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Nagesh was driving down with his family from Delhi to Lucknow for a big fat family wedding. He was almost half-way through and was about to stop at a Food Court for snacks and refreshments. At that very panicking moment, he realized that he had forgotten his wallet and did not have much loose cash with him. But then he came across the sign for payment via e-wallet or QR Code scan for food as well as petrol and his problem was solved.
Social Media, Analytics, Mobile, and Cloud (SMAC) is revolutionizing the financial services sector and has been leveraged for giving more power and financial autonomy to the customers. The demonetization drive has almost nullified the use of cash in day-to-day transactions. There is a constant debate about whether the financial services sector is effectively using the emerging technologies.
Experts have cited five technologies that are bound to transform the financial services sector in the next decade – Wearable devices, Internet of Things, Next-Gen Biometrics, Virtual assistants and natural language question answering (NLQA), and new currencies.
Empowering you
As the economy grows and incomes reach a new high, the standards of living will hike in their own way across the globe. Individuals would want to travel, buy high-value goods, start up new ventures, and grow further. Financial institutions will never lose their relevance as long as they innovate and keep their technology platform upbeat.
Personal Loans and Business Loan are commonly considered by individuals for varying reasons such as for an exotic travel plan, a medical emergency, a new car or a new gadget. However, today they also look out for convenience and ease of availability when they consider a bank or a financial institution for borrowing a personal loan or a business loan.
Financial institutions such as Tata Capital not only offer a seamless digital platform for extending loans but also provide some inventive loan products and EMI repayment options. Today you can simply download the application on your mobile, check the status on your loan, calculate the EMI via online personal loan EMI Calculator, and instantly make the EMI repayment via your credit cards or even Mobile Wallets. You never know you could even get pleasantly surprised with a Cashback or a movie ticket on EMI payment.
It could be a marketing gimmick or a transformation triggered by adoption of new technologies, the fact is, customers are at the core of every decision-making. Financial institutions need to and are leveraging these digital technologies to empower the customers in every way.
Today individuals need convenience and accessibility to funds instead of toiling at the long bank queues. How can this be possible without a robust technology interface? The transformative digital platform is the long-term answer for this.