Gordon Moore once wrote that over the history of computing hardware the number of transistors per square inch on integrated circuits doubled every year since their invention. This observation is now referred to as Moore’s law. Today some people extrapolate from that to say that technology advancement in general doubles every couple of years or so. Whether or not you subscribe to that theory, it’s hard to dispute digital technology is moving pretty fast and it’s changing a lot about how we do business.
Consider: 10 years ago the iPhone didn’t exist. Hard to believe but it’s true. I bought the first generation iPhone right around the week of June 29th, 2007. Now it’s estimated, that at the end of 2016 there will be over 2 billion smartphone users in the world. Not bad, eh? 2 billion more smartphone users in 10 years. But that does not properly capture the whole picture. It’s also estimated there will be 6.1 billion smartphone users by the end of 2020. That’s an additional 4.1 billion smartphone users in just 4 years. How does that impact the financial industry? In about every way possible.
From financial technology (fintech) firms to biometrics, it seems everything is changing about the way people do business in banking. At Solarity, we spend a good deal of time thinking about what these changes mean for our members, employees and community. We care deeply about the people we serve and our priority is to ensure they receive extraordinary experiences when working with us, especially through our digital channels – now more than ever. We are constantly analyzing and adapting to how peoples’ habits and expectations are changing in the way they save, access, and spend money in the digital age.
People want access to their money 24 hours a day, seven days a week, 365 days a year. The ability to sign into their account using biometrics, or to transfer money to friends and family anywhere in the world with just a couple of clicks, or to receive instant updates via push messages are just a few things people expect from their online banking experience. But it’s more than features. People expect it to be simple, seamless, and secure to manage their money online. And that is the real challenge for the financial industry. It’s not terribly difficult to have the latest and greatest features; you just need to write a couple of checks and someone will happily build them for you. But often times what is left is a clunky and painful interface that is difficult to understand or navigate. The real success is providing relevant features in an intuitive and safe manner that makes our members’ lives easier.
That is where Solarity thrives. We push ourselves each day to ensure that every team member, every piece of technology, and every interaction culminates into a single extraordinary experience. As Gordon Moore noticed technology is accelerating and people are embracing it at a phenomenal rate. At Solarity we look forward to the future and how we can best leverage the advances in the digital space to provide extraordinary experiences for our members.