Online banking is dead. In totality; in factuality. Why? Thank FinTech, aka, Financial Technology. And now, it is racing full-steam ahead. Here are some of the latest digital trends that are revolutionizing financial services.
Developed by National Payments Corporation of India, UPI stands for Unified Payments Interface. It facilitates instant money transfers and is regulated by the Reserve Bank of India. Some examples include Google Pay, PhonePe, BHIM, etc.
A digital wallet that you can carry in your pocket – that’s the new in. Examples of such wallets are Paytm, Airtel Money, Mobiwiki, etc. Very popular among the younger generations, wallets have made payments all the more easy since you don’t have to carry cash in your pocket.
How cool would it be if you can deposit your cheque from your cell phone and receive money within a day? Well, this is soon to become a reality, especially with international banks. Crowd sourced investments and chances to refinance and borrow might become features too! They have already been implemented in other countries, but India will follow suit within the next couple of years.
With PM Modi dreaming of Digital India, going cashless is not just a trend, it is the need of the hour. E-wallets and UPIs will now become rage, more than ever. We hope mobile phone service providers keep providing a strong network, anywhere and everywhere. Users of feature phones are already able to make payments through SMS; however more options are expected to be added to SMS banking facilities.
Like it or not, digital transformation will descend upon us and it impacts every industry, including finance services. Though rural India is yet to place its faith in bots and code, we believe that, given the ease of using digital technology, end-to-end users have to catch up, no matter who they are, the rich or otherwise; especially since India notched up the highest score for ‘Why Digital Transformation Matters’, a survey by CA technologies and Coleman Parks.