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Top 4 Types of Digital Currency and Their Impact on the Financial Industry

Currently, there is a very limited base of users who prefer digital currency. The framework for its regulation and the tax structure to regulate digital currency is still evolving. It has two categories, namely cryptocurrencies and virtual currencies. Digital currency facilitates direct payments between payees and payors and removes intermediaries, infrastructure costs, and processing costs. It also facilitates the easy and transparent flow of funds. But before moving ahead, let’s understand what is digital currency in simple terms.Get More Info

What is Digital Currency? 

A payment method which exists only in the electronic form is called digital currency. Digital money has many benefits associated with it, such as easy and timely payments and lesser transaction costs. It can also help companies in the financial industry to eliminate the risk of exposure since they are highly secure.  But the acceptance of this currency by the financial industry is limited due to risk factors such as volatility of currency, identification of payment beneficiary, regulatory compliance, and transaction risks. Here is the list of the top four digital currency that will have a positive impact on the financial industry. Ask An Analyst_IR

Digital Currency List 

#1 Bitcoin

Bitcoin was launched in the year 2010 and since then it has gained huge popularity as a cryptocurrency. Although bitcoin is becoming popular since the time it has been launched, it also has suffered a few drawbacks in the past few years like its shooting transaction costs. 

#2 Ethereum (ETH)

Launched in 2015, Ethereum has got its strength from its development team. It works on the blockchain technology and has pooled a crowd of renowned institutions, investors, and also some of the well-known corporations like Toyota, BP, Intel, and Microsoft. 

#3 Monero

Monero, launched in the year 2014, was initially called as BitMonero. It is mainly aimed at privacy, security, and untraceability. The cryptonote protocol provides anonymity to the users at each transaction and this feature makes it different from Bitcoin.Request Proposal

#4 Dash (DASH)

Created in the year 2012, Dash focuses on anonymity with the aid of PrivateSend, which utilizes a selected quorum of random masternodes on the network. It has a unique InstantSend feature which helps the transactions to get cleared within a few seconds and the charges for these transactions are petty.  All these make Dash one of the strongest payment oriented currencies.

Impact of digital currency on the financial industry 

Increase in efficiency

The use of digital currency will increase the efficiency of the financial industry by making payments easier, faster, and most importantly more secure. The businesses in the financial industry will obviously witness many benefits from the use of this technology.

The effective alternative for unstable economies

Although digital currency has not been adopted widely, its use in countries such as Venezuela where Bitcoin seemed to be more stable than its national currency at the time of high inflation, shows that it can be an effective alternative for hard cash in the future. Contact US

Faster transfer

Distributed ledger technology helps the digital currency to settle transactions in real time; thus, saving the time of transactions. If it is adopted officially by banks, it can be a good competitor for other payment modes, which will ultimately benefit the end user. 

Easy cross-border payments

Digital currency has not been widely accepted yet, but it has definitely made cross-border transactions easier. Added to that, it is expected to reduce the foreign exchange cost substantially in the future.


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A Future Ruled by Voice? Top Trends for Digital Assistants

OK Google, please list the top trends in the digital assistant market. Well, maybe this blog will have to be written by a human for today. But it might not be long before digital assistants like Google, Alexa, and Siri would be able to answer complex questions as well. Digital assistant may yet look futuristic, but its already a reality today. The ability to answer questions ranging from weather, sports, facts, and news to personal queries is just astounding. Digital assistants have come a long way from just doing basic tasks such as calling or texting someone to performing a complex task such as booking an appointment. With technology set to advance seamlessly, digital assistants will Request Free Proposalonly get better and smarter. So what are the current market trends in regards to digital assistants you should be aware of?

Smart home

The boundaries of a digital assistant are about to break the shackle of your smartphone and make its way into your home. It can enrich your life by making smart home a reality. Forget about getting up to adjust the thermostat, or checking groceries left in the fridge, or having to change the song in the playlist. Digital assistants have got you covered – all you need to do is use voice command to perform such simple tasks. The ability to seamlessly perform such tasks greatly improves the customer experience.

Workplace assistant

After home, work is where people spend their significant amount of time. A digital assistant can make their way into the workplace as well, with Amazon’s plan to put Echo with Alexa on every office desk. The assistant would be capable of doing routine things such as video conferencing, setting up meetings, and remind employees of critical events. In the future, it may also partner with enterprise services such as Salesforce, SAP, and Microsoft Exchange. Microsoft is fiddling around with their own assistant Cortana in a bid to capture this market.

Marketing and advertising

People getting dependent on digital assistant means they spend less and less time in front of a screen. This is a big problem for brands who are constantly trying to get users attention through their flashy advertising. Brands will have to work extra hard to get their name in the coming years. It is entirely possible that companies will dedicate resources and create jobs that are specifically focused on voice assistant platforms. The voice advertising would be nobler than radio ad or a jingle. For instance, a user enquires, ‘hey Siri, order a packet of milk please’, it all boils down to how brands advertise and who gets featured.

Smart displays

At a time when everything is getting smarter, displays aren’t being left out. This year, Amazon announced that it would extend its voice-only Echo speakers by launching Echo Show Smart display and Echo Spot alarm clock. Google, on the other hand, is also coming up with a smart display which integrates Google Photos and YouTube. Although smart displays are pricier compared to the voice only speakers, the early adopters are getting their hands on smart displays. Developers will need to add more functionality or bring the prices down to lure the masses to make a purchase.

