Modern technologies are leading to the creation of a new type of digital economy that will transform the world around us in 5-10 years.
Revolution in retail sales
The conservative client-centrist retail has to rebuild quickly, focusing on trends. The vacancy of “Director for Innovation” is one of the most popular in recent years.
According to the App Annie report, in 2016 half of the Internet traffic of the industry and a third of sales fell on the mobile segment. Customers increasingly rely on mobile shopping: a monthly average of 1 user performs 10 sessions for shop’s apps both online and offline, and 25 sessions for e-commerce. Speed and simplicity are significant advantages in our high-speed century: it is enough to press a couple of buttons and the goods have already been paid for. Soon the mobile-retail will dominate the Internet retail and the idea of discharging the smartphone will scare much more than a purse left home.
Building personal relationships underpins successful sales: according to Accenture Interactive study research, more than a half of customers are ready to furnish with personal data for obtaining personal offers. Already, employees of the True Religion store chain with Apple Watch help can find out the name, size, list of purchases and the buyer’s wishlist. Alaska Airlines stewardesses find an individual approach to passengers thanks to an application that informs about the customer’s premium status, his knowledge of English, etc.
Blockchain technology will allow you to improve the methodology of interaction with the client to perfection: data on his financial status and purchases in any store will be available, allowing you to choose accessories for a newly bought dress, a personal discount for additional goods or express credit.
Quick transfers without commission
The potential of the blockchain is to reduce the cost and speed up transfers between other countries.
Let us recall the Bank of America patent for accelerated transfers using crypto currency. The technology involves a double conversion of funds: the currency is transferred into bitcoins and electronically enters the country of transfer. After that, it is converted into the required banknotes. The bank’s profit lies in the ability to compare the rates of different electronic currencies and choose the ideal platform for the exchange.
Connection to the system of smart contracts is convenient primarily for customers. Clearly stipulating the terms of the transfers, the smart contract excludes the intermediary from the chain, who keeps the funds in their possession until the moment of their fulfillment. In this case, the code equals the law: there is no possibility of discrepancies, falsifications and changes in conditions after the date. There is no intermediary – meaning, procedure executes faster and without commissions.
Using biometrics allows partially or completely refusal of bank cards. The technology is very convenient: you don’t need to remember passwords, you can withdraw money, even if you forgot the card at home – all you need is fingerprint, voice sound and a picture of the iris of the eye. The smartphone again comes to the front: the presence of a camera, a fingerprint scanner and a microphone turns it into a personal biometric device, convenient for making mobile payments with multifactor authentication. In case of theft, the thief could not withdraw funds without confirming personal data.
This technology is used in the work of so-called “Friendly” ATMs by Diebold and Planet Cash. It even was received with enthusiasm by Russian banks (Sberbank, Alfa-Bank, Tinkoff Bank, MTS Bank), which started using introduced biometrics in their mobile apps.
The storage of biometric information in a publicly available distributed database will simplify user identification. The client can once pass the authentication procedure, and all institutions connected to the system will begin to recognize it. A visit to the office can become memorable if a scanner and a voice-activated voice system are installed at the entrance.
This guarantees increased protection from fraudsters forging identity for organizations. The information update about a person made in any channel will flow into a single register, complementing his personal file.
Modern technologies become an essential part of our life, creating a convenient and transparent systems with an increased level of security. Banks of the future like Forty Seven project will completely change the way you think about banks and the way they operate. Together with integrated modern technologies, customers will get high quality service remotely without the need to visit bank’s branches.
You can learn more about the revolution in banking sector at www.fortyseven.io