India is in the apex of digital and financial transformation. The revolution in the telecom sector and increase in affordability and spending power has also played a major role in this wave of change. It’s a time when Indians are moving beyond using digital platform for just social media and networking. The people have come of age to use the digital platform for banking, shopping, paying bills etc.
Indians using online banking is to rise up to 150 million by 2020 according to a report by The BCG which shows there is a rising influence of digital on financial transactions. India is becoming more and more mature and tech-savvy when it comes to their financial transactions. The increasing pace of adoption shows increase in trust. The systems and getting more and more robust and gap between the convenience and security is reducing at a rapid pace.
Another revolution that is happening amidst this financial digitization wave is that of digital-only banking system. They are simple, convenient and low maintenance but secure at the same time. The concerns such as absence of having a physical bank to run to or even scalability is terms of offering cannot be ruled out. However, the benefits such as swift banking on finger tips and convenience of banking from anywhere attract the people towards such a system. The digital only banks may not replace the traditional and mainstream banking system but the cushion it provides puts the customer at ease and gives multiple options to bank. The inception has already started with financial products viz OBOPAY wallets which comes along with an App and a Card that completes the banking ecosystem. To know more, contact us https://www.obopay.com/contact-2-2/