These days every tech bloggers in India is talking about an amalgamation of finance and technology. The new trends in the financial market are not unnoticed by them. Let’s look at some of the possibilities they hint at in the Indian scenario.
Cloud-based computing services are on the rise in India. There is much software as service apps operating in the country. In every sphere of life, they are in action be it medical, technical or financial. In the banking sector, SaaS can be a revolutionary idea, especially in the time rapid financial inclusion. Progressive banks are updating with time and floating their authorized apps for providing various regular services like making payments, checking balance or transferring money to others. In the era of the blockchain, artificial intelligence, it will be regressive for the financial sector not to opt for cloud-based computing services.
We cannot deny the effectiveness of Artificial Intelligence. It is one thing that can add speed and accuracy to the banking sector. With Artificial Intelligence, it will be easier to make the charts and tables and reports within a fraction of second. With a single click, everything will be on the display. Artificial Intelligence has the potential to replace completely the conventional accounting process used in the banking sector. With updated chatbots, banks will surely tap on the strength of technologies like data science, Internet of Things, Natural Language Programming, Blockchain etc.
Seamless Mobile Banking
Every tech bloggers in India will tell you of the possibility of mobile banking services penetrating in its widest sense into the financial market of India. With its ever-growing human resources, it will be a successful idea in the coming years. Not only the urban areas but also the rural people will embrace and take advantage of mobile-based banking services. One-click payments will be easier replacing the password protection with biometrics protection. Digital currency will be more affordable for those people living in the lower strata of the Indian economy. This will definitely change the scenario of the Indian financial market.
Although RBI does not recognize any cryptocurrency, In the post-2014 India, a surge of large-scale financial inclusion has taken place. Digitization in the financial sector is no more a thing of the past. Businesses will opt for using the advantages to enhance the effectiveness of their blockchain. Software services will definitely tap on its full potential. Every merchant will float their own apps and e-wallet services so that customers extensively use their products. Thus, digital currency is becoming the growing demand in India.
Upgraded ATM Transaction
Technology has reached such a zenith so that contactless ATM cards have become possible in the Indian market. All banks have updated to this new technology in their respective credit and debit cards. Biometric authorization has already been employed. Iris recognition which is available overseas will also become a reality in the Indian market. With the recent upgradations, India will usher into the era of seamless digital transactions. Government schemes and policies are in compliance with the aim of making India a cashless economy. Solar ATMs, Biometric ATMs, and White label ATMs will soon be available in the rural economy in abundance.
Add-On Cyber Security
Digital currency and technological inclusions are new things to the rural masses of India. Even in the urban scenario, a great number of people are unaware of and averse to the new developments in the financial sector. Cybersecurity is what people want recently because without it the financial sector cannot be robust and trustworthy. From no cybersecurity policy to ranking 23 in United Nations Global Cybersecurity Index (GCI) in 2017, India has upgraded itself to a new dimension. Around 20% of spending will be utilized by the banks to meet the rising cyber security threats.
More Joint Efforts
Most Tech bloggers in India will write at least a single blog on how to buy Bitcoin in India. It has become a new trend in the financial market. Both authorities and investors are working for the hand in glove with each other. Companies that have growing online platforms are tying up with the banks so that both the parties reap benefit from the association. Modern-day cash paying apps are the best examples of this phenomena.
So, every Indian should be aware of these developments in the financial sector. Only then India will move forward to becoming a cashless economy.