HOW DIGITAL TRANSFORMATION CHANGED OUR RELATIONSHIP WITH MONEY
Cashless companies continue growing, driven by the new technologies applied to finance (fintech) which come from concepts considered - until a few years ago ? as fiction only. In fact, after Sweden and Denmark, Australia too is encouraging businesses that do not accept cash, expecting to become totally cashless by 2022.
The benefits related to the reduction of cash are related to the decrease of tax evasion, frauds and risk of robberies. But the convenience of being cashless is not only linked to security: the personalized services offered by banks show the benefits of credit cards, strictly connected to Millennial users.
Furthermore, the growth of cashless shops in the countries that are applying this change confirms the real utility that actually leads to a better quality of life, in example saving the time that it takes to go to the bank to deposit cash.
There are some factors that may obstruct the path of cashless, such as personal difficulties with the use of new technologies, the growth of web frauds and the problems related to the payment of holidays accommodations, as well as the possibility that the used technological system might crash or be temporarily unavailable. However, these disadvantages can be overcome, they are related to new generations and the current inadequacy of the digital technologies we are using.
Digital technologies are the protagonists of this change: even if the generational turnover of consumers is still slow, the growth of electronic commerce and the development of services and payment systems accelerated the process of dematerialization of money even in the most reluctant countries. In the present scenario, where the purchasing experience starts online and finishes in the traditional point of sale, payments become omni-channel, improving the shopping experience.
The relationship with cash has changed so that it involved the solid banking sector, forcing it to evolve to become more innovative, efficient and attractive to the customer. The digital transformation of the banking sector means renewing traditional processes and be able to launch new ones, thanks to new technologies. The amount of available data becomes crucial to better understand the customer and provide a high quality customer experience, increasing understanding and security and reducing risks.
This year the number of online banking users exceeded the number of in-branch entrances. A trend that is reflected in investments in fintech by the world financial institutions, which currently employ more than 25% of their IT budget on cloud technology, mobile, big data and analytics, expecting to reach 30% by 2019.
Custom SpA is aligned with these changes and proposes its solutions related to electronic payment systems and mobile payment, able to adapt to the new market dynamics. With the Custom tools the customer is the star of the purchasing process, free to use self-service technology with the highest data security!
Publicado em 29/04/2016 em Trend