FinTech is a term arrived after combining “finance” and “technology”. It is the situation where any business uses technology to automate/enhance the financial processes of the company. In simple words, Financial technology (FinTech) is the technology innovated with an aim to compete with traditional financial methods in the delivery of financial functions. FinTech Solution is an evolving industry that uses technology to boost finance activities.
Background
The scope of Fintech Solution has grown way beyond the basic functionalities of online banking and now encompasses developments that extend to messaging technology for marketing financial services, social media integration tools, 24/7 virtual assistants, voice banking, mobile apps, etc.
- FinTech companies are promptly growing with companies innovating new financial products & services. The purpose of innovating FinTech products is easier money management in a more effective manner.
- Analysis tools, data processing, and technologies have enhanced automation, particularly in asset rebalancing.
- FinTech Solution is developing value-added solutions and features that can easily be integrated with bank platforms through Application program interfaces. It permits the banks to streamline and integrate the operational capabilities of banks.
- Greater access to information through analytics, artificial intelligence, and cloud computing allow financial services to see trends – and adjust to them – more quickly.
- Investment in the FinTech sector has been enormous and is enduring to rapidly grow, ensuring advancements in the near future.
Features of FinTech
- An innovation that defines new technologies designed to boost and automate the use and streamline the delivery of financial services.
- It delivers much more efficient services as it provides data security and a simplified user experience.
- It greatly reduces the cost and saves time of any process in just a few clicks.
- It replaces the traditional financial institution with new innovation.
- It develops transparency of funds via. a precise payment solution. Fintech platforms user is mostly kept in a tight circle about the individual transactions.
Advantages of FinTech
- Solutions that combine finance and cutting-edge technology
- Represents a new and modern concept
- Delivery of much more efficient services
- Greatly reduced costs
- Turnaround time of any process is in a shorter time with few clicks
- Leaner structure as compared to a traditional financial institution
How will the Company get benefits from FinTech? / Why Company should buy FinTech products?
- FinTech Solution provides consumers the capacity to make choices depending on their requirements to ease their business operations;
- Owing to their unique position as experts, FinTech Solution can easily study/navigate any ERP and hence, provides world-class compliance and security.
- Another benefit to the Company will be one of the most prominent advantages that is an increase in speed and convenience.
- FinTech drastically reduces the servicing costs while carrying effective business outcomes and streamlining the financial operations to make functions seamless.
- Aside from efficiency and affordability, fintech is paving the way for better transparency in the Company.
- FinTech companies gather enormous data sets on customer spending behavior. With this data, they analyze and automatically identify the required product.
- Fintech Companies are at the front position of the transformation for the Company.
- FinTech Products has the potentiality to transform the nature of the business’ with technologies such as building a healthier relationship between customers and merchants and solving financial inclusion problems.
- Focus on Cybersecurity;
- Understand the advantage of artificial intelligence & machine learning and execute them in business;
- Use Robotic process automation to manage the customers’ database in a fast and systematic manner;
- Be client-oriented and offer better services;
- Take the advantage of the transformation in the digital world;
- Make sure to fulfill the current demands.
ASC FINTECH Products
- GST Compliance Automation Solution: A solution for GST returns preparation, validation and returns filing. The solution provides spontaneous dashboard with manifold stats and reports carried by auto validation of GSTN in invoices.
- GST E-invoicing services: Solution for generating and managing e-invoices for organizations. Integrate your ERP with our E-invoice solution for a real-time E-invoice would be handled.
- Customized billing / Accounting Application / ERP: Solution for organization, where a standard billing/accounting application/ ERP does not fulfill the requirement of the Company. We customized the ERP basis the requirement of our clients.
- E-way bill Automation: One-stop-Solution for generating and managing the Company’s e-way bills. Integrate the ERP with the E-way bill solution for a prompt E-way bill number generation and match them with ERP.
- Advanced GST Reconciliation Tool: This solution provides the organization to conduct reconciliation within their ERP with only 3 information ie. Party GSTIN, Invoice number, and date of invoice issued and is able to suspect areas where there is ambiguity, by way of identifying the filing status of the return. This allows to establish a link between the ERP and the GSTR 3B filing status on a real-time basis and avoid the wrong booking of Invoices in ERP. User has the option to know the current status of invoices booked in ERP vs the status in 2A/2B along with the E-Invoice Data and can Take the Necessary corrective action if required
- PDF Data Extraction Solution: This enables users to manage the bookkeeping, recording, accounting easier by way of extracting the data from PDF formats of documents of a Company.
- Bar Scanner: This enables users to scan their products with our mobile application in both offline as well as online network reach.
ASC Plus FinTech
ASC Group has a separate vertical of FinTech Solution with a dedicated team, responsible to conduct R&D for the automation in the business operations and serve the client with consistent value addition.
We spend significant time analyzing the business requirement to provide innovatively/unique solutions to clients. Our team helps the end customers by delivering integrated business solutions aimed at the customer’s digital business transformation.
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