We live in a digital age, where our phones serve a higher purpose than only making calls. Nowadays, everything is done via the click of a button on a smartphone. Complicated and sometimes guileless processes are accomplished within seconds with the help of various apps like banking, investments, payments, booking services, travel planning, ordering food and even reading a newspaper.
The number of smartphone users in 2018 was 2.58 billion, worldwide. This number is going to increase and by 2022, Canada alone will have approximately 30 million smartphone users.
The mobile application market is growing at an exponential rate. Thousands of new applications are added to the market every single day. The apps downloaded today entertain the user, help them connect and socialize with people in the vicinity and also share details about their lives and photos online.
The internet has played a colossal role in this era, whether it’s related to personal lives or business lives. We are existing in a digital world where digital services are part of our daily lives from ordering food, booking transport, trading stocks and even banking.
“Mobile devices, high-speed data communication, and online commerce are creating expectations that convenient, secure, real-time payment and banking capabilities should be available whenever and wherever they are needed.” - Jerome Powell (Chair of the Federal Reserve, USA)
Why Digital Transformation?
Today's customer is digital-savvy and likes to be served on the device of their choice, from anywhere expecting round the clock responses. To meet the needs of these new age customers, companies are transforming their ways of doing business. Like any other revolution, digital revolution is comes with many challenges and tremendous opportunities. Are you ready to win or even survive in this new digital age?
Banking is the one industry known for their limited hours of operation. This would be wearisome as formerly, it would be necessary to go to the bank for something as simple as checking the account balance. The unending lines, long wait for information and sometimes being given the run-around by staff.
In today’s world, with all the digital advancement, customers do not need to physically go to a bank to complete transactions anymore. This is a boon as it saves time and transactions can be completed, bank statements checked, money transferred and more, all with the click of buttons.
Imagine having to take time out during a busy day, to go stand in line to buy tickets to an event. Now imagine that after standing in line for nearly an hour just when it is your turn the tickets are sold out. All that time and energy wasted plus the added disappointment of a failed attempt to book tickets.
Advent of the digital age has seen a revolutionary change in the trend of making bookings. Now, there is no need for people to stand in line and wait for their turn to book any kind of tickets or services. The advancement of technology has made it possible to book, cancel and reschedule things with just a few simple clicks of the button.