The effect of technology in many aspects is imminent and could be seen and observed well. In many aspects of the life of the people, there are many ways that technology has helped. In this time, let us see in some ways how did technology helped in providing the financial services. How did the services reach the people not just one class but to as many as possible to give help to those in need of the different services whether to deposit or to have credit?
There are different hindrances that prevent people from availing of the financial services and so they are also deprived of some benefits that they could have attained. The location is one of the problems for many people but with the help of mobile banking, they can be able to have access to their accounts and make transactions even if they are not in the physical banks. The banks also now allow digital identifications to make the process easier and make the transaction proceed faster.
As financial institutions also can now store customer data and analyze it so they can design products that are fit for particular customers. It is not just for the present clients but for those who have no accounts yet in banks due to some hindrances. They are the ones that are targeted to reap also the benefits and so there is the movement of financial inclusion supported by central banks of different countries around the world.