Growth of Financial Industry with the Help of Digitalization
Financial inclusion was a distant dream for the poor in the recent past. The scenario has changed since the dawn of the 21st century. Digitalization in the financial industry has paved the way for such services to reach the people sitting in remote corners of the world. The businesses thriving in the highly competitive world of today, access more customers with the help of digitalization in the financial industry. It has emerged as one of the most potential sectors in the financial industry because technological uncertainty is the norm of this century.
Fintech has helped the industry grow as it is one of the most robust technologies developed in the history of the modern world. Production capabilities and employee efficiency are improved due to implementation of digitalization policies. Along with this, the technology has revamped the various business sectors, such as business operations and resource management. Digitalization leads to transparency along with enhancing the customer experience. The deeper behavioral insights of consumers provide an easy way to evaluate and analyze the efficacy of current strategies in the financial sector. Similar effects have been witnessed in Germany since the advent of the era of Fintech. Economic globalization has created a vicious circle of interconnectedness and digitalization. The resultant changes are evident at the global level, leading to further economic inter-dependence around the world. Thus, digitalization has helped businesspersons as well as poor customers. According to Eric Conway, BearingPoint’s Regional Leader for Finland “The best way to achieve digital excellence and help businesses adapt and react to a rapidly evolving industry world is to have a digitalization plan that encompasses all dimensions,”
Digitalization has increased the growth of the financial industry by making businesses and people interact with each other, though sitting in the remote corners of the world. It has helped to increase transparency in financial activities, which is the most pertinent factor of its global acceptance. Hopefully, humanity will progress further and reach the zenith of technological development.