With the advances in technology human civilization has witnessed an unprecedented growth and progress of the society, overall. The advances made within the last 2,000 years are nearly insignificant to the pace of innovativeness, seen within the last 200 years in the entire human history.
With the invention of computers, the entire human civilization took a huge leap into the future. The speed at which the last technology is becoming redundant, thanks to more efficient and innovative technologies being invented, it is important for all to stay updated with the latest in tech. With world economy being at its peak, in terms of connectivity and performance, we can thank the IT industry for providing better, secured and more convenient means of doing commerce.
Thanks largely to the IT industry, the global banking and finance industry is highly dynamic and revolutionized today
Current State of IT Banking and Finance Sector
The invention of the internet and the mobile smartphone are truly landmarks in the timeline of human technological advancement. There has never been a system in the entire human history where such an ideal method of multimedia communication was available for general use.
According to Statista*, the number of mobile phone users in India in 2018 is expected to cross over 775 million users, by the end of the year. India is already known as the 2nd largest mobile smartphone market, with annual mobile sales surpassing that of even the US. There is a large number of consumers who have adopted the mobile commerce and banking systems effectively. The ease, convenience,and security provided by mobile banking technology are simply unprecedented.
Another factor which contributed to the growth of online banking and mobile financial services is the demonetization decision of the Indian government in November 2016. A report in the Economic Times** estimates that the total value of digital payment in India will be around USD 10 billion, in FY 2018. With the current pace of adoption to mobile and online banking, experts estimate that by FY2023 the total digital payment market is set to boost to around USD 1 trillion, as compared to the current estimated USD 200 billion.
Need for Effective IT Solutions for Finance Industry in India
Owing to the immensely fast pace at which the popularity of non-conventional, cashless banking is increasing there is an urgent need for truly effective and global-standard bearing IT solutions for finance industry in India.
The entire finance and banking sector witnessed a new revolution in the form of online banking, and lately, mobile banking solutions for consumers. Leading industrial IT solutions providers, such as Queppelin, are renowned for providing truly advanced, effective and efficiency-enhancing IT solutions for banking sector not only in India but all over the globe.
Recent years have proven the effectiveness and the immense flexibility that mobile and online banking provides for consumers and banking/finance services alike. The mobile smartphone has allowed consumers to steadily shift from the conventional banking methods and adopt innovative and more convenient ultra-modern online banking methods. The popular concept being followed across the world is to introduce your company online to mobile consumers and then launch the web-based services.
Launching your banking or M-commerce/E-commerce applications first for mobile phones has numerous benefits. This is a cost-efficient, secure and reliable way of performing regular monetary transactions. The consumer can easily access and use their banking services, either through a phone call or simply with a text message.
Advantages of Acquiring Effective IT Solutions for Finance Industry in India
These are the top benefits that the banking and finance sector gets when they acquire world-class IT solutions for finance industry in India, from leading IT solution providers, such as Queppelin.
Cost-efficient banking operations
Integrating IT solutions in the finance and banking sector in India will help to make day-to-day banking operations run smoother, and at only a fraction of the cost, it requires to do the same in a conventional manner.
Increased financial inclusion
Mobile smartphones, with their ever-deepening penetration worldwide, allow banks and financial services (including insurance, money lenders, etc.) to provide their services to a wider audience with the least cost. It is highly feasible to reach a wider target audience through mobile banking applications and increase financial inclusion.
Convenient and secure banking
Using mobile wallets, and digital payment methods, it becomes convenient for customers and bankers alike to perform transactions. Not only is there added convenience to mobile banking, but the level of security is also constantly being upgraded to ensure comprehensive protection for online monetary transactions.
These and other such points indicate the immense importance of and the urgent need for Indian banking and finance sector to adopt advanced IT solutions for finance industry in India.