Automation In FinTech: How It Enhances Data Security And Fraud Control

AI has penetrated enterprise FinTech solutions over the last few years. A whopping 59% of the organizations surveyed by PwC claimed they prioritize investments in cloud and AI technologies. The aggressive focus of top FinTech companies in India on AI is owed to increasing customer demand for secure and seamless unification of physical and digital experiences. Business leaders recognize the importance of automation in accommodating the shifting preferences of consumers. It allows companies to be quick, agile, and flexible in adapting to market changes.

The market has already seen top FinTech companies in India like Zaggle transform the way businesses leverage financial solutions to scale their operations. Financial operations spread across expense management, spend analytics, cost control, cash flow management, and data reporting. With automation, businesses can introduce efficiencies across all aspects of financial management.

Automation in the FinTech domain provides multiple benefits across customer experience, operational efficiency, and risk management. It empowers businesses to streamline their routine tasks, tailor financial offerings for unique user needs, and uncover data insights.

Let’s explore how top FinTech companies in India are leveraging automation to improve data security and prevent fraud effectively.

Automation for Better Data Security & Fraud Prevention

Fraud Detection and Prevention

Automation allows businesses to process and analyze large datasets in real-time to detect irregularities or suspicious patterns. It allows companies to easily flag fraudulent activities like money laundering, credit card fraud, identity theft, and other dubious transactions. 

With AI technology, top FinTech companies in India are helping business owners prevent fraud by detecting such instances even before they make an impact. Companies can assume a proactive stance against cybercrime and data security by designing better defenses through automation, instead of reacting to incidents and fixing the damages.

Avoiding Mistakes and Errors

Managing expense processes manually involves quite a bit of data entry and managing numbers of spreadsheets. This approach will become impractical once the scale of the operation increases. Businesses will end up with error-prone workflows caused by human mistakes and biases. 

Automation, on the other hand, can make tasks like data entry, document verification, loan processing, and report generation much more efficient. Additionally, top FinTech companies in India with their automated offerings help companies reduce their processing time, by minimizing errors.

When vendors realize the lack of efficiency in invoice clearance, some notorious partners may take advantage of it by inflating bills or submitting false invoices. Automation will help you avoid such fraudulent claims.

Regulatory Compliance and Standards

Maintaining compliance and industry standards is another important area that makes fraud prevention simpler. However, manual operations make it difficult to meet regulatory requirements. For example, the accounts payables team may miss out on clearing an invoice within the due date. It will invite penalties and unnecessary ramifications that can be avoided by automating tasks like invoice clearance.

Top FinTech companies in India like Zaggle allow businesses to implement rules-based automation to ensure compliance checks. Additionally, it will significantly reduce costs for companies by preventing extra charges like late fees.  

Valuable Insights and Reporting

Majorly, companies fall for fraud and data security incidents because they fail to monitor their financial system. This is mainly due to the manual process of creating reports. With data spread across departments and platforms, it becomes a major challenge for leaders to get a broad picture. Using modern solutions by top FinTech companies in India can automate data analytics and report generation. It empowers you to draw valuable insights into your financial behavior, identify trends, and implement prevention strategies.

Enhanced Data Security

By automating all aspects of financial management, you ensure that your data stays within the system. It means no dataset will stray out onto spreadsheets thereby allowing you to focus your data security measures. Most FinTech solutions come with enterprise-grade cybersecurity protocols. It allows you to secure critical business information allowing you practices like two-factor authentication and roles-based access.

Build Solid Defenses around Your Data with Zaggle

Data sits at the center of business operations in the current cloud-centric ecosystem. It makes data security a core corporate responsibility to avoid fraud and other threats. However, the major challenge to cybersecurity is the lack of automation across financial operations. Realizing this gap, Zaggle designed AI-based products. As one of the leading and listed B2B SaaS FinTech companies in India, Zaggle offers comprehensive financial solutions across spend management, cost control, automated approval lifecycle, data analytics, and reporting.

Learn about Zaggle’s product suit in detail here.