Muhammad Usman
Financial innovation is the process of creating new financial products, services, or processes. Financial innovation is the act of creating new financial instruments and new financial technologies, institutions and markets. Technology has under took the whole world and it also revolutionized the finance industry. There are many advancement and changes in the finance industry. The digitalization in the field of finance has made much ease for the users. Recent financial innovations have included crowdfunding, mobile banking technology, and remittance technology. Remittances are becoming more advanced. Digital banking and mobile banking is advancing very much and there is no need to go to bank. Transactions are made even on one click and touch. Different type of digital currencies, bitcoin, blockchain technology are the innovation in the finance. It has many advantages and disadvantages as well.
As the whole currency is digitalized the identity theft, scamming, hacker attacks, data transfer and data theft, data loss is the main concern of the finance. There is many advancement in the field of technology and there are many innovations in all the fields but with advantages and benefits comes disadvantages and harms. Mobile banking is very useful for the customers.
Many banks such as Allied bank, HBL, UBL, etc have special mobile apps with options to deposit checks, pay for merchandise, transfer money to a friend, or find an ATM instantly.
It is still important for customers to establish a secure connection before logging into a mobile banking app in order to avoid their personal information being compromised and prevent from identity and data theft. Banks have also introduced mobile wallets. A mobile wallet is a virtual wallet that stores payment card information on a mobile device. All the finances and money is stored in the mobile wallet and transactions are made through mobile wallet. The old and traditional ways of finance are now being replaced by the innovation in the technology and it has made banking easier for the customers.
Many banking operations and transactions are made very easy due to technology and innovation through online and internet banking. Many threats of data and information theft, data loss, hackers, data stealing is a risk in the financial transactions which can be overcome due to technology and data security.
