The Three Benefits That Fintech Can Offer to Financial Reporting and Planning


New technology permeates all our lives, and its impact is no more evident than in the financial services industry.

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Fintech has transformed how we view investing money and is helping millions of savers around the world by transforming financial reporting and planning.

The Financial Planning Standards Board, which sets the global standards in financial planning, has taken an interest in Fintech and produced a report on its impact.

Professionals in the Sector

The extensive research, involving worldwide jurisdictions, looked closely at the role of Fintech in financial planning and reporting. The message was clear: the kind of financial adviser software available online at sites such as www.intelliflo.com/financial-adviser-software is essential for the future of professionals working in the sector.

Clients now expect swift reporting – even in real-time in some cases. Only the latest Fintech innovations can offer this, and every adviser realizes that the days of manual processes are swiftly fading. Embracing new innovations is essential for optimizing services to a more demanding client pool.

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Key Areas

Three key areas stand out where improvements can be made by employing Fintech.

1. Reporting

Introducing Fintech reduces errors in reports. The better analysis helps to streamline decisions and makes data available in real-time. The improvements in record storage in a simple chain and time scale can be an invaluable aid for report writers. Performance can also be tracked more accurately by utilizing tools offering key performance indicator analysis. Accurate records make for better reporting.

2. Customer Relations

In a fast-moving tech world, clients’ expectations are increasing at the same rate as innovation. Fail to provide customers with accurate timely reports and planning strategies and you are preparing for failure. Increased customer satisfaction no longer means extra costs, however, since Fintech also inevitably results in lowering outgoings. Satisfied customers mean an increased bottom line.

3. Competition and Regulation

Investment in Fintech means you will be able to keep abreast of the competition and even take on rivals with much deeper pockets. Technological innovation in reporting and planning means the playing field is being leveled. Also, accurate data tracking means you are less likely to breach regulatory requirements, as it reduces margins for error when it comes to records retention.

Embracing new technology will drive your business forward, and failing to innovate will mean being left behind.