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ROLE OF FINANCIAL PRODUCTS IN FUTURE YEARS

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Financial products are the main aspect of any economy and India is no different. Our economy being a mixed economy gets a terrific boost with financial products. Some of the major role of the financial products would be as follows:

  • Most of the above mentioned financial products will have all the transactions on the mobile phones.

  • People will save money through the online accounts, mutual account, Demat accounts, stocks, shares, bonds, debentures and others.

  • Sale of the smart phones will increase and many banks will revolve their activity around upgrading mobile applications.

  • Banks will eye for finest level of the customer service in promoting various financial products under the sun.

  • Customer will be the vital force in providing the money management to number of service providers.

  • Furthermore, one can set process of auto updating the financial portfolio with your preferences.

  • Banks would use the information regarding to various financial products and offer it to customers like loans, insurance, credit extensions and others.

  • Mushrooming of various financial service providers will take place in India

  • Financial products will find their way in social media like LinkedIn, Facebook, Pinterest, Google plus, Tumblr, Instagram, Bebo, Elixio and others

Benefits of Investing In Financial Products

Various benefits of investing in the financial products are given below as follows:

  • Helps in accessing various diversified portfolios containing various asset and industry segments

  • Reduce the investment risk level by zero, thereby overcoming poor performance by the companies

  • Cost effective investment, where in one can start with small amount

  • A well organized financial product assists you in generating more wealth

  • You will have proper exposure to the products/services; understand its pros and cons.

Risks of Investing in financial Products

Various disadvantages of investing in the financial products are

  • Extremely careful in selection of financial production

  • Can be torturous for rural citizens

  • Products/Services difficult to understand

  • Monthly payments are always high

  • Conditions can be confusing at times

  • Lack of financial knowledge

So, the financial products are the inseparable component of our economy, and decide on the economic growth.

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