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5 Essential Enterprise Solutions Every Digital Finance Business Needs in 2022

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Here are five enterprise solutions essential for digital finance businesses to keep services safe, cost-effective, convenient, and consistent for consumers.

As technology develops, so does the way businesses, individuals, and families manage their finances. Traditional financial services have largely converted to digital operations, allowing users to manage their finances from anywhere, at any time. Digital finance not only makes accessing financial services more convenient and less time-consuming; it also increases the accessibility for people in traditionally underserved areas.

However, digital finance also comes with its own unique concerns. Due to increased online financial activity and transactions, businesses face the critical task of keeping new services streamlined, safe, cost-effective, consistent, convenient, and error-free.

Enterprise solutions can help integrate business operation facets through the interchange of data from various processes and databases. These solutions help companies organize and distribute essential information within key departments, providing real-time operating solutions.

This technology helps organizations plan and execute enterprise-wide project management, and can add a competitive advantage by ensuring on-time, and on-budget service delivery. To keep up with technology and consumer demands, the following five enterprise solutions are essential for every digital finance business.

1. Secure Payment Solutions

One of the biggest pain points for both individuals and businesses conducting finance operations in the digital space is safety. Offering airtight payment solutions is critical for every business. Once an outside actor has compromised your processes, it’s too late: you’ll lose clientele trust and your business will sink quickly. Secure your transactions ASAP!

To ensure secure payment processing, a company (or its third-party payment service provider) must take ownership of the payment process. Along every step of the journey—from payment detail entry to the time the intended party receives payment—businesses must keep a careful eye on the transaction.

Using a Payment Service Provider (PSP) increases flexibility and decreases processing time. This can significantly impact conversion rates and revenues. PSPs offer the security required to facilitate a wide range of payment forms, decreasing operational costs through integrated billing systems.

Some key methods used to improve security include PCI compliance, data encryption, and verification systems. PSPs often enact these methods to a higher standard compared to self-managed options, which makes them invaluable partners.

PCI Compliance

The Payment Card Industry (PCI) Security Standards Committee sets standardized rules that companies processing payment card data must meet. Meeting compliance requirements certifies that providers can adequately protect customer data; conversely, non-compliance or data leakage may lead to hefty fines and suspension of future card processing privileges.

The complex process of achieving compliance includes an array of enterprise solutions such as ongoing operations, including system testing, encrypting cardholder data encryption, maintaining security and antivirus systems, and strictly limiting data access and storage.

Many PSPs go above and beyond with their security measures, instituting personal information and address verification systems to verify customers twice over. These enterprise solution measures help prevent fraud, as a cybercriminal armed with only a credit card number likely does not also have all the attendant private customer knowledge.

In addition to PCI compliance, PSPs enable enterprises to safely use payment apps, allowing digital funds to transfer without credit cards. As these apps see regular use by approximately 80% of adults in the U.S. (and 94% of millennials), they are a necessary modern payment enterprise solution.

2. Customer Relationship Management (CRM) System

A customer relationship management (CRM) system is an enterprise solution that integrates and analyzes customer interactions and data with the purpose of improving customer service relationships, retention, and growth. CRM tools gather customer data across various points of contact, including email, live chats, telephonic conversations, and social platforms.

This enterprise solution streamlines customer communication between channels and connects different departments for real-time problem resolution. Quick response times are key to retention in a fast-paced, on-demand culture of digital convenience, especially when it comes to financing.

As CRM systems improve to meet evolving customer and business needs, these enterprise solutions tools can also automate data entry, case routing, and other administrative tasks. This frees up personnel time for more efficient and effective problem resolution and relationship-building interactions. Automatically generated insights allow businesses to better grasp client needs and can inform effective decision-making across business departments.

With a poor customer experience review just a click away, it is imperative that businesses foster long-term customer relationships built on trust. CRM systems provide businesses with the tools to optimize each touchpoint and proactively meet customer needs.

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3. Marketing Automation Platforms

Marketing automation integrates software, allowing departments to automate tasks as well as personalize marketing messages. This allows businesses to execute email, social media, and other marketing campaigns quickly, freeing up time for customer engagement. These automated tools can also interpret collected data to further create strategic marketing and streamlined workflows. This allows for task prioritizing and keeping teams in sync.

Prospects are often led through a one-size-fits-all sales funnel that is irrelevant to their personal needs. Automated marketing tools break down customer data to tell you exactly what they are looking for, allowing immediate and relevant marketing responses. Use these insights to make strategic decisions regarding products and services offered, customer pain points, and areas in the sales funnel that require re-strategizing.

4. Project Management

Robust project management tools can help streamline tasks and communication. Consider how much time is spent transferring information between individuals, departments, and businesses—time better utilized directly addressing a project. Customizable project management tools allow you to meet the requirements of your individual team, goals, and projects.

