Financial management has always played a major role in management control and resource allocation, being the top priority of corporate operations. Under the wave of digital transformation in the financial industry, financial management is facing a new round of change.
The transformation of digital financial intelligence in the financial industry has begun
In the past, financial management mainly focused on cost control and profit pursuit. With the continuous deepening of reformations such as interest rate marketization, financial institutions began to make use of digital technology to innovate traditional financial processes, improve resource allocation and refined management efficiency, enabling financial management to gradually surpass the role of optimizing management and control, allowing it to participate in business operation decision-making. These reformations have provided a continuous driving force for the transformation of financial management in financial institutions.
In the field of financial management, many large financial institutions have taken the lead:
- China Guangfa Bank realized smart auditing of fees through the use of big data in its compliance mechanism
- Ping An Bank introduced invoice OCR recognition technology to provide employees with intelligent reimbursement services
- Hua Xia Bank broke the barriers between multiple systems and realizes data sharing through the integration of the sources of business expenses.
The transformation of intelligent digital financial management field is trending in the financial industry but financial institutions and financial technology service providers are continuously exploring to determine the aspects of transformation.
Empowering the transformation of intelligent digital financial management
Sunline has accumulated a wealth of experiences in this field, successfully providing financial management information system services for nearly 40 financial customers such as Zhejiang Rural Credit, Shandong Rural Credit, Liaoning Rural Credit and Bank of Shanghai as well as major banks such as Ping An Bank, Hua Xia Bank and China Guangfa Bank, accumulating deep insights of the business logic and development direction of financial management systems.
Sunline believes that the core of intelligent digital financial management transformation lies in emphasizing the quantity and quality of data, integration of industry and finance as well as applying automated and intelligent technologies to achieve the goal of resource efficiency, strengthening risk control and new value creation. With this, Sunline launched a new generation financial management platform based on the design concepts of digitalization, intelligence, mobility, ecosystem and industry-finance integration. With four major advantages, the new generation financial management will help financial institutions accelerate intelligent digital financial management.
"Four-in-one" smart reimbursement
"Four-in-one" refers to the realization intelligent online "invoice imaging + data structuring + risk control review + automated form filling" from cumbersome offline reimbursement.
The platform has built-in rich risk control rule and form filling models. Through the accumulation of data, machine learning algorithms are used to serve decision-making to improve the risk control rule model and improve fraud risk discrimination in order to minimize employee reimbursement time, reduce employee advance cycle and ultimately improve business approval efficiency.
Applicable scenarios: Reimbursement for employees such as travel expenses, hospitalization expenses, etc.
To submit a reimbursement receipt, employees only need to take an image of the original invoice through a mobile phone or a scanner and the system will perform intelligent OCR recognition and synchronize the four-in-one processing to realize " reimbursement with image".
Scenario-based expense management through the integration of industry and finance
Integrate business development with financial management, conduct scenario-based planning for various expenses associated with the main business and incorporation of management goals for various expenses into the rules and regulations, realizing the full life cycle intelligent management of expenses to improve integration capabilities, avoid information silo as well as provide high-value data for cost and expense analysis through the integration of industry and finance. Scenario-based financial management and control based on the integration of industry and finance has become a key requirement of large commercial banks in recent years.
Applicable scenarios: Centralizing litigation fees, advertising fees, capital expenditures and other specific department expenses.
Centralization of management of case records of litigation costs, advance processing, court judgments, recovery payments, and advance write-offs.
Create a closed loop budget management through the integration of the entire budget process
Through financial models and methods, the financial management platform analyzes strategy, formulates business goals, provides evaluation basis and financial resource allocation plan, guides, encourages and restricts business activities accordingly to realize the closed loop budget management and solving the problem of information silos, link budget with strategy and business plans, realize multi-level and multi-dimensional budget analysis as well as apply rolling budget and calculation tools to empower each management level and achieve hierarchical control.
Applicable scenario: project expenditure budget
During actual project implementation, purchase behaviors will be initiated for each project. When the contract is signed, the reimbursement behavior is initiated based on invoices, orders, etc. During the process, frozen, released and used project budget and financial budget will be analyzed. The data will also used to assess the degree of budget deviation and provide data support for the next year's budget planning.
Intelligent financial analysis provide decision making and analysis support for all levels
Capitalize massive amounts of data to build a multi-dimensional, multi-form, high-performance and financial-integrated visual analysis platform to realize intelligent financial analysis and provide decision-making, compliance monitoring as well as cost and expense forecast reporting for all levels.
Applicable scenarios: reimbursement behavior analysis, overall expense analysis, etc.
For example, the risk control traversal review of each invoice and document is conducted based on intelligent risk control model. A risk control trace report is formed and normal behavior, suspected violations or clear violations are recorded in employee behavior attribute tags. The platform will integrate and analyze the above information and use machine learning algorithms to build employee reimbursement behavior profiles and credit scores. Based on different score segments, differentiated reimbursements such as disapproved reimbursement, deferred reimbursement and ranking display can be realized.
With the current situation, digital economy will have a long-term and far-reaching impact on financial processes and overall business. Under the opportunities of the times, Sunline has always been professional and innovative to continuously promote the transformation of financial operations and management models, making finance truly a continuous internal driving force for the transformation of financial institutions.