Technology has created untold opportunities over the last decade, and with the speed of development moving more quickly than ever, this trend shows no sign of stopping. Traditional businesses are in an eat-or-be-eaten position. If they can't manage digital transformation effectively, they will have a hard time staying competitive in a marketplace that moves more and more quickly.
In today's increasingly digital landscape, software is often the key to industry disruption. A company that delivers products faster, without adding costs to the customer, gains a bigger market share. It is software that is the backbone of some the largest industry disruptors, with services like ride sharing, home sharing and other services acting as a guidepost of how technology platforms can innovate otherwise stagnant industries like hospitality and consumer transportation.
What this means for business is clear: A faster business app development cycle is the foundation for long-term success.
There are three means of conducting bank business: analog, digital and automated. Analog banking involves the slow and inefficient use of pens/pencils, paper and filing cabinets, a system that is extremely vulnerable to mistakes, errors and duplication. Digital banking is a step more advanced and includes the use of spreadsheets, email, hard drives and servers. But, while the tools and systems used are digital, data input and multi-platform synchronization is still done manually.
Customer-side digital banking is not new. From ATMs to online banking, digital banking has been a reality for customers for decades. Banks without a certain degree of automation find it difficult to compete in a personal and business banking market that puts a premium on convenience and efficiency.
According to Microsoft CEO Satya Nadella, every company will be a software company in the near future—if it isn't one already, that is. Today, software is a critical factor for the vast majority of businesses, from the smallest startups to Fortune 500 firms. Even companies far outside the technology space require software to communicate, analyze data and monitor their operations.