Today modernisation has marched towards a long way hence financial services is also marching towards modernisation and it’s an incredible transformation. One of the most important factors influencing this transformation is mobile technology. People are using mobile almost for every miniature things and it has become an integral part of our daily life.
Presently mobile has lots in its credit because its contribution on financial service leaves a positive impact on various financial services, with consumers shifting away from traditional practices. Sending money has become as easy as sending a text or making a phone call via mobile. Mobile First is at the centre of transformation taking place across various key financial sectors such as:
Banking
Insurance
Payments/Wallets
Today India is the second highest number of mobile users across the globe. The country has also now the world’s second-largest smart phone With the rapid growth of mobile today has increasingly become an important medium that no one can deny. It has improve the entire financial eco-system across sectors such as:
Banking: Mobiles allow banks to do their business more cost-effectively. With the help of mobile platform, reaching to a broader population becomes feasible.
Insurance Sector: consumers prefer to research online about insurance policies. Mobile can definitely help insurance sector in tackling the challenges of mitigating risk, increasing productivity and enhancing customer experience.
Payments & Wallets: Today Mobile wallets has substituted ATM and cash transactions across various countries globally. Almost all major banks, and many smaller banks, now offer some form of mobile banking application to support customers’ demands to be able to interact with their financial accounts anytime.
Thus it can be said that in this era of convergence mobile plays a tremendous role in the field of finance.