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Digitization now makes handling your finances easier

There was a time when you would have to think twice about when you should go to the bank. You would consider the best time, how many hours you would need to wait and when you could possibly get back home. Reason for this was simple: the long serpentine queues, the working hours and the unknown technical problems that the bank branch would be facing.

This was not just for regular transactions. If you had to speak to your bank about a business or a personal loan, the time taken would increase by manifolds and you would have to literally start planning at least a few weeks in advance.

This was then.

Digital platforms have made it so much easier to take care of every mundane financial transaction, via a web or mobile application. The same ease and convenience are even offered by new-age financial institutions like Tata Capital even for application of a personal loan or a business loan.

Always available

Anytime and anywhere access to funds is making financial funding an absolute relief for individuals who need a loan to either pursue a new venture, go on an exotic vacation, or attend to some contingency. Adoption of the digital platform has totally changed the market dynamics. According to a recent report, the Apple App store has estimated close to 2 million of consumer apps while Google Play has estimated over 2.2 million Apps.

In addition, the contemporary digital landscape and digital transformation of financial platforms are making everything seamless for the end-consumer. Likewise, it has given a whole new twirl to the financial services sector.

In line with all other consumer-oriented applications, even financial applications have third-party interfaces and provide compatibility across diverse device platforms. So, consumers can access Personal Loan EMI Calculator and even pay their EMIs via Net Banking, Mobile Wallets, or any digital mode of payment.

Make your wish count

Financial assistance can be required for any fresh start or even an emergency business situation, where your first resort will be to dig into your savings. However, it might not be a great option to consider, as spending your hard-earned savings will eat into your plans for the near future. Personal loans and business loans provide an easy and smart way out in such situations.

Malvika Sanghvi wanted to further expand her Financial Technology (FinTech) start-up that assisted global buyers for investing in Real Estate in India. Apart from Mumbai, she was planning to set-up offices in Ahmedabad and Indore. She had enough funds to make these investments, however, it would affect her financial flexibility in the near future. Malavika wanted to approach a financial institution that would understand her requirements and provide easy access to funds, enabling her to jumpstart with her future plans.

While she was busy running around trying to set up the expansion, she did not have the time to head to the bank and start her paperwork. She did the next best thing. She checked out her eligibility, how much EMI should be paying and the documentation required by checking the website of her preferred financial institution.

Financial institutions have built seamless digital platforms to offer agility and speed to individuals. Furthermore, new and responsive financial applications are making it convenient for consumers to receive funds and pursue their objectives without any delays.

Digitization has completely changed the way we access our finance. As we move forward, this is only going to get better.

About Vikas Agarwal

Vikas Agarwal is an IIT-Varanasi graduate in Chemical Engineering. He is the Founder and CEO of Finaacle.com - an investment advisory website. He is a Business Development Professional but a Value Investor at heart. He writes articles on Finaacle, which focus on simplifying the art of investing and the causes of human misjudgment when it comes to investing. He also shares his experiences as an investor and lessons from some of the greatest investors of all time.

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