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The BA BA of digital finance

Here we will discuss the perspectives of digital finance. Which is nothing but the digital transformation of the financial sector, how do they affect society? What are the pros and cons of digital financial inclusion? Digitization makes the world a better place, right? In this article I tell you everything you need to know about digital finance. The following plan gives you an idea.

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???? What is digital or digital finance?

Digital finance is a broad spectrum that emphasizes digital access to financial services via the internet. It facilitates access to traditional banking services by underserved societies.

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It facilitates digital financial inclusion, even in the most remote corners of the planet. The era of cloud computing and next-generation broadband connectivity solves even unresolved financial issues.

Whether it's government grants or fund transfers from foreign accounts, digital financial inclusion paves the way for seamless integration of benefits. The three key elements of digital financial inclusion include:

✔️ The digital transactional platform

 Digital transactional platforms are those that store and process user data electronically with the utmost confidentiality and security.

✔️ The retail agent

Retail agents are those who have access to the resources to send and receive the funds, which converts the electronic stored value of the fund into cash.

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✔️ Electronic devices that access the platform

One has electronic devices such as mobile phones, tablets or PCs that have access to data wirelessly without any hassle.

Digital financial inclusion greatly serves the rural society by providing them with easy access to financial transactions.

🌿 Thedigital financial iteracy

Digital financial literacy is nothing more than the knowledge or skills needed to make the most of fintech.  

It is solely the individual's ability to access digital resources for financial transactions. Safety and security are the two paramount factors for accessing digital finance tools. In order to be more secure in the transfer of funds or the security of your private data, you should be aware of sound digital finance principles.

This awareness of the digitization of financial transactions is what we have called digital financial literacy. financial literacy Digital is a vital component of the cashless economy. Check out this article to learn more about financial literacy.

???? Digital financial services

Digital financial services are a large number of financial services that are offered in digital channels like, ATM, ATM, etc. These services are provided and accessible via the Internet only.

This also includes mobile banking services such as M-Pay, M-Money, which provide transactional and non-transactional services. Digital financial services are often referred to as financial technology or FinTech.

This digital age facilitates the growing number FinTech companies that really simplify our digital lives. It can be paying bills or taking a taxi, every payment is now online.

Digital financial services or the FinTech industry are redefining our way of life and our economy towards more productivity.

🌿 Has thembenefits of digital financial services

  • Accessible everywhere
  • Very simple and efficient
  • Save a lot of time and resources – no more waiting in queues to affect funds transfer
  • Each transaction is updated in real time
  • Ease of decision making
  • Reliability and flexibility to affect a transaction
  • Seamless integration of all digital platforms
  • Respectful of nature
  • Increased customer base through technical support
  • Increase reach with omnichannel digital marketing

These are the benefits of digital financial services that benefit both businesses and consumers in society. The evolution of computer technology is changing the dynamics of conventional banking and financial systems.

???? The risks associated with digital finance

Even though the digitization of the financial sector is growing, there are still risks that require attention.

✔️ The new suppliers

New types of establishments are multiplying rapidly and are potentially expanding.

They rely on other financial and non-financial companies for important aspects of their business. Consequently, partnering with multiple vendors in the digital delivery of financial services is risky.

Le premier is the lack of transparency, including in relation to the treatment of consumers. Such partnerships can create oversight gaps by the primary provider and other third parties.

Confidentiality and data security are the second. Because the higher the complexity of a partnership, the more there is to worry about in terms of monitoring and different consumer protection rules.

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✔️ The uuse of agents

Agents serve as the main link between basic financial services and remote populations. But even if they provide access to the bank, the use of agents has significant drawbacks.

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Some of these challenges may be a lack of supervision and effective communication. This can lead to a lack of transparency, increased risk of fraud and theft, and can facilitate abusive behavior towards customers.

✔️ The tdigital technology

The digitization of financial services is a big trend that increases connectivity. It also connects remote sites to the financial services ecosystem. But there are also constraints to consider such as the varying quality of digital technology.

This can have a huge impact on privacy and data security. Data security concerns include the risks of hacking and the vulnerability of cheap smartphones to malware.

