Banking, an industry that earlier used to evoke an image of babus sitting in offices and customers waiting in long lines is getting a major image makeover. Fintech has ensured that majority of bankers today work simultaneously on multiple devices, systems and softwares which is ensuring that more people get access to the same facilities at the same time.
They can thank the Elon Musk and Peter Thiel who inspired new age entrepreneurs like Vijay Shekhar Sharma of PayTM and Kunal Shah of Freecharge to start fintech companies that are now changing the way we manage our money. These entrepreneurs didn’t just start companies, their companies gave birth to new industries that are providing employment to people in the IT, retail sector and the banking sector. Today, India needs a few thousand trained professionals in each state to handle the infrastructure that runs this new financial tech.
Everything right from broking, share trading, banking and every basic function of the financial markets now needs financial tech that gives people access to their money and other services much faster than they used to. This is changing the image of a banking industry for good and one can only imagine it becoming better with more technological advances.