Sarthak Rohal, VP – IT Services at AlphaCodes
The pandemic accelerated an existing trend toward widely distributed workforces, set in motion by growing globalisation and digitalisation. This creates a number of challenges for companies in terms of managing these dispersed employees.
Fintech and the innovations such technology brings can play an essential role in tackling these challenges while delivering disruptive solutions that will revolutionise the way we work once more.
Global workforce, global challenges
A geographically distributed workforce used to be the sole domain of large multinational corporations, but this is no longer the case. As remote work has become the ‘new normal’ in the wake of the pandemic, businesses of all sizes are leveraging the benefits, such as enhanced productivity, higher savings and better employee retention rates.
However, they are also grappling with the need to manage employees over distance and the unique challenges this brings. Regulations and compliance, for example, become a concern especially when employees are located in various countries, as it becomes complex to manage country-specific labour laws, employee rights, payroll, tax, benefits responsibilities and more.
There are also soft issues such as cultural differences, communication challenges and the difficulty in tracking and reviewing performance. Last, but by no means least, there are challenges around technical enablement, including secure remote connectivity, endpoint security, data management and more.
Fintech to the fore
Fintech can help organisations to address a number of these challenges, with innovative solutions such as enhanced contract management, data protection insurance, and payment and regulatory advice to help organisations manage country-specific labour laws, local payroll and tax challenges. In addition, they facilitate secure information transfer between businesses, making use of powerfully transparent blockchain and real-time data ledger technology. Such platforms allow businesses to reduce fraud, by validating identities with a wide variety of products and streamlining the credit transaction approval process.
Next-generation technology solutions
Fintech also makes use of next-generation technology, including Artificial Intelligence (AI), Machine Learning (ML) and Robotic Process Automation (RPA), which serve a multitude of different purposes. AI and ML are incredibly helpful to ease many cumbersome operations, improve customer experience, and even help employees understand what a customer will most likely be calling about prior to picking up the phone.
Some examples of disruption in these areas include blockchain-based contract management, cryptocurrency payment integrations, enhanced customer service and risk management, and fraud detection and compliance. Many fintechs also make use of virtual agents, algorithmic trading and robo-advisers, recommendation engines, predictive analytics and enhanced forecasting.
Making sense within the collections and payments industry.
With it’s vast experience, sophisticated technology and impeccable service, QSURE is the ideal choice for Intermediaries and Insurers to ease the burden of short-term premium collections in a risk-free, easy to use, service friendly environment.
Improved processes and cost effectiveness
The innovations of blockchain and cryptocurrency have revolutionised the payments sector by improving the speed and efficiency of international contract management, loan disbursal and payments. Along with these multi-currency platforms, fintechs have enabled organisations to leverage a seamless supply chain ecosystem, which can be used to acquire both goods and skills.
In addition, fintech proactively understands and incorporates baseline regulatory and compliance requirements into the product offering. This readymade framework enables organisations to consume these products to trade off any goods or services across multiple countries.
Fintech thus has a substantial role to play in acting as an enabler for the globalised, digitalised workforce of the future.