The fintech industry is booming. In recent years, a wide range of organizations that offer disruptive digital financial services has sprung up. Their activities include providing individuals with mobile banking applications, stock trading apps, blockchain, and cryptocurrency trading software. Out of the many fintech organizations in existence, only a few of them enjoy the most number of customers. 

While the business model and the services provided play a big part in driving a fintech’s success, an operational aspect companies often overlook is how they manage assets. Using manual-intensive management tools like spreadsheet software and paper-based tools is futile. Modern fintech businesses require an effective automation-enabled solution to take care of assets. An enterprise asset management software solution is the best fit.

This post discusses how you can ramp up fintech operations with an enterprise asset management software application. The article also touches on the importance of asset management in fintech. Let’s get started.

Asset management in fintech

Like most organizations, fintech operations rely on a number of digital and physical assets. They need constant tracking and monitoring to ensure working conditions at all times. Oversights in efficiently managing assets impede daily fintech activities. It can even go on to bring operations to a grinding halt. 

Common assets you may find in your fintech organization are computer equipment, cables, facility assets, and servers. Such resources can move around a lot and age over time. Keeping tabs on them lets you deploy timely maintenance, know where your assets are, and know when to replace them. Consequently, your operations run in top-notch condition. And the most effective way to manage your assets is with a versatile fixed asset management software solution. Let’s see why. 

How an asset management application enhances fintech operations

View assets in a single location

The maintenance of a comprehensive asset register is crucial to storing and retrieving the details of each asset. An asset management application lets you easily record asset-related data like date of purchase, model number, and current status. The visibility of such information in a single location allows you to make sound asset management decisions.

Track assets in real-time

Some assets in fintech companies are stationary. On the other hand, there are assets that tend to move around and switch hands. Those assets are likely to end up missing. The failure to regularly update asset locations is a common reason for misplacements. Asset tracking solutions tackle this problem by integrating with NFC/RFID tags and barcode scanners. They display asset locations in real-time.

Eliminate ghost assets

Finding out the value of assets isn’t the only purpose of conducting annual audits. It also helps identify the assets that actually exist in your inventory and what assets don’t. An asset tracking solution prevents waiting until the audit process to identify ghost assets. Its real-time asset tracking feature detects non-existent assets and removes them immediately. 

Cloud asset management

Manual tools like spreadsheet software and paper-based tools are on-site management methods. Meaning they are inaccessible from remote locations. It hinders flexible asset management and business continuity. On the contrary, dedicated asset management systems are cloud-enabled. Any smart device that supports a browser and an internet connection can give you authorized access to the software and its data. 

Deploy proactive maintenance

Assets can deteriorate over time from extensive usage. Ignoring their aging process can lead to premature disposal, increasing asset purchases. With an asset management software solution, you can create comprehensive maintenance schedules. The software allows you to create service checklists, track maintenance status, and receive notifications. Proactive maintenance improves the longevity of your fintech assets.

Wrapping up

Competing in the fintech industry calls for intelligent management and operation of daily activities. With asset management & tracking software solution, you can minimize workloads, improve productivity, curb expenses and boost ROI. We recommend SmartAMS. It is a world-class asset management application containing the latest features and security protocols. Contact us to book a live demo session today.