{"id":12123,"date":"2021-07-29T06:00:58","date_gmt":"2021-07-29T06:00:58","guid":{"rendered":"https:\/\/www.esds.co.in\/blog\/?p=12123"},"modified":"2021-08-18T11:30:53","modified_gmt":"2021-08-18T11:30:53","slug":"digital-transformation-paves-the-way-for-the-finance-industry","status":"publish","type":"post","link":"https:\/\/www.esds.co.in\/blog\/digital-transformation-paves-the-way-for-the-finance-industry\/","title":{"rendered":"Digital Transformation Paves the Way for the Finance Industry"},"content":{"rendered":"\n<p style=\"text-align: justify;\">With the outbreak of COVID-19, Digital Transformation has created an overwhelming buzz across the business world including the <strong><a href=\"https:\/\/www.esds.co.in\/banking-community-cloud\">BFSI<\/a><\/strong> sector. Digital players in the finance industry have resolved the customer\u2019s struggle to get access to the funds. Technological innovations have paved the way for new services disrupting the traditional ones. <\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"628\" src=\"https:\/\/www.esds.co.in\/blog\/wp-content\/uploads\/2021\/07\/Digital-Transformation-Paves-the-Way-for-the-Finance-Industry.jpg\" alt=\"Digital Transformation Paves the Way for the Finance Industry\" class=\"wp-image-12124\" srcset=\"https:\/\/www.esds.co.in\/blog\/wp-content\/uploads\/2021\/07\/Digital-Transformation-Paves-the-Way-for-the-Finance-Industry.jpg 1200w, https:\/\/www.esds.co.in\/blog\/wp-content\/uploads\/2021\/07\/Digital-Transformation-Paves-the-Way-for-the-Finance-Industry-300x157.jpg 300w, https:\/\/www.esds.co.in\/blog\/wp-content\/uploads\/2021\/07\/Digital-Transformation-Paves-the-Way-for-the-Finance-Industry-1024x536.jpg 1024w, https:\/\/www.esds.co.in\/blog\/wp-content\/uploads\/2021\/07\/Digital-Transformation-Paves-the-Way-for-the-Finance-Industry-150x79.jpg 150w, https:\/\/www.esds.co.in\/blog\/wp-content\/uploads\/2021\/07\/Digital-Transformation-Paves-the-Way-for-the-Finance-Industry-660x345.jpg 660w, https:\/\/www.esds.co.in\/blog\/wp-content\/uploads\/2021\/07\/Digital-Transformation-Paves-the-Way-for-the-Finance-Industry-380x200.jpg 380w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><\/figure><\/div>\n\n\n\n<p style=\"text-align: justify;\">Transforming the traditional banking processes, fintech has emerged to be the most effective lending channel. Easing the common person\u2019s struggle to get access to funds, fintech has unlocked various opportunities to trap the huge volumes of substantial customer databases leading to a strong digital foundation.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"579\" height=\"303\" src=\"https:\/\/www.esds.co.in\/blog\/wp-content\/uploads\/2021\/07\/image.png\" alt=\"Digital Transformation\" class=\"wp-image-12125\" srcset=\"https:\/\/www.esds.co.in\/blog\/wp-content\/uploads\/2021\/07\/image.png 579w, https:\/\/www.esds.co.in\/blog\/wp-content\/uploads\/2021\/07\/image-300x157.png 300w, https:\/\/www.esds.co.in\/blog\/wp-content\/uploads\/2021\/07\/image-150x78.png 150w, https:\/\/www.esds.co.in\/blog\/wp-content\/uploads\/2021\/07\/image-380x200.png 380w\" sizes=\"auto, (max-width: 579px) 100vw, 579px\" \/><\/figure><\/div>\n\n\n\n<p class=\"has-text-align-center\"><strong>What is the Role of Digital Lending Platforms in the Growth of the Indian Economy?<\/strong><\/p>\n\n\n\n<p style=\"text-align: justify;\">India being one of the fastest-growing economies, Fintech platforms are scaling up at a greater position. Delivering a wide range of market opportunities for both innovative and traditional lenders, the new-age lending platforms have catered to a large segment of online banking customers. <\/p>\n\n\n\n<p style=\"text-align: justify;\">The COVID-19 induced lockdown pushed the business world to embrace Digitalization to compete in the Digital World. FinTech\u2019s have enabled transparency of financial requirements and services catering to convenient access eliminating the need to visit bank branches.