The emergence of new internet-based banks sets established institutions under pressure, as these online banks revolutionize the processes of banking. An essential role plays the government since it increasingly introduces regulations which force traditional banks to rethink their business model.
Alternative finance such as crowdfunding has a lasting effect on the finance sector as it has grown into a considerable global industry. Especially, in the years after the financial crisis of 2007/08 crowdfunding began to evolve and flourish. It was a game changer for funding start-ups as it is reduced the related transaction costs which in turn led to an improved market efficiency.
As digital natives, Millennials, have grown up with cell phones, computers, and the internet. Therefore, we easily adapt to new technologies which change our daily lives and the way business is conducted. For example, the internet of things and artificial intelligence are going to have a long-lasting impact. Besides the vast advantages of the technological advancement, it also brings along disadvantages. One of these drawbacks is, for instance, the privacy issue that goes hand in hand with digitalization and the collection of all kinds of data.
A sector which is changing with the rise of the internet and social media is retail. Millennials are famous for their great buying power and have a lot of influence over older generations. However, companies find it difficult to connect with Millennials as traditional advertising persuade them to buy their products. Therefore, the future of retail and the role of social media and user-generated content are crucial for the understanding of our
generation’s buying behaviour.
The majority of our generation is switching their job every three years, which imposes major costs for companies with traditional structures and hierarchies. The phenomenon of job hoppers is correlated with the development of freelancing and emphasizes the importance of employee branding. Therefore, the personal image of oneself and the ability of self-selling are essential in today’s world of work. Due to the low employee retention rate companies need a compelling and meaningful mission and vision statements to retain them. Hence, the question arises how companies and employees best align their contrasting needs and wishes
Other force influencing the working environment is the technological change that takes place. This progress will ultimately affect not only the processes of the work but also the different professions which will be in demand in the future workplace. Thus, it is necessary questioning if a business-focused education will be sufficient. What kind of education do we
need in order to stay ahead and competitive in the job market?