Technology reshaping our world is a tale as old as time.
Can you imagine a world without the internet? The internet, something we use each day, was first accessed publicly less than 30 years ago. Ordinary appliances you may take for granted, like a dishwasher, electric stove, refrigerator, and freezer, only just came about in the 20th century. And commercial flights, who fly millions of passengers each day, were not even popular until the 1950s. Truthfully, it's wild how quickly technology advances.
Now, fast forward to today's world. The COVID-19 pandemic has pushed us in several directions; one direction is an urgency to adopt and develop new technologies even quicker. Technology adoptions that were predicted to take years to implement took place in a matter of a few weeks. In turn, technology gave us an opportunity to become more connected, collaborative, productive, and engaging. So let’s talk about how technology continues to reshape our world.
Reshaping Business Models
During the pandemic, technology allowed businesses to stay competitive. Retail and small shops began selling their items online through e-commerce platforms, such as
Shopify and
Wix, and restaurants began providing takeout and delivery through
food delivery apps. These businesses were able to reshape their business model by leveraging technology to increase e-commerce sales. In fact, U.S. retailers were up over 32% in 2020 based on prior year sales, according to the
U.S. Department of Commerce.
Reshaping How We Work
With telework and hybrid work arrangements, we can connect and collaborate with people from anywhere in the world without leaving our home or office. Connections are all made possible through the use of digital communication platforms like
Zoom,
Slack,
Microsoft Teams, and
Google Workspace. These platforms help centralize communication and increase collaboration through digital tools that allow us to share documents, directly message co-workers, and video chat with someone regardless of their location. While some companies, like Shopify, have gone fully remote, HR leaders expect most companies will opt for a hybrid work environment, according to one
survey.
Reshaping Our Money
In regards to banking, technology is improving how we use our money. It has given us more control over our finances, along with added flexibility, ease, and security. For instance, radio-frequency technology has enabled contactless payments and EMV chips in
debit cards, and credit cards have given us added levels of security to safeguard accounts from fraud. A few
digital banking technologies Gulf Coast Bank & Trust Company has adopted include:
Digital Mobile Banking, CardControl
to safeguard your debit card, My Money to view all of your accounts in one place and help
manage your finances, CardSwap to easily
make payments to your favorite digital services, and
Mobile Pay to make seamless purchases with your Gulf Coast Bank debit card or credit card that is stored in your mobile device.
Altogether, technology is transforming the world around us and creating new opportunities. Will you get on board? In the next Let's Talk article, we will talk about future technology that will most definitely make an impact on our lives. And, as a reminder, Gulf Coast Bank & Trust Company is committed to being the bank that cares about you. If you have any topics you would like us to discuss, we invite you to email them to
marketing@gulbank.com with the subject line Let’s Talk.
