Focusing on innovation is important but don’t be lured into making a classic mistake

Organisations should appreciate the enduring importance of an effective back office.

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The impact of new technology on the centuries-old traditions of banking and finance is reflected in both the opportunities and risks it offers. Everyone at the New Statesman Summit knows fortunes will be made and lost in the next few years in this sector. Robo-advisors, new forms of payment, biometric technology, artificial intelligence, big data, and cloud computing are creating an unprecedented era of financial innovation and market disruption. The question is where to start.

However ambitious a company is in the fintech sector, it will not be successful if it turns its back on the necessity, proven over the centuries, of running an efficient back office. Poor controls and record-keeping have caused the demise of many more firms than lack of innovation. As far back as the South Sea Bubble, history has shown financial institutions that cannot keep good records are subject to customer skepticism and regulatory scrutiny, no matter how innovative their business model.

Fintech companies need to be grounded in a solid foundation of automated, scalable, compliant back-office systems. Integrating accounting and customer management functions for organisations running multi-currency, multi-location operations in a rapidly evolving, highly regulated, and extremely competitive industry is for most the logical first step.

Yet, here again, digital technology provides a solution. Rather than manually copy records from one back office system to a front office system, packages such as NetSuite, Office 365, and Salesforce can be integrated using Jitterbit, a solution that provides a proven approach to data transfer. Allowing fast and easy integration without the need for code can achieve digital business transformation in days rather than months. This solution allows fintech companies to:

  • Gain real-time visibility into all aspects of the business
  • Save time and empower employees to focus on their core jobs
  • Ensure that data is accurate and synchronised everywhere
  • Automate processes and streamline business operations
  • Enable real-time customer self-service
  • Customise sales and marketing offers
  • Realise return on investment quickly, with a low total cost of ownership

Intelliflo is the leading provider of practice management software to the UK’s financial industry. The company’s clients use Intelliflo’s products to manage the finances of over eight million people in the UK. In June of 2018, it was acquired by Invesco, the global investment management firm. Before the acquisition, Intelliflo was owned by HgCapital, a leading European private equity investor in B2B technology companies.

Before Jitterbit, business initiatives at Intellifo were often stymied by a lack of underlying IT development processes to support them. Valuable data was available but often hidden in silos, both on-premise and in the cloud. Innovation was inhibited rather than enabled by technology.

Understanding the value of both functional integration and sound advice, Intelliflo turned to BrightBridge, a leading fintech consultancy, to help them enhance their operations, leveraging Jitterbit. BrightBridge has helped Intelliflo integrate its NetSuite cloud-based financial package with Office 365, Splunk, SQL-Server, GoToWebinar, T2A, and Salesforce, the world’s most popular CRM system.

Jitterbit will be co-sponsoring The New Statesman Fintech Summit, along with BrightBridge. The event will take place at the Hilton London Bankside on Tuesday 5th and Wednesday 6th November. Representatives of Jitterbit will be on hand to answer questions. In anticipation of the event, attendees can learn more by visiting www.jitterbit.com and email the team emeateam@jitterbit.com to arrange a one-on-one meeting.

Ken Rasch is Sales Director for Nordics, South Africa and UK/I at Jitterbit, Inc.