Digitalisation in Fintech: What I’ve Seen and What’s Coming
I work in product development in the Fintech field, more specifically with invoicing and debt collection systems. Over the past ten years in this field, I’ve seen a big shift in how we work, mostly thanks to digitalisation. Things that used to be done manually or slowly are now automated, smoother, and faster. But change hasn’t stopped, and I don’t think it will anytime soon.
In this post, I’ll share my thoughts and experiences about digitalisation so far, what I think the future might look like in my own field of work, and what kind of risks we face as everything moves towards more and more automation. I’ll also tell you a bit about my experience using ChatGPT and what I think about AI in general. Finally, I’ll do a short self-reflection on what I’ve learned from all this.
What Digitalisation Looks Like in My Work
When I started in this field 10 years ago, invoicing and debt collection often meant lots of manual steps, back-and-forth emails, or even paper letters. Invoicing and debt collection companies were using several different systems that didn’t talk to each other. These days, most of the process is fully automated.
In my daily work, I see the effects of digitalisation everywhere. Here are a few examples:
- Invoicing and reminders can be sent automatically, and if needed, the system can move the case forward in the collection process without any manual work.
- Customer portals allow people to check their debts, choose payment plans, and pay online.
- Systems are connected via APIs, so data flows automatically between tools like accounting software, CRMs, or even banks.
- Data and analytics help us understand what’s working and what needs improving, like when’s the best time to send reminders or what kind of messaging works best.
For me as a product manager, digitalisation has changed the job. Instead of just thinking about features, I now focus more on the full experience: how the systems work together, how data is used, and how we make sure everything stays secure and user-friendly.
What the Future Might Look Like
Even though we’ve already come far, there’s still a lot of development ahead. I believe the next years will bring even more smart systems, more automation, and better user experiences.
Here are some things I expect to see more of:
- More personalised collection processes: AI will be able to adjust how we talk to customers depending on their behaviour and situation: what time we contact them, what kind of messages we send, and which channels we use.
- Open Banking: With customer permission, we can use their real-time bank data to offer more fair and flexible payment options.
- Financial tools inside other services: For example, platforms for freelancers could offer invoicing and payment follow-up as part of their basic service.
- Remote teamwork and leadership: Digital tools are making it easier to work across countries and time zones, and I think this will become more common.
For me personally, this means even more focus on building systems that are simple, efficient, and actually help both the business and the end users.
Risks and Challenges in a Digital Society
While there are many benefits to digitalisation, there are also risks. One that stands out to me is the digital divide, meaning the gap between those who can use digital tools and those who can’t. In debt collection, for example, if we only offer digital channels, we might leave out people who don’t know how to use them or don’t have access to them.
Another big risk is related to data privacy and security. We handle sensitive financial and personal data, so we need to make sure it’s well protected. Data breaches or misuse of information could cause real harm to people and damage trust in the system.
GDPR in My Work
The General Data Protection Regulation (GDPR) became law in 2018 and affects how we handle customer data. In my work, it shows up in many ways, such as:
- We have to think about data privacy from the start when designing new features.
- We must use secure communication channels when handling customer matters and be extra careful not to share any personal or sensitive information through unsafe channels like open email or chat.
- We need to give customers the right to see, correct, or delete their data.
- We’re careful about asking for clear consent when using data for things like marketing or analytics.
GDPR brings extra work, yes, but I think it’s a good thing overall. It pushes companies to be more transparent and responsible. On the downside, it sometimes slows things down (or even blocks some new ideas) or adds extra steps in development.
Trying Out ChatGPT
As part of this assignment, I tested ChatGPT by asking it some questions related to my work.
When I asked, “Why do invoices often go unpaid in B2B?”, the answer was actually quite good. It listed common reasons like cash flow problems, disputes, or forgetting: all true and realistic.
I also asked, “What should I keep in mind when designing a payment portal for debt collection?” It mentioned things like ease of use, mobile access, trust signals, and offering multiple payment options. This was pretty accurate as well.
But when I asked about GDPR and credit scoring, the answer got a bit vague. It didn’t give clear or deep enough answers, and it didn’t link to any official sources.
So overall, I think ChatGPT is a helpful tool for getting ideas or starting points, but you shouldn’t trust it 100% or use it as your only source of information, well especially not in professional or legal matters. I do see a lot of potential in using AI to support daily work and use it myself on a daily basis: for writing, brainstorming, summarising, etc. But for decision making, legislation or other similar matters, I would never trust it alone without other sources of information.
Reflection
Doing this assignment helped me stop and reflect on how much digitalisation has changed my work. Some of the key things I realised:
- Digitalisation is not just about tech: it’s about how we think and work.
- Data privacy and user trust are more important than ever.
- AI tools like ChatGPT can be useful, but they aren’t magic. You still need to think for yourself!
There’s still more I want to learn. I use AI on a adaily basis, but I’d like to explore even more how AI can support product development, for example in analysing customer feedback or testing different product ideas. I already do this (with anonymised data ofc), but I am sure there are more effective ways to utilize AI in my own work. I’m also curious about how digital services could be made more inclusive, especially for people who aren’t as comfortable using tech.
Ps. I commented on Sanni’s blog and on Davide’s blog.