In the era of industrial growth, we could see many sectors transforming at very fast pace. The technology is working as an accelerator in their success rate. One such industry is the finance industry. Finance refers to the field associated with money. It includes management, investment, borrowing, budgeting, etc. The sector comprises commercial banks, insurance companies, non-banking financial companies, co-operatives, pension funds, mutual funds, and other smaller financial companies. The predominant financial sector in India is the banking sector. According to data, it accounts for more than 64 percent of the total assets held by the financial system. The banking industry is the backbone of the financial sector in our country. It has a major role in overall economic growth. According to data, the Indian banking system consists of 27 public sector banks, 21 private sector banks, 49 foreign banks, 56 regional rural banks, 1,562 urban cooperative banks and 94,384 rural cooperative banks, in addition to cooperative credit institutions (FY17 data). In FY07-18, total lending increased at a CAGR of 10.94 percent and total deposits increased at a CAGR of 11.66 percent. India’s retail credit market is the fourth largest in emerging countries. It increased to US$ 281 billion in December 2017 from US$ 181 billion in December 2014.
With new developments, we are now in a way to combine finance with technology. It works in transforming traditional financial methods into better technical methods. Many companies are incorporating fintech mechanisms in order to provide better services and to improve their business. Technological advancements have helped people reduce repetitive tasks and is also saving a lot of time and money.
The Financial sector is blessed with this blockchain technology, blockchain has helped in maintaining the transparency between the customer and the clients. It has enabled more trustworthy dealings between the two. No intermediates are required to have any dealings thus the privacy of the contract remains intact. – In the era of artificial intelligence, banks are now available at our home. We can easily transact money, make any payments, generate pin, order our checkbooks, passbooks, etc easily from our home at just a click. All these are possible only due to technical growth.