- When that data is entered manually, a-lot of time is wasted and human error occurs
- Fintech automation tools exist to streamline end-to-end financial operations. By automating processes, financial institutions of all sizes can save time, money, and critical resources
- By upgrading to automated services, you can free sales agents from their desks and get them out doing what they do best: closing deals and onboarding highly qualified merchants
- Under empowers ISOs, Agents, PayFacs, and Financial Services companies by automating tasks that are ‘necessary evils’
When entered correctly and analyzed thoroughly, data can yield some surprising consumer insights that are integral to measuring the effectiveness of certain business practices. Collected data will tell you how your strategy works, whether you are driven by transaction volumes or see success as fewer applications with higher approval rates. When that data is entered manually, a-lot of time is wasted and human error occurs. However, there are strategies toward reducing manual entry.
A single misplaced number, however, may render an entire application useless. Even the most meticulous employees make mistakes when they’re tired or feeling the pressure of being stretched too thin. By automating the most tedious data entry tasks, ISOs and Agents can avoid errors and focus more on selling and building relationships with merchants.
Reducing Manual Entry in the Application for Merchants
What’s most important is getting the process right the first time. A prospective merchant fills in the forms online and pushes submit one time. Their data is captured and then sent to underwriters for consideration. A rejected application can be resubmitted multiple times without bothering the applicant or having to copy and paste their data.
Automation tools and software programs improve the speed and accuracy of Fintech processes and minimize human errors. Besides simplifying the application processes, the added benefits might be a surprise:
- Human resources management: Using resources more effectively boosts employee productivity and improves morale. Fintech companies are looking to manage their HR function thoughtfully and efficiently by automating essential HR tasks like background verification and staff onboarding.
- Customer Support: Fintech exists to provide merchants with stellar customer-centric services that support and exceed their expectations. Automation software helps them to improve productivity, reduce or eliminate errors with embedded forms, and improve communication.
- Billing and Invoicing: Fintech companies regularly handle large volumes of bills and recurring invoices. Automating the billing and invoicing functions minimizes disputes between vendors and customers. In addition, matching the information on purchase requests and invoices can eliminate billing mistakes.
- Accounting Systems: Automating accounting, bookkeeping, and tax filing improves accuracy and reduces operating expenses. When your merchants are billed consistently, there are no unpleasant surprises that can delay payments.
Why Digital Account Opening Help with Reducing Manual Entry
In a relatively short period, online banking has become the preferred channel for financial transactions of all kinds, from paying bills to selling goods and services online. Merchants and consumers may have changed how they interact with businesses, but their expectations remain the same. They want the same highly customized experience they’re used to, without ever having to leave the sofa.
Digital account opening usually consists of a few simple steps:
- Provide basic information in embedded forms that establishes, then safeguards, your identity. (Birth date, physical address, email address, and all relevant phone numbers.)
- Upload supporting documents like a driver’s license or passport with photo ID.
- Verifying your identity by clicking an email link or entering a code on your device.
- Confirm your banking information using embedded verification software
Within seconds, your identity is not only verified but evaluated for risk and fraud threats. Most of the time, this entire process can be completed, start to finish, in under five minutes. If approved, the customer’s account will go live, and their data is integrated with the core processor’s system. It’s as simple as that.
Increasing Automation and Integration
Fintech automation tools exist to streamline end-to-end financial operations. By automating processes, financial institutions of all sizes can save time, money, and critical resources. Agile platforms enable rapid time-to-deployment in a rapidly changing tech landscape. Merchants need faster and more flexible services that perform consistently across multiple digital channels.
Cloud-based enterprise automation adapts seamlessly to dynamic environments and is designed to align with current and future strategies. As a result, Fintech’s gain access to real-time event-driven data operations that align with current business goals. All that with the assurance scalable SaaS solutions that can adapt to whatever lies around the corner.
We know that the manual entry of vast volumes of data can lead to mistakes and an increase in fraud. Using artificial intelligence (AI) and machine learning (ML) tools, and SaaS makes fraud detection and prevention easier by automating identity verification. By labeling historical data as legitimate or fraudulent, ML algorithms make it easier to detect suspicious activity.
The same algorithms that block illegal activity can also eliminate human error and the bias that unfairly disqualifies perfectly qualified merchants. By eliminating prejudice, whether conscious or not, Fintech’s helps level the financial playing field for all qualified applicants.
Onboarding may be responsible for creating the biggest bottlenecks in your sales process, so naturally, the first inclination is to hire more underwriters and administrative staff to process more and more applications. More approved applications mean higher revenue but often result in out-of-control labor costs. Is that sustainable?
Automation can help support growth without adding costly new resources to complete all the necessary steps in the onboarding process. For example, your sales team wants to sell without being slowed down by drawn-out approval processes and administrative duties.
Comprehensive data from automated sources helps underwriting teams build better strategies. For example, with insight into the percentages of approved or rejected applications, sales teams are able to make more informed decisions about which demographic(s) to target in from the start.
Another unexpected result from better onboarding is an uptick in merchant referrals. When an approved merchant is satisfied with the application process, they’ll share that news with friends, vendors, and other merchants. Word-of-mouth recommendations are still one of the easiest ways to reach potential prospects.
An automated onboarding process can build revenue, gather data, and help control internal costs. But, in the end, all that matters is that the process meets or exceeds a merchant’s expectations. A happy customer will be more likely to become a loyal, long-term customer.
Help Agents Focus on Selling
There’s nothing more frustrating for an onboarding admin than seeing a mountain of applications stack up in their inbox. Each needs to be painstakingly entered into whatever database they’re using. In-house sales and outside sales agents want to sell, not sit at a computer all day to clarify errors. Simply automating some of the most time-consuming parts of their job is accomplished with sophisticated software.
Don’t stretch your most valuable employees too thin. By upgrading to automated services, you can free them from their desks and get them out doing what they do best: closing deals and onboarding highly qualified merchants.
Under Automates Tasks to Increase Productivity
Global payment giants are swallowing financial service providers whole while smaller, more nimble merchant acquirers nibble away at the low-hanging fruit. Companies in the middle will continue to feel the squeeze until they figure out how to onboard more merchants than their competitors.
Under provides an underwriting tool that can help streamline critical steps within the sales cycle. Automating tasks like PDF mapping, reducing manual entry of data, document gathering, e-signatures, and KYC/KYB identity checks to name a few. In addition, Pre-Vet applications integrate to CRMs, and get the ability to add embedded forms to enhance the merchant application experience. Under empowers ISOs, Agents, PayFacs, and Financial Services companies by automating mandated identity and banking verification. By minimizing supporting documentation and expediting approvals, Under can deliver simple and secure applications with support from a dedicated customer service team.