Personal finance

Covid-19 Has Changed Personal Finance In India. Here’s What’s New

Aug. 27, 2021, 4:27 p.m.

The finance industry has been among the first to adopt technology in order to improve efficiency amid a raging pandemic as businesses and people scrambled to find viable means to carry out financial operations. As a result, digital transactions picked up at par with the increasing digitization of financial services.Digitization has brought democratization of services, making them more accessible and affordable. These changes have been received with enthusiasm from the average consumer with sharp spikes being witnessed in digital transactions and services. Given this impressive reception, we can expect digitization to continue further with more innovation in products and services.Here are five emerging areas of financial services that have steadily transformed the personal finance ecosystem in India.1. BankingNeobanksWith a digital-only structure, neobanks have emerged as one of the major disruptors in the banking sector, forcing even legacy banks to quickly digitize their services. One of the biggest reasons for their quick reach has been the bouquet of services offered by these digital banks that include:- Wealth management- Investment management- Insurance- Lending …
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Donovan Larsen

Donovan is a columnist and associate editor at the Dark News. He has written on everything from the politics to diversity issues in the workplace.

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