Page 19 - ICDEBI2018

International Journal of Trend in Scientific Research and Development (IJTSRD) ISSN: 2456International Journal of Trend in Scientific Research and Development (IJTSRD) ISSN: 2456International Journal of Trend in Scientific Research and Development (IJTSRD) ISSN: 2456-6470 | IF: 4.101

The financial crisis of 2008 has shaken the trust of the he financial crisis of 2008 has shaken the trust of the
Digital transformation in financial servicesDigital transformation in financial services T
The financial services in India were computerized The financial services in India were computerized investors in the financial institutions which minvestors in the financial institutions which made the
decades back but real digitalization process has decades back but real digitalization process has process of capital rising difficult. This rated a process of capital rising difficult. This rated a
gained the momentum only after the revolutionary gained the momentum only after the revolutionary opportunity for small and less regulated non banking opportunity for small and less regulated non banking
steeps like demonetization and cashless economy tion and cashless economy financial institutions to utilize the market and grow. financial institutions to utilize the market and grow.
taken by the Government of India during the year taken by the Government of India during the year These institutions offered the financial services at a These institutions offered the financial services at a
2016. The radical transformation of the industry was 2016. The radical transformation of the industry was cheaper rates and convenient techeaper rates and convenient terms because of their
delayed due to market advantages of traditional delayed due to market advantages of traditional technology based services. This development has technology based services. This development has
financial services providers. These included the financial services providers. These included the resulted in increasing trust of the customers towards resulted in increasing trust of the customers towards
established trust of customers, regulatory barriers to regulatory barriers to the non banking financial institutions. This in turn the non banking financial institutions. This in turn
entry in banking and insurance and supervisory entry in banking and insurance and supervisory necessitated the economy to digitalize the following necessitated the economy to digitalize the following
approaches that created a bias to internalizing all or approaches that created a bias to internalizing all or chart shows the Architecture of Digital Economy.ture of Digital Economy.
most of the value chain.

Figure No: 1 the Architecture of Digital EconomyFigure No: 1 the Architecture of Digital Economy

Opportunities of digitalization in the financial Opportunities of digitalization in the financial l least cost. Of course most of services we find in east cost. Of course most of services we find in
sector: t the market but still there is scope for addition of he market but still there is scope for addition of
The trend of digitalization has created many The trend of digitalization has created many features with cost reduction in order to increase t reduction in order to increase
opportunities in the financial sector. the number of customers.

1. Demand for wide range of services : Demand for wide range of services : 2. Merger of Financial Services of Banking and Non Merger of Financial Services of Banking and Non
B
The invocative market is expecting more number The invocative market is expecting more number Banking Financial Companies:anking Financial Companies:
of services from the service providers with at a of services from the service providers with at a

@ IJTSRD | Available Online @ www.ijtsrd.comwww.ijtsrd.com | Conference Issue: ICDEBI-2018 | | Oct 2018 Page: 11