Today I want to look at the bigger picture of technology in our everyday lives, and how the world is getting more and more comfortable with embracing a digital world – including digital finance.
We’re on the cusp of what I like to call the “Fourth Industrial Revolution” – the digital takeover. As technology and digitisation continue to become more integrated across all aspects of our lives, it only seems intuitive that money will become more digital too.
Unsurprisingly, Millennials, and Gen Z are proving to be the most comfortable with digitisation and setting a clear trend for the world of the future.
Let’s take a quick look at the major technological areas that are trending toward massive growth and becoming a part of people’s everyday lives:
Consumer-facing artificial intelligence is on a massive tear recently, with recent statistics from research firm Gartner showing that up to 15% of customer service interactions will be powered by AI by next year – five times as much as in 2017
Currently, almost a quarter of all customer service organisations use some form of AI-powered chat bots, letting companies handle queries more rapidly and efficiently.
Online study has obviously exploded along with the COVID-19 pandemic, however the growth in online learning was already established at a rapid pace before the virus.
Pre-pandemic, the online learning sector was estimated to grow globally at an annual rate of 9.1% over the next 6 years, according to Syngene Research, and will likely see much larger figures updated for the current climate.
As many of you will know first-hand, E-commerce continues to rapidly gain momentum, currently representing a significant 16.1% of all global retail sales
According to Statista, this figure is projected to continue growing at about 2% a year in the near future – and like online study, will likely be boosted by the pandemic.
The number of E-commerce purchases being made specifically on mobile devices is also speedily trending upward, showing that mobile consumer activity should be a key area of focus.
With technological adoption soaring in the above areas, digital payments (both in Cryptocurrency and traditional banking) are also rapidly gaining ground.
It’s been estimated that almost 90% of Americans use mobile banking to manage their bank accounts, meanwhile more than 1,500 physical financial branches have closed down across the US over the last year. Similar numbers are being seen across Australia and the rest of the developed world.
Ultimately, Cryptocurrency is not much of a leap from traditional digital and mobile banking, and will feel extremely familiar to both Millennials and Gen Z.
As covered in the previous newsletter, Millennials are already demonstrating major gravitation towards Crypto over other assets. Gen Z – who are even more deeply connected to technology – are almost guaranteed to find Crypto even more familiar than previous generations, and adopt it at an even faster rate.
As trends across the board have shown, technology continues to weave its way into our everyday lives.
People are also growing comfortable with interacting in a digital world with each passing day – a trend that is ever more apparent with every passing generation.
Cryptocurrency, being just a step away from mobile banking, will be second-nature to tech-savvy Millennials and Gen Z. It’s also becoming preferred by these generations to non-digital assets of a similar nature, such as Gold.
Cisco and the World Economic Forum believe that by 2027, 10% of global GDP will find its way to Crypto.
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