in UK property.
For now, the extension of the stamp duty holiday, as announced in the Spring Budget, will ensure the property markets in England and Northern Ireland remain hives of activity. However, buyers, sellers and property businesses must monitor prospective reforms closely.
Public debt has spiralled as a result of the pandemic, with the Government having little choice but to borrow eye-watering sums of money.
One thing is for certain: even as the virus abates, the transformation of the property industry will not. That’s why I believe we are set for a disruptive 12 months which will radically redefine the property market as a whole.
The present invoicing and billing technologies were developed to manage the payment processes for businesses. Paper invoicing remains a popular option for several companies in the United States. But the majority of them have shifted to electronic methods of billing and invoicing.
The country was lagging far behind to adopt the technological advancements in electronic invoicing compared to Europe and Latin America. However, the current trends have revolutionised electronic billing and invoicing for the past couple of years.
These advancements are responsible for the gaining popularity of the current invoicing and billing technologies. Let’s see how technology has shaped the way businesses in America send bills and invoices to their clients.
Automation of the Invoicing Process
The automation of the invoicing process has reduced the need for companies to track their financial transactions. Most companies in the United States have stopped using paper bills. Even those companies that have not automated their entire billing process prefer using blank invoice templates for service providers.
Automation of the process enables organisations to get reminders for due dates and delays in receiving payment. It has also helped companies in the country stay on track with their billing and payment schedules.
Automating the manual responsibilities of creating and sending bills allows business owners and staff to focus on other essential tasks. Companies can also save money because they do not require additional staff to take care of these responsibilities.
Several companies have also adopted blockchain technology to streamline their billing and invoicing processes. It allows them to keep a record of all their financial transactions. It also eliminates the need for additional resources or third-party vendors.
Automating the manual responsibilities of creating and sending bills allows business owners and staff to focus on other essential tasks.
Blockchain technology has not only made financial management smoother but has also improvised the entire invoicing process. The technology prevents any manipulation or accidental deletion of invoices once they are recorded and sent to the client, thereby eliminating the risk of fraudulent activities.
With the gradual adoption of blockchain technology in American businesses, we have started noticing the decline in traditional invoicing systems.
AI and Machine Learning
The advancements in AI and machine learning technology have taken the automation of invoicing solutions up a notch. Most software providers can offer a holistic approach that features functionalities beyond the basic invoicing cycle.
The intervention of AI and machine learning unlocked humanly unimaginable software abilities. Companies can process hundreds of invoices in a short time while processing significant amounts of financial data.
It is also easier to identify or verify past transactions, which gives the business better control over their cost and supply chain. Using AI and machine learning technology can also spot anomalies and errors with the least amount of human intervention.
Cloud Invoicing
With the increase in the use of the Software as a Service (SaaS) model, most billing technologies have started operating from the cloud. They allow businesses to access financial records and data from a device connected to the Internet anywhere in the world.
Cloud-based invoicing also enables people to receive real-time business updates and take the required action. Business personnel can address any urgent issues with the payment in real-time to maintain their company’s reputation. Digital wallets have also become a part of cloud invoicing already.
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Most business owners and managers can access cloud invoicing through mobile apps these days, which has made the process extremely convenient. With the increase in remote working due to the COVID-19 pandemic, most companies have started relying on cloud-based software instead of traditional ones.
In the present times, any company that fails to provide mobile billing options is bound to lose valuable clients.
The Rise of Real-Time Global Payments
Gone are the days when companies had to wait for days or weeks to send invoices and receive payments. Every business expects real-time transactions these days. The COVID-19 pandemic affected the economy of the entire world, so businesses need their money in real-time.
That is why most companies rely on electronic billing and invoicing processes, as they tend to be faster and more accurate than the manual ways of raising a bill or sending an invoice.
Businesses of every size have started adopting electronic invoicing because they reduce the cost and increase efficiency. As we mentioned before, most countries in Europe and Latin America had already started using electronic invoicing before America. Therefore, to continue business relations with these countries, American companies have to adopt electronic billing and invoicing methods.
Modern billing and invoicing methods have enabled American companies to build better business relationships within the country and the world. With increased productivity, companies can save costs and time.
The present billing and invoicing technologies played a prime role in mitigating the challenges faced during the COVID-19 pandemic. We can expect the technology to progress further and increase productivity while reducing losses.
