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The digitalization of BFSI in India and the role Forex plays in it

India is well-known for its ambitions to go digital in the coming years. This opportunity is greatly important for the people of the country. Banking sector, in general, is not that active when it comes to technological advancements and developments. However, the digitalization of the Banking, Financial Services and Insurance, (BFSI)  is hugely important for India.

The banking sector in the country is not that well-developed, which creates a lot of challenges for the local population. The thing about India is that, according to some estimates, very soon, the average age of the person living in India will be 29, which means that it will be vital for the majority of the population to have access to the most modern and well-developed technologies, something that the country can’t offer yet.

Today, it is very challenging to make payments in countries like India and stay safe and secure at the same time. However, the development and digitalization of the BFSI could have the potential to change everyday lives of Indians, which is why it is so important for the local population.

Many experts are saying that the demand on timely and safe payments in India is rising constantly, and one of the reasons for it is the FX trading market of India. According to http://forexbrokerslist.org/, the people of India are looking for a payment method that could offer them the ability to make payments without much to worry about.

There are many people who trade Forex in India, however, because of the fundamental problems with the payment methods, they are having a very hard time doing it.

What are FX trading laws in India?

Around the world, Forex trading is one of the biggest financial markets. With the future development of the country and the digitalization of many fields, including BFSI, Indian FX traders have the ability to become a part of this market.

Forex trading is very much legal in India, recently, it has become a very active part of everyday lives of many Indians. However, there are some limitations, for example, you can only trade Forex in India with Indian exchanges. Sadly, there are not that many currency pairs available on these platforms, but they still manage to stay very popular.

The development of the Forex market in the country led to many needing to have a better solution for payment methods, which is why the country is working on the digitalization of the BFSI.

Why is digitalization of BFSI important?

When it comes to digitalization, it has the ability to change everything, and it is especially true for the banking sector. It has the ability to forever change the experience of customers while using banks or other financial organizations.

In addition, it could also offer the institutions itself to make decisions using analytics, come up with new strategies and capture customer and operations data in real time, which can help them further develop their services.

Over the last few years, India has seen a huge growth in the development of technology. Just a very few years ago, most of the people in the country did not have any access to modern technology, but today, more and more of them are getting this access. Mobile payments have become increasingly popular in India, and the digitalization of the BFSI will surely have a huge effect on the country.

The challenge, however, is still there. As of today, more than a half of the population of India are living in the villages, which do not have access to modern technology. They can’t even access the internet, which is creating a very risky environment of the digitalization of banking fields. However, the country is working very hard to give people in every part of the country access to the internet, which could change the situation altogether.

The future

Over the years, Internet banking and mobile payment solutions have become very popular among Indians, but they have some problems, such as, the speed of the payments. In addition, there also are some security concerns that need to be worked on as fast as possible for the future development of the market.

The thing is, for the future development of the market, it is very important for the main players to get involved. These changes could be very important for the future of India since by digitalization, a much safer and more secure market can be offered to the citizens of the country.

About Anirudh Singh

Anirudh Singh is a passionate blogger and the man behind Amazing India Blog. He has 5 years of experience in the newspaper industry and he founded Amazing India Blog in 2015. Apart from writing and editing articles on Travel, Business and Technology at Amazing India Blog, he also contributes to other well known newspapers and online news blogs.