The and thereby opening various opportunities which

The key drivers of economic growth are innovation and technology. Economic growth has been made possible by technology including the microfinance sector. The total number of people today who lack access to financial services is two billion as per world bank. Digitization is improving the style n which financial services were being provided in MFI in India. Convergence of  financial inclusion with digital platform benefits both the clients and MFIs. MFI’s are able to enhance their capital due to automation of transactions which is now possible due to digitization. Digitization has also made it easier and suitable to scrutinize as well as organise data with prompt flow of information. It has also helped with notable costs saving by reducting operating cost and thereby opening various opportunities which has inturn led to increase in outreach. preservig digitized information on the internet has made the database easily searchable. Even clients in remote villages are now able to process loan applications using phones thereby excluding the requirement of paper loan requests. safe and secure way of  loans repayment and faster processing has also benefitted the clients. Clients are able to reach the MFI more conviniently and efficiently at a lesser cost.Latest technologies bought up by microfinance institutes are -1. Mobile Phones – In january 2016, one billion mark was crossed by India in terms of it’s mobile banking subscriber base. The way financial services are made available has been significantly modified by the mobile revolution. For digitization of many physical records and better tracking of real time transactions many MFI’s have started using mobile technology. Operating in mobile technology has also helped in enhanced levels of transparency, process efficiency and time-saving with greater scalability.2. Biometrics – Due to development of technology, Biometric methods for authentication and authorization are contributing today towards MFI development. In 2012, Unique Identification Authority of India (UIDAI) has enabled citizens with Aadhaar to withdraw money at their doorstep without needing to visit a bank physically through core banking system by launching “Aadhaar Enabled Payment System” (AEPS) which is biometric micro ATM device. These devices are connected to banks all accross the country. It ensures secure transactions and removes the requirement of staff by making Biometric identity authorization a requirement before performing any deposits or withdrawals to any bank account. 3. Personal Digital Assistant (PDAs): SKS microfinance started the use of running software applications on a portable computer-like system to assist in collection of information and standardize lending methodologies. It conducts loan scrutinization and disbursement of funds thereby ensuring time reduction.4. Management Information System (MIS):