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"900\" height=\"600\" src=\"https:\/\/www.esds.co.in\/blog\/wp-content\/uploads\/2021\/07\/1.gif\" alt=\"Growth of the Indian Economy\" class=\"wp-image-12128\"\/><\/figure><\/div>\n\n\n\n<p style=\"text-align: justify;\">Capitalizing upon the requirements and pain points of consumers, FinTechs have offered quicker turnaround times on digital lending platforms than the Traditional system at banks. Expanding the existing capabilities into the Digital realm, FinTechs have accelerated the Indian Economy to get back to the growth trajectory.<\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong>What are the Digital Transformation Trends in the Finance Industry?<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-embed-youtube aligncenter wp-block-embed is-type-video is-provider-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"ESDS\u2019 Advanced BFSI Solutions is Boosting the Industry\u2019s Processes\" width=\"960\" height=\"540\" src=\"https:\/\/www.youtube.com\/embed\/lHIA_tJ1lbI?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li><strong><em>Mobile Banking<\/em><\/strong><\/li><\/ul>\n\n\n\n<p style=\"text-align: justify;\">Mobile Banking reduces the need to visit brick-and-mortar banks enabling customers to conveniently transfer funds, deposit checks and apply for loans through mobile devices. Online banking ensures 24&#215;7-customer access to financial services reducing the delay.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong><em>Big Data<\/em><\/strong><\/li><\/ul>\n\n\n\n<p style=\"text-align: justify;\">Big Data plays a crucial role in the finance industry to process the data and derive analytical solutions serving the customers effectively tailoring the services based the customer insights.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong><em>Mobile Applications<\/em><\/strong><\/li><\/ul>\n\n\n\n<p style=\"text-align: justify;\">While the banks are digitally transforming, third-party financial service providers are also competing with the banks to deliver customer excellence. Banks are integrating third part mobile apps delivering enhanced services ensuring transparency and eliminating the need to have an intermediate SPOC.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong><em>Automated Wealth Managers<\/em><\/strong><\/li><\/ul>\n\n\n\n<p style=\"text-align: justify;\">AI-enabled Automated Wealth Managers use complex algorithms to calculate the best investment opportunities, enabling the financial institutions to achieve business objectives.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong><em>FinTech<\/em><\/strong><\/li><\/ul>\n\n\n\n<p style=\"text-align: justify;\">Banks are leveraging FinTechs to deliver enhanced finance services ensuring a 24&#215;7 Omni-channel banking experience. Revolutionizing the finance sector, fintech like customer service Chatbots, expenditure tracking, and online budgeting are enabling exuberant customer support.<\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong>What are the Benefits of Digital Transformation in the Finance Industry?<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong><em>Omnichannel Experience<\/em><\/strong><\/li><\/ul>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"360\" src=\"https:\/\/www.esds.co.in\/blog\/wp-content\/uploads\/2021\/07\/Digital-Banking-Solutions.gif\" alt=\"Omnichannel Experience\" class=\"wp-image-12127\"\/><\/figure><\/div>\n\n\n\n<p style=\"text-align: justify;\">Omnichannel banking experience delivers convenient financial services to the customers on their preferred channel attaining customer loyalty. Delivering anywhere and anytime access to the customers, the finance industry is ensuring seamless interaction between the customers and their financial institutions across multiple channels.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong><em>Creating Personalized Banking Experience<\/em><\/strong><\/li><\/ul>\n\n\n\n<p style=\"text-align: justify;\">Financial institutions are deriving customer insights from a huge volume of data and are tailoring the financial services based on customer needs. Tailoring customer-centric services enable financial organizations to enhance customer engagement and gain a competitive advantage, differentiating their services from similar institutions with the same services in the industry.