Now a days, the technology intrusion in different business sector is revolutionizing the way traditional businesses were running. One can now see tremendous change in the way business happens across the world. Technology has helped remove boundaries between consumers and vendors connecting them through a virtual platform directly. Information Technology is the talk of the town of the first one and a half decades of the current Century!
Wide internet reach and innovation has made technology available to everyone. Various sectors, including financial services, have benefited hugely by technological implementation and opting it by their customers. It has widen the reach of banks and other service providers. It has also increase operational efficiency of financial system. In India, during last two decades, the banks have transformed from document driven organizations to technology driven organizations. Technology has changed the definition of financial transaction and that will further change in coming years. There might be a time when future generation would wonder when we will talk about form signing, bank passbook printing, demand draft printing etc. I do not see that future very far!
The future would be of people transacting virtually. This is very much possible by using technology and credible data source. India has already taken baby steps towards whole new world of digital transactions. When we reach there, individual/institution identity will not be relevant. There would be a tag attached to these individual/institutional bodies which will enable exchange of money.
LoanUncle is one of the step taken to bring digitalization in lending and borrowing. We are committed to use technology to make processes more effective, hassle free and beneficiary. To know more about this please visit LoanUncle.org.