Digital Transformation Paves the Way for the Finance Industry

With the outbreak of COVID-19, Digital Transformation has created an overwhelming buzz across the business world including the BFSI sector. Digital players in the finance industry have resolved the customer’s struggle to get access to the funds. Technological innovations have paved the way for new services disrupting the traditional ones.

Transforming the traditional banking processes, fintech has emerged to be the most effective lending channel. Easing the common person’s struggle to get access to funds, fintech has unlocked various opportunities to trap the huge volumes of substantial customer databases leading to a strong digital foundation.

What is the Role of Digital Lending Platforms in the Growth of the Indian Economy?

India being one of the fastest-growing economies, Fintech platforms are scaling up at a greater position. Delivering a wide range of market opportunities for both innovative and traditional lenders, the new-age lending platforms have catered to a large segment of online banking customers.

The COVID-19 induced lockdown pushed the business world to embrace Digitalization to compete in the Digital World. FinTech’s have enabled transparency of financial requirements and services catering to convenient access eliminating the need to visit bank branches.

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Is Banking Heading Towards Digital Transformation in the Near Future?

Digital Banking is no more a talk of the future, and we all have witnessed the transformation of the Indian banking system. There was a time when visits to the banks were an essential part of our weekly schedules but it has almost become a phenomenon of the bygone era now. With most banking services available literally at our fingertips, digital banking has now become an inseparable part of our lifestyle. As just within the last decade the technological advancements like cloud computing in BFSI and many others, have brought about impeccable changes in the banking sector. From cards to digital payments, the digitization of the core banking services and not to forget the ground-breaking UPI payments mode, have become clearly synonymous with day-to-day business in the banking sector.

Looking towards the future prospect of the sector what we need to consider first is the present status of the daily operations in the banking sector.

The Present Status of Digital Banking in India

Talking about Digitization in the present day in Banking System, yes the sector has come a long way ahead of both in terms of the Core Banking System and various other administrative services in the daily business of the banking and finance organizations. Especially with the updates in the cloud banking solutions in India, banking administration has simplified and most importantly has brought about a remarkable change which has made the ease of doing banking business a thing of the present. Otherwise, who would have thought of real-time payments, easy or same-day loan procedures, or even a completely paperless Core Banking System? All becoming a common phenomenon in today’s banking system. Not just words but even numbers prove it with statistics from Statista about the “Total number of digital payments across India from the financial year 2018 to 2021” which clearly proves the exponential growth of digital payments in India, i.e. from USD 14.59Bn in FY 2018 to USD 43.71Bn in FY 2021.

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Digital Transformation Paves the Way for the Finance Industry

 With the outbreak of COVID-19, Digital Transformation has created an overwhelming buzz across the business world including the BFSI sector. Digital players in the finance industry have resolved the customer’s struggle to get access to the funds. Technological innovations have paved the way for new services disrupting the traditional ones.

Transforming the traditional banking processes, fintech has emerged to be the most effective lending channel. Easing the common person’s struggle to get access to funds, fintech has unlocked various opportunities to trap the huge volumes of substantial customer databases leading to a strong digital foundation.

India being one of the fastest-growing economies, Fintech platforms are scaling up at a greater position. Delivering a wide range of market opportunities for both innovative and traditional lenders, the new-age lending platforms have catered to a large segment of online banking customers.  

Read More>>