The Digital Finance Era is upon us. In the words of Henry Ford “I’ve just taken the car for a test drive”. The car does not respond to any sort of key. It responds to the touch of your finger. Today the car is a digital device that are web enabled, and a device that anyone can use to access his or her financial information. The car is the digital equivalent of the tiniest calculator in your pocket.
As banks and financial institutions move their businesses online the need for digital technology to assist them in their daily operations grows. Digital finance has arrived. Today’s financial inclusion is easier than ever before. You simply log on to the internet, select a lender that suits your needs, fill out a simple application and you will be approved for a loan. If you have good credit scores you will be approved instantly.
The digital revolution in financial inclusion is happening right now. Although it is still early days for most consumers it is happening throughout the developed world. Credit card companies and banks are implementing different types of technology to meet the consumer’s increasing demand for convenience. Some of the new features being introduced include; debit cards linked to bank accounts, cell phone integration and major advances in credit and mobile technology.
The introduction of business models that use digital technology for risk control is transforming how businesses manage risk. In the past businesses needed to maintain hundreds of miles of network cable to keep tabs on inventory levels and customer activity. Today they are able to monitor activity data remotely and are using advanced tools like the risk control dashboard. The risk control dashboard combines financial information from all departments of a business including sales, customer service, human resources and production with information about each department’s current activity.
In the future the adoption of digital financial services may be more widespread than today’s current adoption of mobile devices and social media. Many companies have already started using digital dashboards to track their employee mileage and social media engagement. Other companies are evaluating business models that incorporate a hybrid cloud and a micro save system. Companies that aren’t yet adopting the latest technology are missing out on the opportunity to benefit from the fast pace of the digital age.
The adoption of banking technology that allows customers to make purchases online is quickly replacing paper bank accounts. Today, millions of customers conduct their banking online and the majority of banks are accepting online debit and credit card transactions. If your company hasn’t already jumped on the digital bandwagon, you should consider doing so. Not only will it help your company remain competitive but it will also help increase your customer base and increase your profit margin as well.
The ability to conduct paperless transactions has created an entirely new customer base. Clients who previously had no access to checking accounts, savings or other investment opportunities are now able to enjoy these same services thanks to digital financial services. Your company can begin to grow the market for its brand name, products and services right now. If you haven’t started to leverage this new technology to expand your business, you are behind the times and could find yourself falling far behind the competition.
The financial technology of the digital age provides many unique advantages to businesses. Most business models of today rely on digital technology to provide customers with better information and improved service. However, the benefits of the digital transformation don’t just stop there. The advancement of mobile devices and social media has caused major changes in how people interact with their financial institutions. By incorporating digital into your business models you’ll be quickly able to capitalize on the changes and boost your company’s profit potential.