| | JULY 20198EXPERTS TALKROLE OF DIGITAL TECHNOLOGIES IN TRANSFORMING FINANCIAL SERVICESBy Mahesh Shukla, Founder, PayMe IndiaMahesh is a FinTech enthusiast with a demonstrated history of working in the financial services industry. He is skilled in Credit Evaluation, Product Development, Equity Research, Analytical Skills, Market Research, Financial Modeling, and Competitive Intelligence. While standing at the cusp of the fourth in-dustrial revolution, worldwide markets are interconnected like never before. Such intermingling has stiffened the competition in both domestic and international markets for which the businesses have to rely on digital innovations and cutting-edge technologies to stay ahead of the curve. More and more industry players are jumping on the bandwagon of digital tech adoption where Big Data, IoT, Blockchain, Cloud Computing, and Artificial Intelligence powered tools are helping them make better business decisions and achieve high customer satisfaction. According to the research by TechNavio, the global digital business support system market size is projected to grow by nearly $2.96 billion by 2023 at CAGR of 15 percent. Well, finance is one of those sectors that realized the underlying potential of digital technologies and platforms quite early. Adopting latest digital tools, financial institutions and companies provided the customers with what is considered to be urgent re-quirements ­ transparency and reliability. For them-selves, they figured out the ways to improve financial service delivery, maximize operational efficiency, cut back business costs & expenses, expand its mar-ket presence, and fulfill the overwhelming customer demands. And, there sprung the whole new concept of FinTech ­ which has remarkably reformed the lending space in the finance sector. Offering lend-ing and investment services through online quickly and efficiently, FinTech startups have grown mani-fold between 2015-18, adding over 1,300 new start-ups to the base of existing 730 FinTechs, says Economic Times. The secret to FinTech success is not only the use of advanced technology in delivering faster services to the custom-ers, but also the timely and wise implementation of tech solu-tions to offer them unique services. Whether it is prod-uct innovation or customiza-tion, financial companies are harnessing technol-ogy to accomplish their individual goals and meet their targets. On a daily basis, the companies THOUGHT LEADERSHIP
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