Since the turn of the century, technological innovation has played an increasingly important role in our daily lives. From smartphones to home assistants to AI chatbots, people now rely on technology more than ever to simplify or improve productivity and quality of life. The COVID pandemic has only exacerbated this trend, as the technology has become more popular and spread across all industries and sectors.
This is also increasingly used in banking and finance. According to market research, 57% of consumers now choose to use online banking tools to manage their finances, compared with 49% before COVID 19. The personal finance industry is of course no exception. Consumers have increasingly relied on technology to research, invest and manage their investments. Especially in the last six months. The rise of financial technology has modernized many processes for service providers and consumers.
Ordinary consumers are more likely to have access to the diversified world of personal financial management. The federalization of wealth management from consultants and organizations to individuals has led to a higher level of financial knowledge and personalized financial management capabilities. With the advent of digitization, these personal financial solutions are provided on smartphones. As a result, you can now make informed financial decisions in real time.
Although some banks have started to develop their own financial software, many banks are still looking for technology startups, technology service providers and smart device manufacturers to provide their products, even if credit/debit cards have been around for quite some time. Over time, through the introduction of personalized financial applications (such as mobile wallets, UPI, cardless barcode readers, etc.) that are intelligently associated with mobile point-of-sale technology, the digitization of payment has been realized, making payment the most advanced in the financial sector.
One of the revolutionary products is the technology industry. An innovative, networked ecosystem is very flexible and can provide solutions for consumers and retailers. Ease of use, multi-function, the most suitable payment mechanism and a high degree of security have become part of personal financial management. g, usually called alternative loans, refers to an unconventional data mining mechanism designed to build consumer confidence in credit.
Online lending platforms are not an axiom in the field of financial technology, but encourage the collection and extraction of data in order to make informed and progressive decisions. Regarding the creditworthiness of the borrower, time and cost have been greatly reduced, customer service has been improved, and the delivery of solutions has been accelerated.