Given the events of the past few years, businesses have adopted digital transformation at a rapid pace, unlike ever before.
Digital transformation is simply the process of using new technology and systems to streamline processes, minimise risk, reduce costs and increase profitability.
Other reasons for embarking on digital transformation may include improving the CX or increasing customer loyalty and retention rates.
Below are some ways businesses and organisations are transforming digitally.
Adoption of digital wallets
The last 12-24 months have accelerated digital wallet
usage across the country.
Experts have also predicted that the rise in usage of digital wallets by consumers in order to facilitate contactless payments will continue to grow
and will eventually be the most popular way to pay for purchases.
Businesses at the forefront of technology and innovation are taking advantage of this trend by creating their own branded digital wallet in order to boost customer loyalty and spending.
These digital wallets enable customers to store debit and credit cards virtually while earning points for making payment without the need for a physical wallet.
Furthermore, businesses can create branded virtual debit & loyalty cards
or branded digital currency
, which can be stored in a digital wallet to help drive higher loyalty and revenue.
Personalisation through card-linked offers
Creating highly personalised experiences and driving in-store traffic has become a major priority for many in-store businesses. One way these businesses are achieving this is through card-linked offers
Businesses that have card-linked offers can specifically target their customers with geo-targeted deals based on their location.
Imagine being able to promote an ‘always-on’ discount offer to your customers who use your business’s digital wallet and are within a 5km radius of your nearest store to help drive traffic and sales.
This is now possible with businesses now relying on this approach to create that extra level of personalisation.
Next level security with biometric facial recognition
Cybersecurity and fraud prevention measures are becoming increasingly more sophisticated as cybercriminals continually find new ways to commit illegal activity.
As a result, advanced biometric facial recognition technology
is now being deployed by more and more businesses that also rely on Know Your Customer (KYC) to verify identities to enhance security.
Biometric facial recognition works by capturing, analysing and comparing a user’s facial details to that of a photograph from a government issued identification in just seconds.
Furthermore, AI-powered liveness technology is now also being used to distinguish real faces from photographs taking biometric facial recognition to the next level and reducing the reliance on passwords alone while enabling cross-platform logins.
Start your digital transformation today
In order to remain competitive, it is important for all businesses to continually look for new ways to transform and innovate. Businesses that fail to do so may face more challenges in the future, such as disloyal customers, increased operational costs and higher levels of risk.
If your business is embarking on a digital transformation journey and needs help with implementing a digital wallet, virtual card or Know Your Customer solution, then EonX can help.
Contact us today at email@example.com to chat with an expert.