Digital transformation: digitalization of business in MALAYSIA
The development of information technologies changes the way end-users interact with a brand or company. In the current situation, it’s hard to overemphasize the digital transformation strategy because the consumers associate with many digital channels. At the center of this ecosystem is a user who wants to interact with the company through any available channels at a convenient time. A well-chosen digitalization strategy helps to get rid of the bad factors and get the required knowledge.
Suppliers of goods or services are bounded to change and digital transformation helps completely rebuild their business processes to meet the requirements of customers. In order to be commercially successful in the new conditions of universal digitalization, it is necessary to develop fresh and modern products, the presentation of which will take place in the company’s digital channels. In simple words, the digitalization of business involves the use of modern technology to increase productivity and enterprise value in the world. There are some main effects of digital business transformation that are regarded as the most important:
● Cost savings.
● Improved service and product quality.
● Increased productivity.
● New opportunities for customers and business owners presenting.
Another redeeming feature of digitization of business processes is the ability to follow the consumer expectations. By dint of the digital transformation models, the company can accurately predict the needs of the customer and gather the data about them.
New digital transformation technologies provide for the rejection of futile business schemes, so companies that didn’t pay attention to the digitalization and digital transformation are finding it increasingly difficult to compete with the digital elite. For example, due to the benefits of digital transformation, the relevance of classic bank cards is gradually declining. Wallet Factory offers a special digital transformation framework – processing platform, mobile application and business development methodologies – which make possible to establish a mobile financial services infrastructure, bringing together financial service providers, merchants and end users, replacing the habitual plastic cards and thus becoming a convenient and secure day-to-day experience for end users and a source of numerous revenue streams for the businesses. Now the business owners have a great opportunity to perform all the financial operations in a few seconds. Such data and digital transformations obviate a necessity to spend time in the bank, stand in a queue, and waste time. Now all the bank transactions can be performed using a mobile phone. The program has several levels of protection and contains all the relevant advantages of digitalization and digital transformation.
Digital transformation in banking: helping people improve thieir banking experience
Digital transformation trends in banking lead to saving customer’s time, as the app enables branchless banking, so the user can make all the actions at home and at a convenient time. After the accelerating digital transformation in banking via white label products, banks become up-to-date technologically advanced organizations, offering service at the expected level of convenience. Another privileges of digital transformation in banking sector are tariffs lowering and increased speed and safety of services.
The Wallet Factory Company solution is a great example of how the banking transformation and integration performs in practice and to what results it leads. After having made a decision to cooperate, transferring to the digital transformation in banking and financial services, the customer determines the business requirements (product specifications), and the Wallet Factory creates a preliminary project.
The corporate banking digital transformation includes the work on IT architecture, UI/UX developing, making some customized solutions, hosting preparations, manual formulation, etc. All the mentioned processes are performed based on the actual banking frameworks. The start of program working and warranty service implements after the successful testing period and solving all the problems/bugs.
The digital transformation in banking will also help to:
● Save customers time.
● Expand the banking line through the use of digital banking transformation strategies that allows cooperating with customers closely and finding out about their preferences.
● Protect all the important data and recover user’s funds from unauthorized access by hackers.
● Greatly improve people’s attitudes to the banking sector.
● Become the part of social media and integrate into new marketing solutions.
● Reduce transaction costs.
Specified banking industry digital transformation also has a beneficial effect on improving the level of transaction security, the ability to scale a business quickly and enhance the speed and stability of work. Moreover, the Wallet Factory digital transformation in the banking industry presents the possibility to redeem the technical component (code) in the future and independently develop the product according to companies’ preferences and actual transformations in the banking industry.
Telco digital transformation
Today, when data has become a center of digital reformation, a large amount of telecom information is regarded as an operator’s invaluable capital. This tends to result in digitization in the telecom industry and a serious analysis of subscriber data helps mobile providers to amend the quality of service and maintain their client franchise. Digital transformation for telecom operators permits us to understand the needs and behavior of users. It’s easy to find out what they are interested in, how much money and what they are willing to spend on, and how to use telecom transformation to get a positive response.
Telco digital transformation can be implemented via Wallet Factory Company mobile app. Such a digitalization in telecom helps all the telephone service providers to:
Get new subscribers and additional income.
Build serious and amicable relationships with all the clients.
Become mobile and elicit the telecom business transformation potential.
Reduce maintenance costs.
Improve the brand’s discernibleness.
Create a unique design of the app.
Uplevel bank data security.
Present to all the subscribers’ clarifications of the most widespread topics on telco transformation.
Develop attitudes with current customers via additional services that stay beyond classic features.
Restrain subscribers thanks to the loyalty programs and profitable personalized offers.
