In the context of the pandemic, we are increasingly talking about digitization processes and how they change not only our daily lives, but also our work styles and habits. More and more often, we also hear discussions about how robots can one day replace people's work in general. However, experts reveal that there is no need to worry and give the example of the financial sector, where further progress is dictated by the synergy of the human factor and process automation.
Implementation of digitized processes - for competitive advantage and business growth
Digitization in finance, especially related to data analysis and systematization processes, plays a very important role in today's business environment. Accordingly, effective data management, both in terms of speed and quality, has a direct impact on business results. According to Andžej Rynkevič, director of outsourcing company Baltic Virtual Assistants, digitalization of various financial processes can even help to increase companies' competitiveness and ensure long-term growth.
"Digital processes should be important for financial businesses that want to stay competitive and grow." Without implementing financial technology, there is a risk of losing existing or attracting potential customers. After all, more and more of them are looking for opportunities to optimize business processes themselves, so they want to find partners who can ensure efficiency and high quality of services. In addition, by digitalizing certain tasks, the burden is removed from specialists, thus reducing the probability of errors," says the expert.
He adds that the implementation of digitized processes helps to create a competitive advantage not only in relation to customers, but also to employees: "When providing financial services, it is not enough to have efficient and intuitive digital processes or tools to perform tasks, competent specialists are also needed. The essential aspect is that the best specialists increasingly choose their workplace based on whether the company will be able to offer them good conditions for development and efficient work: after all, it is much more convenient to perform tasks using automation tools than to do it manually for a long time and tediously.
Monotonous, time-consuming jobs are digitized
According to A. Rynkevič, digitization in the field of finance primarily affected the monotonous, time-consuming financial data processing work that was previously done by the hands of specialists: "A computer can perform millions of instructions and calculations in a minute, while it may take a person several hours or even days. The automation tool finds the data, then processes it and prepares it in an understandable format so that employees can filter it out and use it to perform their tasks with the click of a few buttons.”
The expert says that he notices that not only the tools with which the tasks are performed are changing, but also the role of the financier: "When observing the current changes, it is obvious that the role of the modern financier is also changing - he has to know not only financial aspects, but also have the basics of information technology, which makes this position even more dynamic and competitive."
According to A. Rynkevič, this shows that the importance of the human factor in the financial sector should not decrease over time - digitization tools are not the only aspect needed to ensure the efficiency of processes, as they must first of all be properly selected specialists: "In order to use the opportunities provided by digitization, not only tools are necessary, but also competent financial specialists who must have an understanding of the tools available on the market, be able to select them accordingly, use them and often integrate them with each other."
A. Rynkevič reveals that in the company he leads, not only a significant part of the tasks performed by the finance department, but also other departments, including human resources management, sales, administration or marketing, have been digitized. The manager adds that the company also has a special automation commission that evaluates the possibilities of digital development, for example, when there is a question about the need for human resources.
"All our departments have a rule: if there is a greater need for human resources, such a request must first go through the automation expert commission. The main goal is to focus on the most efficient, most value-creating work, so all tasks that can be performed with the help of digital equipment can be left to computers," assures A. Rynkevič.
The pandemic accelerated digitization processes
When asked about the influence of the pandemic on the digitization of financial services, the expert says that the circumstances have stimulated the pace of implementation of processes, but the tools and instruments themselves are not new.
"I think that some kind of revolution in this field did not happen, the pandemic rather encouraged companies to install processes and start using digital financial tools that were created a long time ago. On the other hand, the situation dictated a general consensus that all documents and contracts can be signed electronically. In the context of financial institutions, it is also important to mention that these circumstances became an incentive for them to introduce remote work models, because it was in this segment that the opinion that the risk for employees to work from home was too high was prevalent", concludes A. Rynkevič.
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