Question & Answer: Describe at least one application of modern technology in each of these service industries: Financial Services, Public and Government Services, Transportation Services, Educational Services, and Hotel and Motel Services? How does your example application improve things, or does it? Expert Answer Technology has become an enabler and a differentiating factor that provides a competitive advantage for the service industry. The service operations which require a lot of documentation and were once paper-…

Expert Answer

Technology has become an enabler and a differentiating factor that provides a competitive advantage for the service industry. The service operations which require a lot of documentation and were once paper-based, are now completely digitalised with the help of technology. Below are the applications of modern technology in various services –

a) Financial services – Digitalized interfaces for payments in banks, mobile banking, ATM facilities, online banking services, bitcoin technology, use of artificial intelligence and cognitive computing for financial analytics and advisory services etc.

Financial transactions on a daily basis, involves transfer of lakhs of crores of rupees and technology is the enabler to perform these transactions hassle-free.

b) Public and Government services – E-governance – which is the use of digital platform for administration, delivery of public services, tax collection and reporting, enrolling the public in various government sponsored services and schemes, digital bill payment services etc.

All the above technological services help the Government to handle various services effectively ensuring the delivery of services on time reaching out to maximum population.

c) Transportation services -Logistics and transportation services have become very efficient with the use of technology like Global Positioning System (GPS) for track, trace and navigation, freight management technologies etc. These technologies help the logistics firms to reduce the turnaround time and increase reliability.

d) Education services – Digital education through e-books, e-learning, writing tests and evaluating online etc. are the various education services that have become easier through modern technology.

e) Hotel and Motel services – Technology applications in hotel and motel services include online reservations, payments and customer feedback services, Wi-Fi services in hotels for customers, use of sensor technologies in hotel rooms etc. help the hospitality companies to better serve the customers.