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The impact of technology on industries

In day to day life, technology follows us everywhere and is a vital asset for communication and efficiency. Its existence over the past few decades has opened up a number of unprecedented beneficial avenues for both our personal lives and professional lives through creating jobs and saving money in business. Ultimately, it can certainly be argued for younger generations as well as old that technology has enriched our lives and continues to drastically improve with each decade. Alongside its clear benefits, technology is also known to grow at a pace that can be overpowering and often result in the decreasing of popularity within certain industries and possible employment decline.

FinTech

FinTech, or financial technology, has shaped the way both consumers and businesses operate. With our cell phones in our back pockets and technology such as tablets and laptops accessible from our bags, it is now easier than ever before to access, transfer and withdraw funds from accounts. Online banking has become universally favoured by many for its efficiency and speed, as well as its 24/7 access to accounts compared to conventional face-to-face banking. Traditional customer service used through email and telephone is also notably being slowly replaced by interactive chatbots, which are able to answer questions and solve issues for consumers just as efficiently as real employees.

The Printing Industry

Statistics have proven that the newspaper industry is slowly declining due to the constantly evolving digital age of online platforms and blogs, which birthed the idea of the Citizen Journalist. Social media website Twitter, in particular, is known to be a primary news source and one in which news anchors and Citizen Journalists alike are able to distribute a wide array of multimodal media, including “tweets”, pictures, videos, and live streams that capture significant moments.

Likewise, the introduction of Ebooks, also known as digital or electronic books, has increased in popularity since the early 2000s, with 266m units sold in the US in 2017 and trade sales revenue rocketing to a staggering $1.02 billion. Libraries and librarians are also seeming to shift to online, however, the University of Southern California suggests that the rise of eBooks and websites like Wikipedia for finding information have not overtaken the industry. The university aims to tackle this belief by offering students a balance of using and understanding the importance of both print and digital in their Library and Information Science Online Degree programs.

Job Recruitment Agencies

It is evident that job recruiters are still needed, however, websites such as LinkedIn and other online job websites have revolutionized the way in which individuals are able to find employment. LinkedIn offers people the chance to easily connect and network with others in their professional circle, and are able to quickly apply to roles with their “Apply with LinkedIn” feature. This seamless process offered by such websites is attractive to many and could possibly become the leading method to apply for jobs in the future. However, it can also be observed that both employers and candidates can use such tools to their advantage to efficiently find talent or enhance career prospects.