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Top Digital Transformation Trends In Financial Services
Top Digital Transformation Trends In Financial Services

Flexsalary Personal Loans

Online banking is dead. In totality; in factuality. Why? Thank FinTech, aka, Financial Technology. And now, it is racing full-steam ahead. Here are some of the latest digital trends that are revolutionizing financial services.

 UPI Payments

Developed by National Payments Corporation of India, UPI stands for Unified Payments Interface. It facilitates instant money transfers and is regulated by the Reserve Bank of India. Some examples include Google Pay, PhonePe, BHIM, etc.

Wallets

A digital wallet that you can carry in your pocket – that’s the new in. Examples of such wallets are Paytm, Airtel Money, Mobiwiki, etc. Very popular among the younger generations, wallets have made payments all the more easy since you don’t have to carry cash in your pocket.

More facilities

How cool would it be if you can deposit your cheque from your cell phone and receive money within a day?  Well, this is soon to become a reality, especially with international banks. Crowd sourced investments and chances to refinance and borrow might become features too! They have already been implemented in other countries, but India will follow suit within the next couple of years.

Cashless India

With PM Modi dreaming of Digital India, going cashless is not just a trend, it is the need of the hour. E-wallets and UPIs will now become rage, more than ever. We hope mobile phone service providers keep providing a strong network, anywhere and everywhere. Users of feature phones are already able to make payments through SMS; however more options are expected to be added to SMS banking facilities.

Like it or not, digital transformation will descend upon us and it impacts every industry, including finance services. Though rural India is yet to place its faith in bots and code, we believe that, given the ease of using digital technology, end-to-end users have to catch up, no matter who they are, the rich or otherwise; especially since India notched up the highest score for ‘Why Digital Transformation Matters’, a survey by CA technologies and Coleman Parks.

Five mistakes to avoid when taking out a loan

Learn, learn, learn. That’s the golden motto of life. How much ever you know, there will always be something else you can learn. Same goes for your finances and that’s what brings us to the first lesson.

  • Research

The reason we say that research is important is because finance and economics are ever changing. New products come into being every day and there might be just the right fit for you out there. And, you can only come to know of that product with sufficient research. If you avoid doing this, you might end up paying a lot more than you’ve bargained for. Lesson to be learned, not doing sufficient research is a big mistake.

  • Not checking eligibility

Our statistics show that about 20% of loans applications are rejected because the person is not eligible. Often, most people choose to apply for a loan that is meant for a different purpose. For example, a person, in need of urgent cash for the purchase of a vehicle, applying for a personal loan would get rejected.

So, how do you fix this? Read the eligibility terms. And, if all the jargon just goes above your head, then, call up the customer service executive and they shall take care of the rest.

  • Lying in the application

Lenders, whether a bank or an NBFC, provide loans to profit from them. However, until the loan amount is repaid, the lender’s money is at risk. So, lenders always look for borrowers who are reliable and lying on an application never helps.  This is because lenders go to great lengths to verify the documents you have submitted, and any lie is bound to be found out.

You will then lose credibility and the lender would think twice before considering your application again. In case you believe that there are chances of a loan rejection due to some limitations, you can always talk to a customer service agent and figure out your options.

  • Borrowing beyond repayment capacity

Loans are usually lent based on your salary or sometimes against a collateral. However, your expenses determine how much you can save each month and pay back. Don’t make the mistake of borrowing more than you can afford to repay.

  • Hiding existing loans

Often, people hide their existing EMIs to help them avail a greater loan amount. Though doing so can get you to receive a higher amount, paying it back would put a toll on your finances. Instead, choose an amount that you can practically pay back.

Applying for a personal loan is quite a big decision. Take sufficient time to decide how much you would need and for what purpose. Then, talk your financial adviser and apply with a trusted lender.

Source of this article https://www.flexsalary.com/blog/top-digital-transformation-trends-in-financial-services/

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