Additionally, unreliable mobile networks and digital transactional platforms may result in an inability to transact.

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This may be due to network vulnerabilities or the quality of the technology. An example would be loss of payment instructions due to lack of connectivity or lost messages.

???? Importance of digital finance transformation

The word digital is becoming so obvious in this era of smart technology. The importance or necessity of digital transformation in banking is to overcome the complex and time-consuming financial process with simple digital solutions.

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The digital revolution in financial technology gives people the greatest freedom to control their accounts.

Every individual can perform any type of transaction without asking for help from their branch or bank staff. Digital finance is so robust and user-friendly that it focuses on customer satisfaction.

Digital transformation not only simplifies the existing system, but it also facilitates the evolution of new financial products and tools that increase the productivity and efficiency of any task.

The best example of scanning and scanning is FASTag. The toll collection system is now simplified.

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You could save more time and resources, go paperless, be more productive with a secure transaction system. It is the power and importance of digital finance transformation.

Digitization is transforming the existing banking industry not only by recording the transaction but also to get a complete understanding of customer behavior and market approach. The banking procedure has evolved as a functional insight-driven system.

It sets high standards, faster processing, full automatic execution with highest customer satisfaction and employees.

???? Impacts of digital finance on the financial industry

New technologies and digital services have emerged in the financial sector. It has given way to new services that disrupt old ones.

The digital transformation of finance continues to impact the industry. This is evident in the services we use today such as ApplePay, PayPal or Venmo, among other examples.

Digital transformation

Here are the main changes that have an impact on the financial sector:

✔️ The Digital bankss

Previously, banks offered incentives for opening an account. They have also given customers promises such as no fees, low fees, free check or a refund.

But now, these features are all offered and expected in digital banking.

Banks or companies credit cards are accompanied by a mobile application so that their customers can access their online accounts, pay their bills and track their expenses. Check out this article to find out how to choose your credit card.

✔️ Fintech: Fintech

Fintech refers to financial institutions and banks that seek to fully utilize the capabilities of available systems, hardware and software.

Today it is used for digital banking technologies such as digital wallets, banks, blockchain technology, etc.

La Fintech is changing the landscape of financial services in many ways through expense tracking, online budgeting tools, and even automated chatbots for customer service.

✔️ The technology of Blockchain

Blockchain technology is often associated with Bitcoin and other cryptocurrencies. But it also opens up huge possibilities for other areas, such as the use of tight controls that allow verifiable data and smart contracts.

Blockchain's ledger system increases transparency, builds trust with users, and minimizes human error and risk.

This is why stock exchanges, banks and Artificial Intelligence companies are exploring the uses of this technology. Check out this article to all about cryptocurrency

???? What future for digital finance?

With the evolution of artificial intelligence, machine learning and big data analytics, digital finance has many more advanced features to offer society.

Fintech companies are gradually striving to bring about disruptive changes in the financial sector.

Robotic process automation and machine learning are having a significant impact on the preparation of annual financial statements, reconciliation statements in major banks and financial institutions.

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AI Cognitive computing, algorithm-based predictions, and decision-making about future values ​​are implemented in traditional systems.

Digital transformation in banking and finance produces ultimate functional excellence.

Real-time data processing, data reporting, and financial planning supported by AI are giving way to better financial management, resulting in exponential market and business growth.

Digital finance leads to customer-centric design and quality with faster processing with in-memory computing. On-demand funding strategy helps in making better business decisions.

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Smart contracts, simplified if asset tracking, financial models and solutions help a lot in predictive analytics.

Algorithmic trading strategies help predict the overall winning percentage. And the future of digital finance has a lot in its palette!

Disruptive digital finance is raising lifestyle standards and reshaping financial institutions with high ideals and unwavering quality.

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Faustin Djoufouet

I am a Doctor in Finance and an Expert in Islamic Finance. Business consultant, I am also a Teacher-Researcher at the High Institute of Commerce and Management, Bamenda of University. Group Founder Finance de Demain and author of several books and scientific articles.

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