UK consumers are saving, on average, 2.2 hours every month, thanks to various new and disruptive technologies, latest study shows.
The study, commissioned by Rackspace and carried out by Opinium, says smartphone apps, desktop apps and other online tools are saving the country more than 51 million hours every month.
It was said that convenience and time saving, when using these technologies, was more important to the poll respondents than money saving.
Big brands should beware – the report says consumers showed close to no loyalty to big brands when it comes to using disruptive technology. If something's is good, consumers obviously don't care about the tag.
Rackspace says businesses should avoid being complacent and try to disrupt their own industry.
Ease of use, time saving and money saving are the biggest drivers of the adoption of new technologies, but data privacy, lack of space on devices and security were the top concerns.
“There aren’t many industries that have as many large established players as the banking and finance sector does. But as we’ve seen, this hasn’t stopped smaller fintech companies disrupting the market with digital services that appeal to consumers who want a quicker, more convenient alternative to traditional services,” says Alex Zivoder, CEO at goHenry.
“It’s very difficult for the bigger businesses to compete with these much more agile companies that use the cloud to support their fast paced growth.”
Rackspace has also given valuable advice to all companies looking to disrupt their industries. It says they should learn how customers engage with them, start small and fail hard in order to learn and gather experience, make investments in line with expected returns, keep security in mind from the start, and make the most out of the Cloud, to scale quickly.
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