Technology Trends

Digital banking was already trending before the pandemic arrived. The speed accelerated due to people adapting physical distancing to be safe and healthy. All your financial transactions can happen online without making physical contact with anyone. Moreover, <a href="https://moneyclubber.com/blog/peer-to-peer-lending/">P2P lending platform</a> and digital wallet contributed as digital tools to make your life easier.
This is the current picture, but what about the future? Read on to know about the 7 significant ways digital banking will transform in the coming ten years.
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1. More Cashless Transactions
Your wallet will get thinner because you won&rsquo;t need to carry cash everywhere you go for a purchase. All the merchants and shop owners will offer various payment options -electronic or online instead of cash. These modes of payments are more efficient and convenient for both buyer and seller. It&rsquo;s only a matter of time when you&rsquo;ll get to know which country&rsquo;s economy will go completely cashless first.
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2. Increased Payments Through Digital Wallets
Do you know that more than 50% of the transactions in the Asia Pacific region are made via digital wallets? And it&rsquo;s pretty evident that their popularity is going to increase with time. The reason being that there is a rise in the number of payment capable loT devices and also in the number of E-wallet companies. Earlier, there used to be a limit on the amount. But now, you can do major payments and fund transfers through digital wallets.
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3. NBFCs vs Traditional Banking System
NBFCs (Non-banking Financial Companies) are giving loans to the public. According to the Indian companies act, NBFCs can acquire shares, bonds, securities, debentures, etc. There are many functions that NBFCs can&rsquo;t perform, such as the banking system. But the increasing inclination of people towards NBFCs indicates the possibility of their expansion. NBFCs and P2P lending seem to overtake a major share of banking business in the future.
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4. Dependence on AI for Credit
Whenever you apply for credit in a bank, it follows a cumbersome process of checking your credentials. &nbsp;It involves calculating the collateral value, professional background, credit history, criminal records, etc. With the rise of digital banking, all these details can be checked instantly through AI (artificial intelligence). It&rsquo;s a powerful tool that has made immense data and analysis available to the banks and NBFCs to make a quick decision.
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5. Micro-profiling of the Customers
With AI, the digital banking sector can chalk out a more accurate individual profile of every customer. Banks can offer suitable financial recommendations based on each customer&rsquo;s location, product preference, and spending habits. This includes borrowing, purchasing bonds, and other budgetary decisions. This AI-driven profiling will also help customers in choosing their preferred p2p lending platform and digital wallet app.
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6. No More Branch Visits
You are not new to the online money transfer and payments being made by digital wallets. But as the technology is progressing, more advanced transactions are also being done online. So no need to wait in long queues for account opening, buying insurance, and applying for a loan! Instead, you will be doing online transactions from the comfort of your home. There are going to be fewer reasons for you to visit a bank&rsquo;s branch personally.
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7. Connectivity of Banks Via APIs
APIs are the Application Programming Interfaces that allow 2 software to communicate and share the data. This exchange can also be between apps and other communication systems. Banks can now swiftly connect with p2p lending platforms, digital wallet companies and other 3rd parties to exchange data. In this way, a robust digital ecosystem is built between financial institutes for exchanging information on clients and products.
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To Sum-up!
At present, you are enjoying online payments through digital wallets and loans via p2p lending. However, IT and finance Experts are building more cutting-edge digital banking solutions and software for the future. Thus, consumers and bankers need to be updated with advanced features and techniques to take their maximum leverage.
 Author Bio: Aatish Khanna works with the Content Marketing team at Money Club - a digital chit fund platform that makes saving, borrowing, and investing your money more efficient. He writes on topics to help his readers understand processes so they can make better financial decisions. He's the go-to person that his family, friends, and colleagues turn to for all their money matters. He loves to play board games and aspires to one day build his one finance-related board game and app.

7 Ways Digital Banking is shaping the Future of the Banking Sector

Secret Behind Xiaomi's Success in India Many companies have come to take advantage of the increasing demand for smartphone owners with the rapid development and growth of China's mobile technology and communications industry. Around 1 billion individuals now own smartphone. This has contributed to the launch of many of the popular brands of cell phones in the world. Xiaomi 
 was one of the big brands that debuted in 2010. <img src="


 

 
 

 
 

 
 

 


 

 
 

 
 

 
 
 

 
 /assets/upl_files/990a281430.jpg" style="width: 100%;"> It has been observed in the last 5 years that the mobile industry has increased exponentially. The day is long gone when customers had to bring 2-3 kg of laptops for their everyday requirements. Large brands such as Xiaomi have indeed implemented hunger marketing strategy where the manufacturer's supply of the item is purposely limited to generate excess demand in the market.
 The first MiUi android-based firmware by Xiaomi was released on 16 August 2010 and the first Mi1 smartphone was launched in China a year later. The device has been popular and newer models such as M2, M3 and Redmi phones on the domestic front have been launched ever since. In 2014, it became the biggest mobile phone company in China.
 Deep dive into Xiaomi’s Journey in India
Xiaomi entered the Indian markets in July 2014 after successfully winning significant market dominance in the rest of Asia. Xiaomi initially partnered solely with the e-commerce powerhouse Flipkart to distribute its smartphones, but they modified their distribution strategy later on 7 April 2015 and declared a collaboration with Amazon and Snapdeal.
 The company has also released numerous smart home devices, wellness products, TVs, tablets, drones, Wi-Fi routers, cloud services and instant messaging services, in addition to smartphones. In China, India, Malaysia, and Singapore, Xiaomi has 15,000 employees; it is now spreading to various nations, including Indonesia, the Philippines, and South Africa. Lei Jun, the CEO of Xiaomi, has over $12.5 billion in assets, as per Forbes magazine.
 Introduction to marketing strategy
Penetration of any international market involves a range of marketing tactics that will influence any company's performance. You can either use the standard marketing mix or can customize their existing mix to meet your needs according to the country's specifications. Given the variety in its product catalog, apart from phones, the growth of this company is incredible.
 Very early on, Xiaomi realized that it was more necessary to build brand loyal customers and embraced it as its marketing strategy. Xiaomi has developed and established itself as a reputable company which has led them to become the world's leading smartphone company. There are two fundamental strategies that the brand follows.
1.	Creating goods with superior qualities and specifications but manufactured at a lower cost. 2.	Creating some additional features in Xiaomi phones that push customers' interest to it.
 Older and more known brands such as HTC, Samsung, Apple and many local players are making their products available to the customers. On the other hand, Xiaomi doesn't really follow this strategy and offers its products via online flash sales via third-party distributors and stores. A small amount of goods is available for purchase at a given time in these flash sales, and the offer continues until the stock lasts with the aim of entice the buyers to go for impulse purchasing.
 Revenue Model
Xiaomi focuses on its consumer acquisition and advertisement approach to ensure greater efficiency at a reasonable price. Xiaomi's business model involves a range of creative and enticing technological devices and internet services. Xiaomi's numerous additional services and products have a good share in helping the brand generate strong sales.
 Business Growth of Xiaomi Corporation
Xiaomi has been one of the most successful start-ups, estimated at US $50 trillion at least. It achieved tremendous success in the Company sales of smartphones by introducing mixed market strategies that have proved highly competitive in both the global and domestic markets.

Technology Trends

7 Ways Digital Banking is shaping the Future of the Banking Sector

Secret Behind Xiaomi Success in India

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