Thus, the organization that does not adapt to changes may suffer consequences for its results. So it’s important to understand how your business might be affected by the financial revolution — and figure out how to adapt to it.
Want to understand more about it? Keep reading and understand how your company should prepare for this transformation!
What is the financial revolution?
Before understanding why your company needs to adapt to the transformations of the financial revolution, it is interesting to understand this concept. It refers to a series of changes regarding the financial sector that affect the market and companies around the world.
In practice, they not only revolutionized banking services, but also forced large retail banks to adapt to the new financial model. As a result, several banking institutions have launched their digital accounts and services.
In this sense, financial startups gain space in a market that was previously shielded and concentrated in large banks. Furthermore, the financial revolution is not limited to fintechs.
The concept is also related to other possibilities that emerged with the digitization of the area, such as the Pix payment method , the open finance modality and cryptocurrencies.
How does it impact companies?
Now that you know what the financial revolution is, you need to understand how it impacts your company. In fact, digital transformation in the financial sector raises a range of needs and challenges for organizations.
This is because it brings paradigm shifts, technology adoption, process integration and changes in the consumption journey. In this sense, it is worth noting that the consumer profile has changed in recent years. Before, the customer was passive and influenced by the companies’ marketing.
Today, he is more active and seeks better shopping experiences and has greater decision-making power. As a result, businesses had to adapt their products and services, becoming concerned with generating constant enchantment.
Thus, the public is placed at the center of the companies’ decisions. Consequently, most segments realized the need to reinvent themselves. In this way, organizations began to look for ways to transform their products and services in order to gain greater scalability.
For this, companies invest in new technologies, including new forms of payment to stand out. After all, with so many options available, consumers look for solutions that add more value to their needs and shopping experience.
How important is it to know this concept?
As you’ve seen, the financial revolution required market changes. In this way, the company that does not know how to adapt may suffer losses. A classic example is Blockbuster — a company that rents DVDs in physical stores, a reference in the sector.
In the year 2000, Netflix, which still offered the service of renting movies by mail, was offered to the rival. However, the company did not see that the future of the niche would be on the internet and turned down the offer. After 10 years, Blockbuster filed for bankruptcy.
This case is one of the best known about how the lack of innovation can lead to the end of a great business. Therefore, knowing the concept of financial revolution is essential for the organization to follow the news and adapt its strategies in order to remain competitive in the market.
How to prepare your company for these transformations?
After understanding the importance of knowing the financial revolution, it is time to learn how to prepare your company for these transformations. Check out!
Understand the news of the financial sector
The first step is to follow and understand the news in the financial sector. Thus, it is possible to adapt your business to the services and products that arise and offer the best to your audience. Next, see some concepts created in recent years that you should know about!
Pix is a digital payment method created by the Central Bank. It is known for being instantaneous, in addition to allowing transferring values and making payments at any time of the day or night through the internet.
Furthermore, Pix dispenses with the need to enter various data, and can be done with just one user key. She can email, a code, CPF or phone number.
Open banking and open finance
Open banking, or open bank, allows the customer to authorize the sharing of bank data between different banks. This facilitates access to the best conditions for products and services.
Open finance — or open finance — presents the same concept, but extended to other financial institutions, not just banks.
Upgrade your business to new technologies
As you’ve seen, a company that doesn’t keep up with market trends runs the risk of falling behind its competitors — even if it is already well established. For that reason, you must update your business to new technologies.
Learn more about them!
In the case of the finance area, you can keep your company modern by offering the various forms of payment available. Debit and credit cards are common alternatives, even more so after fintechs popularized public access to this product.
However, there are different operators and card brands, so it’s interesting that your company allows payment for most of them. Also, don’t forget to create a Pix key and make this means of receipt available, as it is increasingly used and seen as an alternative to cash.