Digital transformation in the telecom industry also brings some positive moments to each mobile operator, who introduced the mobile wallet. This is about being in a trend by following modern elaborations and payments performing via the well-arranged application. Through the digital transformation telecommunications, the private sector representatives can advance customer’s interests through special offers of trading partners. As the Wallet Factory presents a ready-made application for cells, there will be no need to waste time on the additional infrastructure creating and maintaining. Due to the transforming telecom it for digital business, the company has everything to present the product with the help of which it’s possible to proceed quick defrayments via all the popular mobile operator’s accounts and make as national, as international money transfers. Wallet Factory helps to see in practice all the advantages of digital transformation in telecom sector implementation.
Microfinance and finance digital transformation
Finance digital transformation is regarded as one of the most successful and useful changes, because all the people, who have tried the Wallet Factory app, appreciated the benefits of the mobile wallet. Mentioned digitization of finance is manifested through the possibilities that are presented by the mobile application, which are especially good for lending and microcredit industry. While cooperating with the Wallet Factory (white label product using) and following the digitization in the financial sector, each bank gets new clients (thanks to the Masterpass and Masterpass QR solutions, e-money, and essential economical services, implemented in the app).
Each digital transformation finance function works very quickly and without serious efforts at the consuming end, so the clients have an opportunity to digitize existing cards and make all the payments contactless. The digitalization finance also makes it easy to take credits and microcredits, because the app presents such an option and allows getting the required sum in a few minutes after inquiry. Specified digitalization in finance also:
● Affords to make all the operations quickly.
● Interacts with users and demonstrates them all the proses of finance and digital transformation.
● Guarantees the security of the system and money transfers.
● Sets up automated lending logic according to the framework’s financial system.
● Interest charges and writes them off.
● Collects and analysis the customer’s data that is greatly visible after finance digitalization.
Each organization, which takes part in the digitalization of finance, contributes to the development of modern technological creations.
Retail digital transformation
Mobile wallet applications are frequently used in retail business, bringing significant profit and benefits. Mobile wallet objectifies the retail transformation, it allows the retail distributors to get rid of the queues and augment the customers’ traffic. Thanks to the retail industry digital transformations (QR-code or NFS technology), the person can pay for purchases in a few minutes. Moreover, while a cell’s barcode scanner using, the client can put the goods to the special cart and pay for them via the mentioned wallet. Such digitalization retail helps to develop positive relationships with customers and analyze their preferences by presenting special offers and client-centric sales. Owing to the retail digital transformation it’s possible to retain customerss by tokenizing their activity in the form of special bonuses (additional retail and digital transformations).
The seller-company gets great profit after the digital transformation in retail sector implementation and the white label useful wallet allows pass-through function increasing. Indeed, digitization in the retail industry brings the simplification of paying for goods (after a few screen touches). The company can not only collect data about clients but also get personally identifiable information that also can be gathered via digital transformation in the retail industry. The average spending determination is a great way to see the seasonality and considerations of miscellaneous client groups. After the analytics getting, the retail industry transformation will reveal all the trump cards and allow enjoying the possibilities of the retail digitalization in full. The Wallet Factory and its white label item can prove that the digitalization of retail is much better than classic ways of trading.
Post industry digital transformation
Modern post-digital transformation is a great white label solution that simplifies the process of receiving money for shipping goods and logistics services. The prepaid payment instrument is an essential example of post office digitization, which allows the clients to pay directly to the sellers without a long wait for money transfer. It’s not excluded from the facility to pay for the bearer service online via transferring the cash into e-currency (even if the person doesn’t have a bank card) or after linking the credit card to the mobile app.
The post office digital transformation solution allows tracking the status of sent and received parcels. The specified application can have its design and branding that positively reflects on the company’s popularization. The gathering and evaluation of customer data appear to be rather quick procedures and everything stays in the app archives. The Wallet Factory takes care of the quick scaling and introduction of new options, so the development occurs constantly.
Fuel sector digital transformation
The fuel retail digital transformation is also useful for gas station customers because the white label product proposes the possibility to pay for the fuel while staying in the car. Courtesy of the fuel sector transformation, the digital specified card is quickly replenished with bonuses (which can be used subsequently) and the person gets the ability to make advanced orders even while being on a way to the petrol station. The digitalization in the fuel industry has brought the white label product – mobile app, which not only performs all the mentioned operations but also keeps digital official papers and is a great way to exchange various gifts.
Why the app is useful in the fuel sphere? Because it influences positively on:
● Speeding up relational customer care.
● Selling related products.
● Increasing brand loyalty and brand recognition.
● Introducing new services.
Pay attention that some special offers of trading partners can also become a serious profitable bonus for customers and businesses.