The year 2021 is mid-way, and the digitalization of banking is the reality. The new generation of banks is not restricted to bricks-and-mortar but can be accessed online on mobile apps. Small finance banks have been able to make their mark in this world with innovative products and services that cater to all segments of society.
The banking industry is undergoing a significant shift. Changes in technology, customer preferences, and regulatory changes drive the need for small finance banks to invest heavily into new-age banking solutions. Small finance banks have emerged as an alternative to traditional large-scale financial institutions in India and other emerging economies with low economic development.
Some Fintech and Banking Trends that can help Small Finance Banks in 2021:
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Most employees rely on digital means to accomplish tasks assigned. Organizations must-have digital tools in place to access the files. When physical documents are converted into digital format, maintaining a high level of accuracy is essential. Any compromise on data integrity can hamper data. When taken into account, all this means small finance banks must keep documents and files safe within a secure infrastructure to make them available through easy-to-use web-based API tools.
The pandemic has been challenging for everyone. Financial organizations have suffered equally. This has brought together a bunch of traditional financial institutions together as fintech start-ups. The goal is to remain competitive & roll out new services successfully. This way, fintech developers will play a pivotal role in helping small finance banks to benefit quickly.
As far as small finance banks are concerned, vast implementation of AI has been witnessed. Banks must incorporate AI in every operation. By virtue of AI, operational expenses can reduce drastically over the years. AI outlines its role in the form of chatbots. Addressing consumer queries, fraud prevalent tools to verify the authenticity of KYC documents, & other advanced functionalities are now easier than ever before. AI gives the way to improve accuracy & personalization.
The past few years have seen massive reliance on the e-commerce sector. It is possible that upcoming years would see phenomenal growth in e-commerce. Despite the pandemic, people are considering online shopping as an alternative. It is an opportunity & advantage for banks as many transactions happen online, generating income for them.
With digital banking, people are now accessing a wide range of personal financial information & executing essential tasks. Advancements need to be made in AI, biometrics, open banking, & cybersecurity. Thus, small finance banks must anticipate more people welcoming digital banking in 2021.
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