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Digital initiatives in the financial services space -
Digital initiatives in the financial services space
Guest Author | Published: 16 Aug, 2017  | Source :

What technology means to us and how important it is for us in every aspect of life, is unquestionable. The potential of the country when it comes to going digital was realized in the early times of demonetization. During this time, the country went cashless and digital. So, it will not be wrong to say that India is on the verge of digital revolution.

Since then there have been a massive impetus of the initiatives in the digital technology segment, the technology is now being used by the companies in the financial services space too. Hence, the mutual funds are not lagging behind and is exploring in the digital form of transaction processing, fund management, and customer service or distribution. It is nothing but the technology which is helping the managers to redefine their business models.

The business news confirms that there are more than 500 financial technology start-ups in India who have recorded more than $1.4Bn in funding since 2012. Mobile payment start-ups have been the most active and popular but there are many other range of services which are doing pretty well. Along with making the investors aware about the benefits of the mutual fund investments, the industry is also using the technology in making the overall ecosystem more efficient along with making the customer service convenient and delightful.

As per the tech news India, India has more than a billion mobile phone users with 15% penetration which is expected to increase to 25% by end of the year 2018.

Insta- transactions:In this hush-hush world where people do not have much time, a quick and efficient transaction is the need of the hour. Technology enables instant folio creation, immediate transaction, online banking facilities, all this leads to a quicker transaction. These insta transactions can be done either by logging on to the website or though the mobile apps.

Mobile apps: Today, we have an app for everything. Now you don’t have to sit against your computer or on your laptop to initiate a digital transaction. Just use your mobile and do all kinds of transactions. You can also store information here, get your transaction history, get your account statements delivered via email or post, get information on various investment options, and also getan instant redemption facility if you need cash inhand.

E-tailers: Now the products are available on an online marketplace through e-tailers. This helps the sales points to multiply and have a faster transaction.

Digital Marketing: Digital marketing is a low-cost alternate to the marketing. It is not only affordable but has a wider reach. It also creates the brand recall value.

GIF: Some marketers also use Graphics Interchangeable Format (GIF) in order to involve, influence and educate potential customers.

Digital Fund management: Prototype-based active funds, passive funds and exchange traded funds are being operated by the technology. This digitization in fund management has helped in the reduction of operational costs and bringing transparency and efficiency.

These digital initiatives and creativity in the products and distribution channels can help a lot in resolvingvarious challenges.

For more on Business & Share Market News, visit BloombergQuint.

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Guest Author