Understanding How Technology Will Revolutionise Financial Services

Technology has changed our perception in many ways. We all are reaping benefits from the advancing technology in many ways. Similarly, it has affected the financial sector as well. Paper money has lost its place to digital interfaces, bit coins have taken the position of valuable metals and you can notice massive startups around you. These few examples will clarify my point. 

  1. Revolution in payments and deposits: No one goes to the bank for their daily transaction now. We all use cash and cards preferably. For transactions, we all prefer internet banking or cheques. Mobile wallets have become more reliable than paper money and mobile numbers have become our transaction identities. Using and carrying digital money is hassle-free and safer. 
  1. Payment banks: Payment banks accept a cash deposit up to 1 lakh easily. These banks can deposit money, remit it and can create payment space. The only thing they cannot do is providing loan like a traditional bank. Bharti Airtel and Paytm are two examples of payment banks. This payment model was introduced by RBI itself. One can simply deposit money in payment bank and can take interest on the money. 
  1. Putting investment in Robo mode: Digital technology has changed the way you invest your money. Log in to robo investment sites with your name, age, income, savings, investment time and risk appetite. The investment portal https://vippinurkka.fi/ will use smart algorithms and give you investment recommendations. There are many such players in the market. Funds in India and Scrip Box are two popular ones. 
  1. Bitcoin: Bitcoin is a cryptocurrency that has been to several boons and busts. Possible, it will be the new wave of exchange and will be accepted widely. This multi-currency will be simpler to use, easier to transfer and more secure and faster to use.