To know more about the top upcoming trends in the digital assistants market:

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Counting Down the Pioneers of the eCommerce Business

The shopping habits of the consumers across the world has changed significantly. Today, they prefer to make purchases from the comfort of their home. Online shopping is rapidly replacing traditional store shopping. Although traditional retailing still accounts for a significant portion of the retail sales, the trend has been shifting with digital retail growing at an unprecedented rate. The increasing use of internet and smartphone has also fueled the growth of the e commerce business. In order to attain further growth prospects and provide the best possible customer IR_Brochureexperience, top players have been continually tinkering with the e commerce business models.

Top players in the global e commerce business

#5 – Alibaba

Alibaba is a Chinese e-commerce giant which executes about 80% of China’s e-commerce transactions. The company was founded by Jack Ma in 1999 as a business-to-business (B2B) sales platform. Today however, they offer a wide range of products and services including electronic payment services, shopping search engines, and data-centric cloud computing services. The company also runs a business to consumer marketplace under the brand name Tmall and a consumer to consumer marketplace similar to eBay called Taobao. The company also pioneered the concept of Single’s day which generated record sales of $25 billion in 2017.

#4 – Walmart

Walmart, the largest retailer in the world, makes it to number four on the list. The presence of the American retailer signifies the growing importance of the e commerce business. Walmart’s focus on e commerce business was even more solidified by the fact that it shut 154 stores in the US and another 115 across the globe in 2016. In order to fight its competitor Amazon, Walmart has invested heavily in their e commerce business and introduced Walmart Pay and OpenOps, a cloud administration service. However, the online business of Walmart currently accounts for 3% of their total revenue.

#3 –  Macy’s

Macy’s is an American department store chain owned by Macy’s Inc. The company owns more than 780 retail establishments across the US, Hawaii, Puerto Rico, and Guam. In 2017, Macy’s restructured their retail business to focus on their digital business as they poured in $550 million of investment and also closed down about 68 store locations. The retailers also used services from SAP to gain better insight into customer behavior with predictive analytics.

#2 – JD.com

JD.com, previously known as 360buy, is a Chinese B2C e-commerce company headquartered in Beijing. The company is a member of the Fortune Global 500 and had 266.3 million active users as of September 2017. The company also possess the largest drone delivery system along with superior technology for robotic delivery services, drone delivery airports, and autonomous trucks.

#1 – Amazon

It comes as no surprise that Amazon tops the list of the biggest e commerce business. The company started out as an online book delivery service in 1994 by Jeff Bezos. The company now provides a host of products and services including Amazon Prime Video, Amazon Prime Music, Amazon Web Services, Amazon Kindle, Amazon Alexa, and Amazon Echo. In 2017, the company generated revenues of $178 billion with 566,400 employees across the world. The company owns multiple subsidiaries including Zappos, Diapers.com, Audible, Goodreads, IMDb, and Kiva Systems.

For more information on the top e commerce business, e-retailer, ecommerce solutions, and retail industry:

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Digitalization in the Telecommunication Industry – A Game Changer

The telecommunication industry is struggling to keep up with the dynamic market environment and growing technological advancements. In their quest to adopt digitalization, the companies in the telecommunication industry have started taking small steps by undertaking infrastructural developments and inteIR_Brochuregrating technology. The digitalization wave has coerced telecommunication companies to pursue apps and services to develop new revenue streams. Several telecommunication companies have directed their efforts towards developing 5G by scheduling regular trials. By embracing digitalization, the service providers in the telecommunication industry can offer faster data, better performance, and several other high-level features.

Telecommunication Industry Embraces Digitalization

With the mass adoption of connected devices and applications by various stakeholders such as consumers, businesses, and governments, digitalization has had a transformational impact on the operational and strategic decisions of the telecommunication companies. Transforming to a digital economy helps the service providers in the telecommunication industry to monetize their investments, boost capabilities, improve their product offerings, enhance customer experience, and develop new competitive business models. Globally, the service providers’ revenues have been stagnant in spite of the sudden surge in the operational costs, thanks to the freeloading market players who make it more difficult.

Digitalization – Is It Good?

In the telecommunication industry, those service providers who have adopted the digital economy are faring better compared to those who haven’t. But before diving headfirst into the digitalization wave, the telecommunication companies must take a focused approach by leveraging market intelligence solutions to gain industry insights and develop digital friendly product portfolios. It may sound difficult, but the service providers in the telecommunication industry cannot just stand pat and let the market unfold on its own. The telecommunication companies must transform their business processes to maintain their profit margins, retain their market share, and expand their share of wallet in a digital economy.

Telecommunication Industry – What’s Stopping You?

The service providers in the telecommunication industry have realized the benefits of adapting to the digital economy – higher revenue, reduced costs, and enhanced customer satisfaction. But still, what is it that complicates the adoption of the digital economy, you ask? Here’s what. For decades now, telecommunication companies have thrived on legacy business systems and traditional product offerings, making it difficult for companies to adopt digitalization in its entirety.

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