Any worthy project management tool should include features to assist with the following:

  • Budgeting. Any tool must allow you to draw up a budget forecast, track project expenses, and assess actual costs to make necessary amendments as you go. Budget forecasting, management, and analysis should be an ongoing part of every step of project execution.
  • Project Estimation. Estimation tools help you formulate a timeline for completing goals, estimate constraints, and follow up on unmet metrics.
  • Resource Allocation. Project management tools that display the distribution of employee tasks on multiple projects will prevent overloading or under-utilizing certain employees. Instead, these tools make assigning tasks based on employee workload and availability easier.
  • Communication and Collaboration. Your project management tool should allow stakeholders to keep up-to-date on project developments, changes, task completion, and handovers, all in a single hub. Virtual collaboration and communication features include chat, web meetings, forums, task assignments, progress comments, and dashboards.
  • Quality Management. Manage project quality easily with issue tracking and resolution features. Some tools also offer automated task assignments, follow-ups, and reminders.
  • Project Administration. File management and secure sharing features help you avoid misplacing important documents. This streamlines the time needed to make approvals, so you can keep on track.
  • Risk Management. Use project management software to identify and minimize risks and uncertainties. Create task timelines and deadlines, organize multiple projects simultaneously, and ensure that you have backup plans in place to reduce delays.
  • Planning and Scheduling. Facilitate effective task delegation for the entire team to see workflows, task folders, subtasks, templates, calendars, reporting, and evaluations.

Project management tools are designed, first and foremost, to promote effective team communication. They should encourage people to ask questions, raise concerns about ideas that may not work, and fuel input to better achieve goals.

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5. Business Intelligence (BI)

Business intelligence (BI) software provides valuable data-based insights into the state of operations. Data sets are analyzed and presented in actionable and easy-to-understand reports, graphs, summaries, and charts that can help steer strategic business decisions.

However, business intelligence tools don’t only reveal present business standings. They also shed light on how past events have contributed to current circumstances.

Considering how many users will not necessarily be tech-savvy, BI software is designed to be extremely user-friendly, with easy-to-read data sets and business reports. Technically fluent or not, management needs this data to understand trends, determine delay causes, and spot irregularities. Like any of the aforementioned solutions, BI software exists to streamline decision-making and improve workflows, ultimately leading to smoother transactions and happier customers. Business intelligence tools can also help track progress after the implementation of changes, to determine repercussive effects and guide the next steps of improvement.

Any competent BI software should include a range of performance-enhancing processes and activities, including:

  • Data Mining. Your prospective BI software should at minimum use database information, statistics, and machine learning to determine trends, patterns, and inconsistencies.
  • Data Preparation. Any BI software must also compile and interpret data sources, and identify the scope for data analysis.
  • Data Visualization and Analysis. The tool should be able to create analytical visual representations for easy interpretation, in the form of charts, graphs, and histograms.
  • Reporting. Reports allow you to share analytical outcomes and findings with stakeholders to make strategic data-based decisions.
  • Performance Metrics and Benchmarking. Customized dashboards can facilitate progress comparisons with historical data and help you set goals for future performance.
  • Descriptive and Statistical Analytics. Analytic data should dig further into specifics to uncover the ‘how’ and ‘why’ behind certain trends and occurrences.

Incorporate Enterprise Solutions with NatPay

A leader in digital finance for thirty years, NatPay offers a range of enterprise solutions tools to streamline transaction efficiency without compromising security. From document management to direct payroll deposits, NatPay enterprise solutions decrease security risks, administrative glitches, repetitive and time-consuming administrative labor, and payment delays.

NatPay’s direct deposit solution digitizes the process end-to-end, offering a lightning-fast payroll experience. On top of instantaneous transfers requiring little to no human interaction, NatPay also keeps security airtight, utilizing SQL server redundancy, GeoTrust certificates, SSL encryption, and firewall protection to abate exposure and avoid critical data loss.

Additionally, NatPay Direct Deposit offers a range of payment methods, from easily accessible electronic pay stubs to pay cards, to meet employees where they are. Free employee pay notifications also increase efficiency and employee engagement, while decreasing administration and labor.

Beyond innovative ACH solutions to secure payments, NatPay offers their Doculivery digital document management service as an enterprise solution to consolidate all of your private paperwork. A high-touch alternative to time-consuming and outdated storage and retrieval systems, Doculivery minimizes time spent digging through files and decreases the chances of documents going missing. Access exactly what you’re looking for at the click of a button.

With NatPay enterprise solutions, you can access online documents from anywhere, eliminating location-based constraints for authorized individuals. Create electronic documents such as e-statements, bills, and tax forms in-platform, to save time and money. Compounded with other valuable features such as automated fillable forms, secure storage, instant search functionality, and automated report creation, NatPay document storage enterprise solutions simplify organization for legal, audit, and regulatory compliance.

With greater ACH payment security, increased efficiency, reduced payment delays, improved tracking capabilities, accurate and immediate financial reports, and significant savings in business costs, NatPay's Payroll Direct Deposit enterprise solution benefits your business in all the areas it matters most.

Contact NatPay to schedule a free demo and secure your payments today!