Numerous companies are adopting digital methods to stay in the business and continue to be leaders in their industry. In the past, firms used to deploy traditional means while conducting their daily operations. However, with the advent of digitalization, businesses across all industries have realized the benefits digital methods have to offer. Digitalization is not only a cost-effective option but also provides extensive reach. It offers an impetus for further growth and helps businesses reach the pinnacle of success. Digitalization provides holistic solutions to customers as well as businesses.
Individuals are increasingly using their smart phones, tablets, laptops, and other devices in every sphere of their lives. They, therefore, expect companies to take the digital leap as well. Companies that opt for digital means are gaining a competitive edge over their competitors.
Digitalization in the finance industry
The finance industry, in particular, has adopted digital means to conduct their activities. Technology has become an important part of the modern finance sector. As traditional markets are facing new challenges, financial institutions are now switching to digital means to deal with the ever-increasing competition.
Banks and Non-Banking Financial Companies (NBFCs) have established online portals so as to enable borrowers to have a seamless digital experience. Such websites are easy to navigate and offer a user-friendly interface. These websites allow potential borrowers to seek various loan-related details like interest rates, loan tenure, terms of the deal, and much more. Applicants may also check the eligibility criteria and the required documents online. Besides, customers may apply for a loan online. Loan seekers may apply for a home loan, personal loan, business loan, car loan, and any other type of credit through the lenders’ websites. Borrowers may also calculate their Equated Monthly Installments (EMIs) through the online loan calculator. Additionally, the online portal provides a loan amortization schedule wherein borrowers may view their payment history as well as their future repayment structure.
Digitalization: the impact of demonetization
Out of the numerous benefits of demonetization, the accelerated use of digital methods is by far one of the greatest benefits. Demonetization has led individuals across the country to reduce their dependence on cash transactions and resort to digital mode. Many e-commerce companies are now establishing e-wallets which help individuals carry out cashless transactions.
Demonization, an initiative by the Indian Prime Minister, Narendra Modi has enabled individuals to adopt digital means while conducting banking activities as well as seeking loans. The Government of India also plans to invest in setting up the infrastructure required for digital education, thereby adding to the country’s development.