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong><em>Build Trust with Enhanced Security<\/em><\/strong><\/li><\/ul>\n\n\n\n<p style=\"text-align: justify;\">A secure banking experience helps gain customer\u2019s trust and loyalty towards the financial institution. Driving on a Digital Transformation Journey, the Financial Institutions confirm transactions with an interactive push-button and send verification codes. Digital Technologies have helped the Finance Industry to maintain the highest security standards with two-factor authentication.<\/p>\n\n\n\n<p><strong><em>Wrap Up<\/em><\/strong><\/p>\n\n\n\n<p style=\"text-align: justify;\">Accelerating the acceptance of <strong><a href=\"https:\/\/www.esds.co.in\/\">Digital Technologies<\/a><\/strong>, the FinTech sector has resolved the customer\u2019s struggle to access the funds conveniently. Transforming the traditional processes, Digital technologies have unlocked vast opportunities leading to a strong digital foundation in the finance industry.&nbsp;&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1257\" height=\"598\" src=\"https:\/\/www.esds.co.in\/blog\/wp-content\/uploads\/2021\/02\/ESDS-1.jpg\" alt=\"ESDS\" class=\"wp-image-11843\" srcset=\"https:\/\/www.esds.co.in\/blog\/wp-content\/uploads\/2021\/02\/ESDS-1.jpg 1257w, https:\/\/www.esds.co.in\/blog\/wp-content\/uploads\/2021\/02\/ESDS-1-300x143.jpg 300w, https:\/\/www.esds.co.in\/blog\/wp-content\/uploads\/2021\/02\/ESDS-1-1024x487.jpg 1024w, https:\/\/www.esds.co.in\/blog\/wp-content\/uploads\/2021\/02\/ESDS-1-150x71.jpg 150w, https:\/\/www.esds.co.in\/blog\/wp-content\/uploads\/2021\/02\/ESDS-1-660x314.jpg 660w\" sizes=\"auto, (max-width: 1257px) 100vw, 1257px\" \/><\/figure><\/div>\n","protected":false},"excerpt":{"rendered":"<p>With the outbreak of COVID-19, Digital Transformation has created an overwhelming buzz across the business world including the BFSI sector. Digital players in the finance industry have resolved the customer\u2019s struggle to get access to the funds. Technological innovations have paved the way for new services disrupting the traditional ones. Transforming the traditional banking processes,&#8230; <\/p>\n<div class=\"clear\"><\/div>\n<p><a href=\"https:\/\/www.esds.co.in\/blog\/digital-transformation-paves-the-way-for-the-finance-industry\/\" class=\"gdlr-button small excerpt-read-more\">Read More<\/a><\/p>\n","protected":false},"author":59,"featured_media":12630,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2067],"tags":[1339,745,1604,2676,2220,1856,2677],"class_list":["post-12123","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-digital-transformation","tag-bfsi","tag-big-data-2","tag-digital-transformation","tag-digital-transformation-in-finance-industry","tag-dx","tag-mobile-applications","tag-mobile-banking"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.esds.co.in\/blog\/wp-json\/wp\/v2\/posts\/12123","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.esds.co.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.esds.co.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.esds.co.in\/blog\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/www.esds.co.in\/blog\/wp-json\/wp\/v2\/comments?post=12123"}],"version-history":[{"count":4,"href":"https:\/\/www.esds.co.in\/blog\/wp-json\/wp\/v2\/posts\/12123\/revisions"}],"predecessor-version":[{"id":12632,"href":"https:\/\/www.esds.co.in\/blog\/wp-json\/wp\/v2\/posts\/12123\/revisions\/12632"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.esds.co.in\/blog\/wp-json\/wp\/v2\/media\/12630"}],"wp:attachment":[{"href":"https:\/\/www.esds.co.in\/blog\/wp-json\/wp\/v2\/media?parent=12123"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.esds.co.in\/blog\/wp-json\/wp\/v2\/categories?post=12123"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.esds.co.in\/blog\/wp-json\/wp\/v2\/tags?post=12123"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}