“Re-Imagine the business through creative imagination and use of digital technology”
The ever-advancing digital technologies are changing landscape of all businesses and processes at a much faster rate than any other force ever. To survive in this digital era a business needs to fulfil the evolving demands of the tech savvy new generation. All businesses should emphasize on incorporating innovation and technology at the core of their businesses. No industry is immune to digital disruption.
Below are the mention of how technology is disrupting some major industries:
Healthcare will become very personalized. Wearable devices will measure people’s vital readings, the data goes into cloud. We monitor and analyse with the database of other patients with similar ailments and the proposed treatment. The hospitals of today will see people coming to hospitals reduce significantly. Most diagnosis will be done at home. The future will see a significant impact and the question whether the hospitals and diagnostics to exist as is now.
Smarter computers, algorithms and dedicated AI systems are all disrupting the traditional banking models. The cash transactions eventually converted to card transactions as is now turned to mobile wallets. The consumers are demanding a more insightful experience from online banking where they can learn about their expense trends and they are expecting banks to help them optimize their expenses. The advances in artificial intelligent have made it possible to use a robot to help new user to navigate through account opening process and more advanced features.
Retail Industry is arguably the most impacted industry by digital innovation. The e-commerce wave nearly wiped out the existence of departmental stores seven years ago. The demands of the tech savvy consumers from the retail industry are shifting from just high quality products and service support to a personalized and seamless shopping experience. Nowadays the success of a retail business very much depends upon its strategy to navigate the ever evolving digital world by getting deep insights about its potential customers.
Wealth Management firms have seen a high demand of integrated-channel experience from high net worth individuals. Security and privacy of their investments and documents is one of the top most concerns of the wealth management clients. Wealth management firms are now targeting middle income groups by providing pay per use services. Artificial Intelligence and Data Analytics are enabling wealth management firms to provide continuous investment support through automated advisors and crowd wisdom platforms.
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