How are Financial Services Changing Through Digitalization?

How are Financial Services Changing through Digitalization?

Posted on November 2, 2017

With the proliferation of smart devices, increased access to the internet, and the advancements in technology, the way financial services used to be delivered is changing. Every industry and business niche has undergone significant transformation with digitization and so has the financial sector.

Digitalization is one of the latest technology waves which has been making things much easier for the users, and the impact of digitization on the finance and accounting sector cannot be overlooked. Technology is facilitating several new ways of investing and managing money, while making it easier to track, store, and carry out transactions.

Top 4 Ways in Which Financial Services are Changing through Digitalization

Digital innovations are key to provide superior customer experience and achieve better business performance. Today, financial services are changing significantly through digitization and here are the primary ways in which these changes can be witnessed:

  1. Reduced Need for the Physical Form of Currency

    Owing to digitization, the digital payments have become much easier and more common. You would be hard pressed to find any hypermarkets, restaurants, or hotels which don’t accept digital payments.

    Now, you can carry your card anywhere in the world and don’t need to carry the cash which is very risky. Apart from the plastic currency, there’s a new digital currency, which is becoming extremely popular. Bitcoin is one of the digital currencies which has gained immense popularity and the fact that it’s not bound or supported by the government of a specific country makes it a global currency, which can be used anywhere, anytime, and to carry out any type of transaction.

  2. Introduction of Technologies Like Blockchain

    Although Blockchain is currently just known as the technology behind Bitcoin, it is one of the best technologies being developed in the financial sector.

    Blockchain can be used for safe and secure trading of different entities. It also eliminates the need for a middle man for managing and facilitating the payment. Blockchain can be leveraged for managing investments, transactions, real estate, and much more in a highly secure manner.

  3. Reduced Need for Walking to the Bank

    One of the biggest benefits of digitization in the financial services is that one does not need to walk to the bank for carrying out every single transaction. Now, you can use internet banking or phone banking to carry out all the tasks which might require you to visit the bank like sending money, checking the status of the checks, filling up various utility bills, starting a fixed deposit, or availing any other financial service.

  4. Flexibility of Carrying Out Transactions Round the Clock

    With these advancements, people can save a lot of their valuable time, which they had to otherwise spend standing in queues for various tasks. One does not have to wait for the working hours of the bank to carry out such diverse transactions. The banking and other financial services can be used round the clock, and can be accessed from anywhere.

Partner with Flatworld for Quick & Efficient Financial Services

Flatworld Solutions is a leading provider of a comprehensive range of finance and accounting services. With the advancement in technology and increased digitization, we have also adopted the latest methodologies to deliver improved, better, time-efficient, and reliable services to our global clientele. We offer an array of finance and accounting services including bookkeeping services, accounting services, financial analysis services, cash flow management services, payroll processing services, tax processing services, invoice processing services, QuickBooks accounting services and much more.

Connect with us today to know more about our finance and accounting services, and should you have any query/questions, you can send that through the below given comment box. We assure a quick response.

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