Digital Transformation in Financial Services and Challenges and Opportunities

The economic development of any country depends on the well structured and innovative financial system of the country. Innovation is the need of the hour in any segment. The word is continuously experiencing unbelievable innovations in all the areas. Finance which is said to be integral part of all the sectors has witnessed rapid technological innovations. India which stands in the list of top developing countries is presently under the deeper shadow of digitalization. The digitalization in the financial services is not a new development but the application is widened with the new developments in the Fin-tech services. The Adhar linkage and e KYC have simplified the life of the Indians. The digitalization has brought satisfaction in the minds of the people about the real time transactions because of tools like Immediate Payment Services IMPS . Digitalization or digital transformation in financial services refers to the process of adopting cloud, social media social Medias, mobiles, big data for ease and efficient based results in the financial services. The different financial services providers in India have stared adopting new technology in order to meet the fast growing needs of the customers The digital transformation in the financial services in the country by the different players has provided opportunities and created challenges .This paper makes an attempt to address those opportunities and challenges in the financial services caused by digitalization. Dr. Anand Patil "Digital Transformation in Financial Services and Challenges and Opportunities" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Special Issue | International Conference on Digital Economy and its Impact on Business and Industry , October 2018, URL: http://www.ijtsrd.com/papers/ijtsrd18661.pdf