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They only require a smartphone and a bank account. This is also applicable to any business because the market entry threshold never been so low. Emotions are at the center of the digitally-driven global experience economy. As a result, businesses are focusing on providing unique, innovative, engaging, and pleasant experiences through their digital services.
And even financial brands. Billionaire Elon Musk has already become a legend of experience economy. He is a brilliant visionary, engineer, and entrepreneur who creates innovative products and takes care of sustainability. He is also a hype genius who affects millions of people. Overall digitalization and network effect is becoming the most powerful engine of the experience economy. And from the human-centered point of view sustainable banking could provide the holistic view on the industry humanization in line with experience economy requirements.
According to Mobiquity study performed in with executives from banks in the UK, Germany, and the Netherlands, 80 percent of executives in the Netherlands and 72 percent of UK executives understand the beneficial impact digital has to sustainability. Sustainable banking is concerned with operating in compliance with the Environmental, Social, and Governance ESG requirements. Sustainable ESG criteria are a set of operational requirements for a firm that socially responsible investors use to analyze possible investments.
Environmental criteria take into account how a corporation affects the environment. Social criteria look at what experience is delivered to customers, employees, suppliers, and the communities around. Governance is concerned with the leadership of a corporation, taxes, audits, internal controls, and shareholder rights.
KMPG data show that 80 percent of the TOP corporations in 52 countries currently include sustainability in their financial reports. According to a Deloitte survey of Nigerian banks, 95 percent of respondents had undertaken environmental and social initiatives in the previous three years.
Money may appear to have no value in the experience economy. That, however, is not the case. We must accept that consumer psychology has shifted. In today's market, the value and power of experience far outweigh the power of money, which frequently results in unexpected consequences. To match digital requirements, advanced financial companies focus on customers, and develop cutting-edge digital services.
Sustainability, as well as digital technology itself, is ultimately about focusing business efforts on human needs and human values. This results in long-term profits for all parties. To better adapt to the new economy, businesses must become more human-centered and provide an experience that goes above and beyond the default to outcompete the crowd of millions of one-day products.
Think about how to provide creative experiences that will entice demand or, better yet, create hype. In the digital age, as well as the upcoming decade, only human-centered business lead to the best customer and employee experience ensuring profitability.
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At the time of writing this article, the crypto market is valued at over USD In purely digital spaces but also in the blended augmented. The unstable value of cryptocurrencies make them more a spectacle than a make them more a purely speculative asset than a form of money. Cryptocurrencies are often compared to cash, but unlike the cash, these currencies are purely digital and they have online usages.