This is really fascinating to know, and we are aware that how technology is covering every segment of industries, like the rays are spreading over everywhere. When we say the word ‘smart’, technology truly means it.
Even the financial industry is not left with the significance of technology. Not limited to banking but if we talk about Mutual funds they are also the part of this digitalization. The miracle of digitalization has also benefited the mutual funds industry for all its process so if it is fund management, executing transactions, and customer servicing, they have got the back.
The payment spectrum has taken a drastic change in the industrial part, the growth metrics has touched another level of achievement in it yes, the influencer is digitalization. The assets have increased, or I would say got tripled, as per source considering in 2013 from 7 trillion has got the hike of around 25 trillion by 2018.
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If we just look at around 2 years back to till date digital payments via mobile has increased about 100% annually. Payments through Immediate payment service (IMPS) is about 106%, mobile banking, wallets are hitting by 120%, this growth is a real hike and the graphs are still on high. Now the mature payment systems that is from credit and debit cards have also taken a good growth.
Even for the mutual industry, the digital spectrum has taken a jump from 0.6% to 10% until now, isn’t the digitalization era for everything we look at.
This digital process is still looking for more. The adaptation for the digital payments is still going to be much more in the top cities with acceleration to other major areas. The withstanding of digital processing is going to continuously rise.
The huge population is yet to reach for this industry, so the technology has got the pace and within the time it is going to expand the reach and make the part more helpful for the investors. Expanding their reach would not only help the individual investors but the firms as well related to mutual funds. With this, it’s also going to help to reduce the investment avenue.
Digitalization is an inclination towards the financial sector. Even the government bodies are taking the move more towards the cause, we have the information and the awareness as well so why not use it wisely. This adoption of technology in the mutual funds would give a new dimension to industries associated along with the investors and intermediates. A broad prospect to investment which is the need of tomorrow.
Technology has always shown the bigger picture and with that comes the bigger benefits. It is going to excavate the industries penetration by providing a better efficiency and reducing the costs and ultimately beneficial to the investor. The days are not too far for the mutual funds where every investment would just not be a smart investment but the smartest one and technology is going to change the game.