What are the types of systems that can assist finance teams seeking to optimise and innovate?
There are many different types of finance technology systems: these include Robotic Process Automation (RPA) for task automation, Artificial Intelligence (AI) and Machine Learning (ML) for data insights and decision-making, Cloud Computing for scalability and remote access, and Big Data & Analytics for transforming raw data into actionable intelligence.
Other key systems are Blockchain for secure and transparent transactions, Digital Banking Platforms and Payment Apps for customer-facing services, and Robo-Advisors for automated investment. These technologies are integrated to achieve finance transformation, which standardises processes, automates tasks, and enhances security and compliance.
Core technologies
Robotic Process Automation (RPA)
Software robots that automate repetitive, manual tasks such as invoice processing, journal entries, and payroll, increasing efficiency and accuracy.
Artificial Intelligence (AI) & Machine Learning (ML)
AI-powered systems that enhance decision-making, identify anomalies, provide real-time insights, and automate complex financial processes.
Cloud computing
Offers secure, 24/7 remote access to financial data, supporting scalability and the integration of other intelligent technologies.
Big Data and Data Analytics
Tools that process vast datasets, providing dynamic insights and helping finance teams to move from static reporting to data-driven decision-making and predictive modeling.
Blockchain
A distributed ledger technology that provides secure, immutable, and transparent records of financial transactions, improving trust and simplifying audits.
Key Finance Transformation Systems
Financial Management Systems (FMS)/Enterprise Resource Planning (ERP):
Integrated, cloud-based platforms that connect core financial processes and other business functions, creating a unified system for end-to-end management.
Digital Banking Platforms
Fully online banking solutions that offer mobile-first interfaces, easy money transfers, and instant notifications, providing a convenient customer experience.
Payment Apps & Digital Wallets
Platforms like PayPal and Venmo that simplify peer-to-peer transactions, making it easy for users to send money to individuals and businesses instantly.
Robo-Advisors
Automated investment platforms that use algorithms to provide personalized investment advice and manage portfolios at a low cost.
Personal Finance Apps
Applications that centralize all financial information, allowing users to track spending, manage budgets, and pay bills in one place.
Insurtech
The application of technology to the insurance sector, using data and monitoring to offer personalized and efficient insurance services
John Fuggles from VantagePoint is holding a seminar at financeSHOWCASE next week, at the Tottenham Hotspur Stadium called ‘Cutting through the noise of finance systems selection’.
He will highlight some of the key factors to consider when navigating the multitude of options on the market. He will discuss how you can save time and effort in the long term..
Not got your ticket yet? Visit … and register your details now! Just click here: https://financeshowcase.co.uk/events/london/
