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3 Main Benefits of Software for Managing Financial Services 3 Main Benefits of Software for Managing Financial Services

3 Main Benefits of Software for Managing Financial Services

  • 9 Nov 2022

4 minutes of reading

Are you operating a company working in the field of financial services and are looking for a way to speed up, simplify and streamline your agenda? The ideal solution is employing suitable software for managing lease and loan contracts which will save you a lot of time and work in a number of important aspects. In this article, we will go over its three main benefits.

Unifying the Agenda under a Single System

The everyday running of financial companies cannot make do without a large number of different agendas, from managing contracts to accounting and working with receivables. Many companies manage their financial services through a variety of specialised ERP systems or applications. However, these often come from different suppliers and are unable to share data with each other. 

Software for companies working in financial services, on the other hand, is capable of unifying the entire financial agenda under a single solution. This significantly accelerates your employees' work, rids them of the need to manually type data over from one application to the next, and significantly improves the efficiency of the services you provide to customers. It is also worth mentioning the lower initial investment and significantly simpler maintenance and implementation. 

In addition, modern platforms often utilise cloud storage, which makes them available even to clients who do not possess their own IT infrastructure. The cloud also offers a high level of security and provides access for all employees regardless of where they are in the world. 

Automation of Manual and Recurring Tasks

Management of financial services, whether it be management of lease agreements, loan agreements or rentals of cars and other objects, is characteristic by a large number of periodically recurring operations. These include creation of financial calculations, generation of documents, sending of prompt notes or recalculation of portfolios. If a business has to perform these operations manually, it takes up a great amount of its employees' time and incurs a high risk of errors. Your people then simply do not have the time to do more productive or higher priority work. 

Suitable financial software, however, allows you to fully automate a large portion of recurring activities. Depending on which solution you choose, the system may be capable of, for instance, automatically managing collection of payments from customers, checking for contracts that are nearing their end or exporting/importing bank statements. In addition to saving time and effort, you can greatly simplify the management of vast portfolios, practically eliminate errors and free up your employees' time to work on more important tasks. 

More Efficient Prediction of Customer Behaviour

In modern times, the circulation of money is constantly accelerating and the ability to predict customer behaviour is thus more important than ever. Without tools to collect up-to-date data and analyse it, however, such forecasting is practically impossible. The same shortcoming also limits decision-making processes, where the management does not have the information necessary to make important decisions, which then weakens the company's position compared to its competitors.

Software for financial services addresses this weak point by tracking a wide selection of performance metrics and performing real-time data gathering. Company management then has perfect understanding of the state of the company and its internal processes at all times, while also having access to a large amount of data about customer behaviour. Advanced analytical tools then give the ability to evaluate the gathered data and properly choose the short- and long-term direction of the company. The majority of these data gathering processes is, once again, automated. 

Solitea Express Apps – Example of Suitable Solution

An excellent example of the vast capabilities of software for management of financial services is our own Solitea Express Apps system. With it, you gain a powerful and reliable solution that brings you all the above benefits packaged alongside a number of additional advantages:

  • High degree of flexibility: the solution can be run either on-premise or from cloud storage. Express Apps is thus suitable for both large companies with their own IT infrastructure and smaller enterprises for which building their own infrastructure would be too costly.
  • High performance: The solution is designed for maximum speed; the app is capable of processing a large number of transactions and making complex calculations near instantly.
  • Maximum security and reliability: Express Apps utilise the Microsoft Azure platform and thus comply with the highest standards for data security, accessibility and data recoverability. 


If you wish to learn more about Express Apps, contact our sales manager using the contact form below. We will answer any questions you might have and show you how Express Apps can help your business.

 

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