It is finally happening! It is the year 2020, We have entered a new decade with fresh resolutions and plans. In the past decade, we came across a new face of banking and finance, so much has changed since the previous decade that it is hard to even sum it up on just one piece of paper.
Also read: India: Then & Now
Do you remember when was the last time you were standing in a que at a bank to make deposits or withdrawals? Do you remember when was the last time you went to the bank to get your passbook updated? Or do you remember the time when you always had to be on a lookout for an ATM machine to take out cash, because there was no other option?
Today we are discussing a financial revolution in the country in terms of technology advancements. These changes and upgrades have taken years to develop and has penetrated all the households combining the rich.,The middle-class and even the economically weaker section of the society. No matter who you are and how much you earn. The world has become a new place to live, with so much changing every day. Let’s discuss some major financial changes. That have taken place in this past decade which will go on to change the way we look at things.
This is a mobile service provided by a bank or any financial institutions which allows its. Customers to perform financial transactions using your mobile phone or tablet. This procedure solely depends on availability of internet or data connection of the mobile device. It is so easy and convenient that you can do it at the comfort of your home, at any time of the day. Moreover, it removes the hindrance of visiting the bank physically and save your valuable time. So that In today’s day all public and private banks have the facility of mobile banking.
This is another mode of payment discovered in the past decade. One of the most important creations of the digital industry. This process involves payment services via a mobile device under financial regulations. This allows the user to make payments through the payment app instead of paying cash or any other physical form. Moreover the payments get transferred from the payer to the recipient within seconds from one bank account another. These apps are government approved and are a safe mode of money transfer. Millions of people around the country are using these apps which is good sign. Because these digital wallets will eventually go on to replace the paper currency.
THE RISE OF FINTECH IN INDIA
The BFSI sector in India has seen significant changes in the past decade, one of the major changes to take place is the introduction of fin-tech. The combination of finance and technology has done wonders for banks and financial institutions by introducing the banking system on the web. In today’s time you can access any public or private banks through various websites and comparing portals. You as a user have the liberty of choosing the kind of financial service you want, the bank you want put your money in, the type of insurance you want to buy, the kind of credit card you’d prefer , the type of loan that’ll suit your needs and a lot more. The reason this has been made possible is the rise of fin-tech in the country. This will have a major effect on the banking and finance sector in the years to come. Is Fintech the future of traditional banking? Yes!
AUTOMATED WEALTH MANAGERS
Likewise, Wealth management is a sector which has seen a huge rise in the financial market over the decade with robot-advisors and mobile apps taking over the job for digital customers. The new demands rising in the market have given birth to automated wealth managers which performs the job of a financial advisor that can provide financial advice or investment management advice online with minimal human interaction. You can avail a range of digital financial solutions which are based on pre-programmed mathematical algorithms and rules. This software- based wealth management system is the thing of the future and will go on to revolutionize the way the common man perceives banking and finance.
As we step into a new decade, many new inventions and discoveries are already in the pipeline. and you are sure get amused by the advance technology in the second decade of the 2000’s. Today, at Creditkaro you can choose compare and buy various products like the best credit cards, home loans, personal loans, trading accounts. And can also check your credit score online for free, All this has been made possible due to the rise in fin-tech and we hope to bring you the best products in the finance market.
While We will keep working towards bringing you more information on any such technology. we promise to make your blog-reading experience a bliss. If you have any suggestions for us, or if you want us to write about something. feel free to write to us or comment below.
Until next time….Happy buying!!