How P2P has catered for the demanding economy.Nov 1, 2016 Blog economy , P2P
Booking a taxi, buying a book or ordering food can all be done immediately, right the very second you require the service. The time in which these services are ordered and then delivered has in turn made society more impatient and demanding.
Due to this, consumers expect services to accommodate their every need and desire, in real time. This is magnified by the use of mobile phones where one can make use of services on the go, especially with the use of mobile phones on the rise.
The economy is becoming more demanding due to many reasons, three of them being millennials (they are used to fast internet and instant messaging), technology (fast mobile phones and WIFI coverage) and Facebook (individuals influencing each other on their decision).
This indicates that the economy has become more demanding and that includes the finance sector. Previously, many customers would be familiar with being placed on hold and standing in lengthy queues to get their needs seen to. Mobile and internet banking has attempted to improve this, however Fintech’s are targeting many of the areas where banks are lacking. P2P understands the
“on demand” need of consumers and can provide funds to you in hours or days as opposed to days or weeks. Small to medium enterprises benefit from this the most.
Customer pressure, combined with development in technology can all help apply pressure to improve the services offered to the economy.
This article was based on “When Will The Finance Industry Catch Up With The On-Demand Society?” which you can read here.