The Digitalization & Modernization of the Payments Industry Using Technology
Technology Overhauling the Payments Industry Sector
With changing business standards, more and more industries today are embracing technology prowess to automate and upgrade their systems and enjoy the benefits. Well, the payments and finance industry really had it big, automating the systems and bringing much-needed innovation into the traditionally conservative financial sector of India.
Today, finance is all about the buzzwords- low code, cloud native, microservices, and more. As advancements in technology have made it easier to track and model all the data available now, finance has outgrown to offer more terrific solutions and speed up operations. Looking at the speed of technology evolution and growing competition, where it remains significant to excel and thrive while also establishing worth, fintech today puts a lot of emphasis on delivering accurate, error-free, and trust instilled services. Low-code as the visual approach to the development of financial applications is the best business solution allowing financial institutions and businesses to use applications that can help them tackle challenges like security breaches, dynamic compliance procedures, changing business models, customer retention issues, and the need for continuous innovation. High-performance low-code redefines what's possible for banks, and is the recipe for excellence for many. However, there much remains to be explored to better enhance the systems standing by the emerging trends. The potential of low-code technology in unparallel and the world is yet to witness its dynamism, powering a relationship of trust between the two parties enjoying convenience with an extensive experience.
Over the decade, with the adoption of these game-changer technologies by the payments industry, Indian payment and banking industries have been experiencing an almost endless series of innovations having to leverage cardless cash withdrawals at ATMs, Digital Wallets, Bharat QR, UPI, RuPay Card, Cash Recycling and White Label ATMs. While in a recent couple of years, bringing in the much needed innovation, the traditional finance industry has turned fintech, and there have mushroomed hundreds of fintech and digital payment firms. The Indian digital payments market is expected to reach US$10 trillion by 2026. Moreover, looking at the convenience of transactions digitally, many customers have already moved to digital channels, and this evolution is tremendous. This growth is proof that consumers are accepting such improved customer service in banking that is quick and easy to use.
Prominently, they are the organizations like Volante Technologies which using low-code technology are helping financial institutions to produce complex predictive models and enable the banking system to lead banks to configure, extend, customize or compose certain parts of their core application portfolio. Such organizations are extensively committed to building on technology solutions and automation that helps improve payment and finance sections on quality deliverables, speed, and extensive customer service.
Well, with the potential of digitalization and modernization in banking, finance, and payments using advancing technology, the world is yet to witness its dynamism, powering a relationship of trust between the two parties enjoying convenience with an extensive experience.
"Low-code as the visual approach to the development of financial applications is the best way for financial businesses to build innovative applications for mission-critical purposes at record speed, particularly in payments. The low-code approach, combined with cloud and payments as a service, will help them tackle challenges of security, compliance, resiliency, changing business models, and customer retention, all with minimal technical effort, and maximal business outcome."