Abstract
The digital revolution and big data are improving the real-time analysis capacity of organizations, allowing them to optimize their tools and processes and to confront the available data with greater efficiency. In this context, where the time spent on data collection is decreasing, many functions in the company see their missions evolve towards more analysis and communication to help decision making. The COVID-19 pandemic has given a tremendous boost to the development of digitalization in the world. How then will the digitalization of financial services in Africa consolidate after this pandemic and what are its challenges?
TopPost-Financial Crisis Period: New Era For Financial Digital Transformation
The boom of the financial crisis in 2008 in the financial and real estate market showed that people's lives were gradually being networked and digitized due to the development of digital transformation, Shao et al. (2020). A review of the literature reveals the blurred nature of the contours of the digital economy. Digital transformation, sometimes called digital transformation, refers to the process that consists of an organization fully integrating digital technologies into all of its activities.
Digital transformation or digitalization implies the transition from a state of face-to-face relationships to virtual or more precisely digital relationships. A transition during which the company evolves its business processes, but also its global strategy both internally and externally, its organization, as well as its products and interactions with its customers. This process takes place both upstream (suppliers, service providers, partners, production chain, etc.) and downstream (prospects, customers, competitors, etc.), which implies a change in the way the company operates.
Key Terms in this Chapter
Bitcoin: It's a type of digital currency in which a record of transactions is maintained, and new units of currency are generated by the computational solution of mathematical problems, and which operates independently of a central bank.
Digital Transformation: Is the process of using digital technologies to create new—or modify existing—business processes, culture, and customer experiences to meet changing business and market requirements. This reimagining of business in the digital age is digital transformation.
Digital Currency: Digital currency is a form of currency that is available only in digital or electronic form. It is also called digital money, electronic money, electronic currency, or cybercash. Digital currencies are currencies that are only accessible with computers or mobile phones because they only exist in electronic form.
Typical Digital Currencies: Do not require intermediaries and are often the cheapest method for trading currencies. All cryptocurrencies are digital currencies, but not all digital currencies are cryptocurrencies.