Easy Office

Impact of Digitisation in Financial community

CS Dharmesh Vankar , Last updated: 09 April 2019  
  Share


Swami: Hey guys!!! Have you seen my FB profile. I have made more than 2400 friends over there.

Namrata: Ohoho… well done… Please focus on other important things rather than doing all these kind of irrelevant deeds.

Swami: Oye who told you that I am not doing relevant things. I am increasing my network for my future benefits. I am supporting Modiji’s “Digital India” concept by using Ambani’s free telephonic service called Jio (laughing).

Namrata: That’s great yar. Even, I liked this digitalisation concept. Everything is digital nowadays, even I can do my favourite thing, i.e. shopping, virtually from my Smartphone. But, I will be glad if you share advantages of digitalisation in India.

Swami: Well, sure. But I will share other sides too along with improvement area.

Namrata: Ok sirji.. Go ahead.

Swami: As per my understanding following are the outcome of digitalisation.

Transparency: Many of the readers will agree with me that with the help of digitalisation, everything becomes transparent. Even you can trace your train reservation through instrument in your hand from any place.

Digital signing of document: With the help of Digital Signature Certificate (DSC), one can sign at any place and at any time without wasting paper (indirectly helping nature). But yes, digital signing has chances of misuse too. If a person has id proof and address proof of other person, then he can easily acquire DSC and misuse the same for the purpose of causing harm to that person or using it for his own benefit.

Saving: With the help of digitalisation, there’s saving of time, money and most important, human energy.As it is no more required for a person to stand in queue for getting his work done. But this saving in practical life is a total myth. One needs to spend in a year or two on DSC (in monetary terms). Further, there’s increase in cost in banking transactions. Ministry of Corporate Affairs’ e-portal will forfeit your form filing fee, if you are not able to rectify the shortcomings in a specified time. Moreover, infrastructure of government tax portals are not yet prepared to handle the load and traffic of last days. Many professionals face problems during last day of filing.Different old java versions are required to get updated for the purpose of effective filing under different statues.

Virtual documentation: Digitalisations erases lacunas of physical documentation. However, this is not reality. In many government organisations or departments, they force for online submission of documents and thereafter compel to submit the hard copy too, which creates duality of documentation. Some intelligent people will find the answer, why do they ask for physical documentation also.

Generating revenue: With the help of digitalization, there’s rapid demand of technical engineers and people belonging to the technical field, which will ultimately boost the economy. Every coin has two sides, this saying has become true in this case, as many people are getting jobs but people who are not techno savvy have to leave their job or have to accept the degradation in their job. Further, if one is not technically sound, then it will raise complexities and problems in the mind of a person who is quite weak in technology.

Security: The most important thing to be considered in digitalization is the security of system. Everything is possible in India. If a powerful politician’s or actor’s social account gets hacked then this is a matter of serious concern of digital security. 

Are we forward?“There is no connectivity…. Sorry, for the inconvenience!!!” I am damn sure that most of the readers have read this kind of line in their routine life, most probably in banks. Many times there arises connectivity issue while working online. One is reaching at the last stage of filing or uploading something and pop comes-“sorry no connectivity, try again later.” This will create a mental strain on that person.

Further, many of the youngsters use digital technology only for using social networking sites like WhatsApp, facebook, tinder, etc. They are not inclined to use digital technology in such a way which results into spoon feeding. These facilities are available to increase their knowledge which is ultimately beneficial to the society at large.

During the demonetisation, even though the government has made several efforts to ease process but that time too, many of the organisations urged to make payment via hard cash only because they have not adopted digital payment system.

Disclaimer: The entire content of this document is author's own understanding & personal view. This is only knowledge sharing initiative and author doesn’t intend to solicit any business or profession.

Join CCI Pro

Published by

CS Dharmesh Vankar
(senior team member)
Category Others   Report

1 Likes   3303 Views

Comments


Related Articles


Loading