The Landscape of the Digital Era
16 October 2017
Thanks to mobile devices, today’s consumers are able to easily access information about products and services online anywhere, anytime. Moreover, digital products and services can be customized in great detail. Accordingly, inconvenient and isolated products and services were left behind in the evolution of such digitalization. A typical example of this is real estate transactions and related financial services, one of the areas that remain undeveloped and unable to be easily accessed by digital customers.
When using hotels, airlines, restaurants, or even when going to a concert, customers expect seamless service. Realtors and financial institutions need to forget about sticking to their traditional ways and put consumers first. They should immediately respond to consumers’ needs instead of trying to control or direct them. They wouldn’t succeed if they failed to offer consumers a wide and fine selection of products, enough information for comparison and purchase, and several payment options.
In the thought exercise below, there is a millennial couple, who use the services offered by Digi-Bank. Even though both the couple and the bank are fictional, this example depicts how financial services may be in the future, and the emergence of digital banks like the one in this story is quite likely.