Abdul Rimaaz Business Consultant

John Labunski

What is it and how does it facilitate financial processes?

Technology has positively impacted the operations and internal actions of all companies, from any market segment and area of ​​activity in which they operate. Therefore, understanding what banking automation is and how it facilitates financial processes can be very important.

With the appropriate solutions and modern tools, it is possible to have a much more accurate management, with data base in decision making, extensive knowledge of accounts payable and receivable , mastery of deadlines and much more. Keep reading and learn more about it!

What is banking automation?

It is easy to see that the high competitiveness of the market, the oscillating economic scenario and the high level of consumer demand can bring enormous pressure to companies. Therefore, it is natural that managers, entrepreneurs and entrepreneurs want to find ways to be more productive, faster and more accurate in their tasks.

Banking automation consists of applying technological tools and solutions to effectively carry out an organization’s financial processes. In other words, it is about using modern digital resources to reduce manual activities, which brings numerous benefits, as we will see later.

In this way, some stages of the work will no longer need to be performed with human interaction, which makes it much simpler to offer agile and high-quality services, both for customers and business partners. This is an increasingly common trend in the routine of companies around the world and which should only gain ground in the coming years.

How does it work in practice?

Banking automation takes place in very different ways in the day to day of a company. A well-known example is internet banking, which centralizes the services offered by banks and allows customers to carry out a series of operations without having to go to a branch, solving everything digitally.

In the organizational reality, this translates into the possibility of controlling finances, making remote transfers, issuing duplicate slips,  importing bank statements , checking credit card limits and so on. All this on the computer screen or on the cell phone itself, without the need for physical displacements or the help of an attendant.

Through banking automation, the time for a task to be done drops considerably, facilitating  financial planning and control by John Labunski, which helps to create smarter and more competitive services. Therefore, those who are not betting on the implementation of technologies in their processes or interactions tend to lose competitiveness.

 What is the difference between automation and banking integration?

The concept of banking integration is related to the centralization of information that makes it possible to control a company’s transactions. In general terms, it deals with the processes of comparison between bank statements and the data contained in the institution’s internal financial control.

This means that, in order to have a good integration in this type of service, it is crucial to implement banking automation, giving a broader view of finances, automating activities and enabling better payment management, for example. After all, as it is easier to analyze the transactions carried out, the identification of divergences happens as often as necessary to ensure the full operation of the business and avoid possible fines for registration failures.

What are the benefits of banking automation?

Now that you know the concept of banking automation better, understand how it works in practice and know the relationship it has with the integration processes within the company, let’s list some of the main benefits you can experience when automating your business’ finances . follow up.

Increased productivity

One of the benefits that many managers and entrepreneurs are unaware of regarding banking automation is that it helps to increase productivity. This is because, instead of wasting time making  financial reports  or checking data, employees will be able to focus on the activity for which they were effectively trained and hired.

Decrease in costs

Banking automation requires an initial investment to implement the system. However, it is very important to understand that, especially in the medium and long term, this is reflected in tremendous savings for the business — and not only by optimizing processes and increasing productivity, but also by making it easier to identify fraud.

Service standardization

Another benefit of banking automation is the standardization of services. This is very important for a company’s credibility with its audience, as it reflects the seriousness of the business in its segment. Customers will receive standardized information; partners will have their contracts concluded within the deadlines; and the agility gain is immense.

How does automation facilitate financial processes?

Speaking specifically about financial processes, banking automation is useful in many ways. As we have seen, internet banking, for example, helps to pay bills, make transfers, check balances and perform various bureaucratic processes with the support of technology, requiring few clicks on the computer or cell phone.

Many entrepreneurs and managers face problems with deadlines and end up losing credibility and money with fines and interest, which undermines the financial health  of the business. However, before starting the automation of any process, it is important to carry out a diagnosis of its automation potential and the best solutions available on the market.

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