It’s amazing how many efficiencies online services bring to daily life. It’s especially bewildering when you consider how, culturally, many of the things we take for granted today were largely unheard of just decades ago.
The same applies to business and the innovation motions the business world endorsed in recent years. Yet one question still remains: Just how much can we shift to the online space and the digital innovation?
How far we can go with digital innovation in the business world
With so many businesses turning to online solutions and the digital economy, is it any wonder that dating, too, is moving to the virtual space? After all, with access to some of the most sophisticated data-based technologies and matching algorithms out there, dating sites promise to match users with someone using a level of precision that seems to make old-fashioned intuition and serendipity a thing of the past.
Many of the companies providing such online dating digitally based platforms also made if very easy for the end-user to easily entertain the services offered. With all the easiness we should also stress on the fintech advancements, the digital banking solutions now available, and the easiness those apply in the use of online dating apps or websites.
Nowadays one can register within a minute, pay in seconds, and have access to the so-called business of love. What most of this means is that the rise and eventual dominance of online dating are more about a shift in cultural attitudes than it is one of viability.
But if online dating is inevitable, what does that mean for the average person trying to find love?
Can something so intangible be quantified by an algorithm?
First, dating sites don’t purport to match you with someone based upon concepts like true love but rather use a complex matrix of interests and data points to help pair you up with someone with whom you are compatible. Apps like Tinder only “appear” to present random people to its users and, in fact, penalize users who indiscriminately approve of its selection of potential love matches.
This is because Tinder works using a constantly refined method.
Second, Tinder and apps like it aren’t trying to quantify “love” into a data set but instead are seeking to match up likely pairs that could have a viable relationship according to the information available to the app. That is why Tinder is so quick to point out that it is not a “hook-up” app but rather a relationship-oriented service. And the numbers back up that assertion.
Data, Digital advancement, and Love. What’s in common?
According to data provided by the company, 74% of Tinder users report having a long-term relationship. One of the most important cohorts for online dating app companies is younger consumers, more and more of which are finding love using these methods. Since this consumer base represents the shift in social attitudes needed to take online dating to the next level, it is no surprise that more and more companies are driving towards growth in niche markets.
In other words, as online dating grows, the segmentation of the market is accelerating along with it. Part and parcel with this growth is the ease with which online dating apps can connect users locally and across the globe.
Digital Banking enhancing the industry.
As services such as digital banking and online payments erase borders and geographical distances between individuals, online dating will capitalize on that to bring ever greater potential pools of matches to their clients.
When it comes to potential areas of growth for online dating, this kind of global expansion and outreach to different market segments instead of broader populations, in general, is the way of the future for most startups in the matchmaking business.
If you are running an online dating business and want to benefit in an optimal way from this evergrowing the digital industry you should also plan and implement well your payments and financial transactions mechanisms. There are a number of advantages of Monneo’s digital banking services that we have successfully deployed among our clients operating in the online dating space. Contact us to learn more about how can help you with digital payment solutions or apply directly for your virtual IBAN on our website.