Digital transformation has created big changes in a wide range of industries. Retail, hospitality, transportation and others — one by one, it seems as if every industry that affects our daily lives has been revolutionized thanks to ever-evolving technologies.
One hallmark of this transformation is the creation of completely new business models. In a recent article in the Paypers, Neira Jones gave a few great examples of how digital transformation has redefined the core business models of various industries:
- Uber, the world’s largest taxi company, owns no vehicles
- Facebook, the world’s most popular media owner, creates no content
- Alibaba, the most valuable retailer, has no inventory
- Airbnb, the world’s largest accommodation provider, owns no real estate
This observation is a great summary of how technology influences the business world as a whole. We actually discussed this topic in a recent blog post, “Embracing the Digital World.” In that post, we looked at how businesses have had to reassess their basic modes of functioning thanks to the growing influence of digital technology. An article on the McKinsey site pointed out that the digital era is comprised of the following three elements:
- Creating value at new frontiers
- Creating value in core businesses
- Building foundational capabilities
It’s clear that these are the essential elements for digital transformation in any industry. In order to remain competitive today, it’s undeniable that companies must embrace digital technology. And with each passing month, we see an increasing number of industries shedding old habits and business models that simply don’t make sense in the digital era.
What will the digital transformation of financial services look like?
While it’s obvious that digital transformation is a fact of life for most industries today, the question remains: How will digital transformation manifest itself in the financial services sector? As an industry, we have yet to fully answer this question.
As a company, Credorax strives daily to answer this question, and, in doing so, answer the needs of PSPs, ISOs and merchants through the constant innovation of our Smart Acquiring technology.
Jones mentioned in another recent Paypers article that the “key to financial services digital transformation will be to remove friction from the customer experience.” This point is a critical one for us. Creating a seamless customer experience is at the heart of our ePower 2.0, the first unified and automated global-domestic acquiring platform.
In recognition of our hard work in serving our customers and the industry at large, we are very proud to have been nominated by the Emerging Payments Awards, which are due to be announced on October 15. We have been nominated in three categories:
- Merchant Acquirer of the Year
- Online Payment Solution for Merchants
- Marketing Campaign of the Year
We are honored that the EPA have nominated us for these categories and look forward to hearing good news this week!
If you will be there, don’t miss the opportunity to meet members of the Credorax EU team, who will be on hand at the ceremony.