Impact of Digital Technology on Society and Economic Growth

Digital Revolution has taken giant strides in the past two decades and has had a stupendous impact on economic growth the world over. People today have become accustomed to digital development by seamlessly receiving goods and services driven by digital transformation. Be it the latest model passenger vehicles or immediate banking and payments solutions all are a consolidated result of digital transformation that has indeed made lives simple for the residents of our planet. This all-inclusive impact of digital economy on the lives of people eventually calls for an assessment of the true impact of digital technology on society and economic growth and which ultimately forms the crux of this detailed walkthrough. So, here is the impact of digital technology that truly has facilitated well being of citizens at an unprecedented scale globally.

The notion of making immediate payments through multiple banking and payment channels has come true

The immediate beneficiaries of the pre-eminent impact of digital economy are the banking customers who can now send and receive monetary remittances all around the globe in just a wink of an eye. The banking customers have been provided with different payment solutions that facilitate seamless payment on the back of safe and transparent payment platforms which are actually the end result of the ongoing digital transformation. Even buying goods and services by making immediate payments have also become possible because of technology-embedded banking solutions that are planned and implemented by taking into account the ultimate benefit of digital development.

People can have a watch on their monetary assets 24/7

Earlier keeping an eye on your bank account or monitoring the value of your investments was not so easy as several user-friendly platforms and services never existed. But with digital technology having a marked effect on all aspects of human life, people can very conveniently exercise due vigilance on all their monetary assets pretty easily that includes checking bank balance, keeping an eye on insurance policies, and regularly monitoring the current market value of all investments, etc.

Customer service rendered by different governmental agencies has become more transparent

It also makes sense at this juncture that with the advent of the digital revolution various governmental and nodal agencies have also started working on multiple digital platforms that have collectively made it easier for all the people to receive periodical payments in the form of subsidies, doles, etc. by different government agencies and ministries as the same directly gets credited in the bank accounts of concerned beneficiaries ultimately taking care of malpractices that jeopardized the economic growth of economies and did a whole lot of injustices to the needy.

Economies have found a means to grow on the back of unprecedented digital transformation

Digital technology has had a marked effect on the growth of global economies as piecemeal improvements registered by different industries on the back of the digital revolution continue to have a very positive impact on global economic growth which is evidenced in the form of the creation of more jobs, reduction in deficits of the government, governments being able to garner more tax and non-tax revenues, etc. All this has become a reality because of the large-scale and sweeping impact of digital economy on various macroeconomic elements which in a real sense has provided leeway to all the participants and stakeholders of the economy.

Conducting businesses and trade has become more efficient and profitable

Digital technology has also led to a paradigm shift in the way businesses are conducted the world over. The customer-friendly solutions based on digital transformation have made companies more customer-centric as they can now remain in contact with customers 24/7 thus providing itself a new growth avenue. Businesses today have devised methods to provide seamless goods and services to prospective customers on the back of processes that have been enabled by implementing case-specific solutions which are actually governed by the principles of digital technology.