Digital banking, for instance, is another industry that is not only growing exponentially, but is threatening to eclipse its traditional counterpart. AI-powered chat enables the service to be streamlined, while digital payment methods and apps to track your money mean that everything can be completed from your smartphone. For those in business, accompanying apps that help raise and submit invoices and expenses mean that traditional forms of managing money are being overwritten by new digital methods. The reason that digital banking has been able to grow so well is that it found the drawbacks and pain points of traditional banking and found a way to mitigate against them. Apple and Android Pay and banks such as Monzo represent a step into the future of banking that doesn’t require a card or cash and actively helps the user save and track their money in a palatable and digestible way. 64% of smartphone owners in Great Britain reportedly banked online at the start of 2019, up from 50% at the start of 2018 and more than doubling 2014’s 31%.
The growth of digital industries stems from a variety of factors. They are growing because of demand for them from an increasingly time-poor, forward-thinking general public. They are widely accepted to be where the future of finance is, so companies are eager to ensure they don’t miss out (a la Kodak skipping the digital revolution and losing its leadership in the camera market). Digital industries are growing for the need, especially considering the cybersecurity industry. Ultimately, digital industries grow so fast because they represent the power of technology and how we can harness it to change our lives for the better. The financial growth of digital industries shows that the future lies online and finding digital ways of doing things that can revolutionise how we live.