Financial industry plays a major role in the economy of the country as it deals with factors related to money, its management, investments made by people, digital money, etc. These are some of the very serious factors as the well-being of company and individuals depends upon them.
It is clear that if the financial industry is not working well or is going through a phase of recession, the country’s economy will lose an ample amount of money which will take a long time to recover. The factors like GDP (Gross Domestic Product) of the economy, its fluctuations are what plays a major role, and it is affected by the financial industry and vice- versa.
The Financial Industry has gone through major changes in the past decade is always evolving. There are new techniques always coming in and the economy is mainly facing the phase of digitalization where people are expecting to manage the work from the comfort of being anywhere in the world.
The world of Finance has changed rapidly and are the changes are so huge that the comparison between the present day and the 10 years back is exceptional.
Therefore, the major changes which are experienced by the Financial industry are:
Change in the Financial services provided to the individuals:
The financial services network and the provisions has increased widely in the past decade. The level and the phase of digitalization has changed everything in the services sector. There have been stronger regulations issued to this sector as well because of increment in the usage of the services provided. The financial services have also helped the business to prosper and manage their finds in an effective way. You can get answer to any of your queries on investment, finance, stocks, etc. online easily.
These features help the businesses to monitor actions, provide stability and form business models. It has also brought in an exceptional change in the lives of individuals by making things easier, clear, and stress-free for them.
Small businesses going international:
Due to the increase in the technology, small businesses have got the opportunity to go international. Users nowadays believe in more of digital experience and trust them more because of easy and hassle-free experiences.
Small businesses try to put out the best options for the customers so that they have loyal customers and better growth and nowadays most of them prefer to go online first whenever they start any business due to the various options available for the clients.
Technologically, it is also easier to maintain the logs of the company as well. Digitalization gives opportunity to the users and the businesses to access from anywhere. This easy access option is a win- win for both the company and the user.
This is one of the biggest technological change in the banking and finance industry. It has made it so much easier for the users to use their banking services from anywhere and anytime. People can now pay anything and everything like electricity bill, telephone bill, regular daily payments, etc., with just one click.
Individuals can also transfer the money with just a simple click without standing in long queues. People are also upgrading themselves in every way possible to reduce their worries. Apps like PhonePe, Google Pay, Amazon Pay have also come in which offers such features and maintain accounts of the receipts and the payments made by the people. Now, people do not carry cash from place to place but just a phone and make digital payments.
Boomed Fintech industry:
Digitalization has boomed the fintech industry as the fintech industry is what manages it. To make it easier for the users and the companies, the phase of digitalization came in which made wonders in the world. Such technologies have emerged a new market all together as it also opened the opportunities for securities and risk. With the emerging virtual life, it is also important to maintain the security so that the users do not experience any sort of fraud while using the apps.
Fintech industry is also expected to grow more in the recent times due to the current situation of Coronavirus pandemic which has made the world to be operated digitally. Surroundings have changed and the global market has become one. Social media has also made it easier to reach people and business everywhere.
By this we can conclude that, these are the changes which have impacted the world and one of the major reasons of it being digitalization. From digital banking to online portfolios to virtual trading apps, a lot has changed over the years.
The Digital world has influenced everything around and now it’s not country based, but every market has become global. It is also important for the individuals to upgrade themselves and follow the norms of the world. This will make their world easy and hassle-free.