In any country’s development, financial services plays vital role. There are so many services which are most useful and beneficial.In India as of now there are few technologies available to serve financially, but now it plans to introduce some more transformative technologies.Those are: Universal electronic bank accounts, technology-enabled business correspondents, mobile money, digital government transfers and payments, advanced credit underwriting, enhanced customer experience, and digitally enabled sales and fulfilment.
Universal electronic bank accounts: Zero-balance accounts for all citizens above the age of 18, enabled by a unique verifiable digital identity
Technology-enabled business correspondents: Agents appointed by banks to deliver basic financial services to non-tech users through mobile phones or micro-ATMs.
Mobile money: Cashless transactions for retail, merchant, and personal payments, using mobile phone-based money transfer systems.
Digital government transfers and payments: Government payments and transfers using verifiable digital identity, mobile payments, and universal electronic bank accounts to cut leakage.
Advanced credit underwriting: Use of unconventional data, such as telecom payments to provide credit to the unbanked and improve underwriting and pricing for all customers.
Enhanced customer experience: Simple, Integrated, intuitive, and personalized financial products and services on mobile and other channels.
Digitally enabled sales and fulfilment: Personalized, analytic-based customer acquisition, straight through processing, and automatic provisioning, with virtual servicing and administration
