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The future of financial services will look very different from today. Faced with changing consumer expectations, emerging technologies, and new business models, banks and financial institutions will need to start putting strategies in place now to help them prepare as society enters into a new phase: the 'isolation economy'.
This is being driven by the COVID-19 pandemic, and is superseding the previous 'social' and 'sharing' economies. In the new normal, consumers will carefully pick and choose their financial services partners based on how to spend their time interacting.
The complexities facing the industry call for a nuanced, thoughtful approach to problem solving and growth design.
Key Digital Trends:
1. Automated Wealth Managers
2. Big Data and Machine Learning
3. Lending Automation
4. Blockchain in 'RegTech'
5. Trading Platforms
6. ' PHYGITAL' Customer Eexperience
Insurance has acquired a new level of criticality and scrutiny in the current macro environment due to Covid19. Structural shifts in the way business is conducted, changes in safety codes, an ageing but highly educated and mobile population and future-proofing of small businesses, agriculture and housing -these point to huge opportunities in the years ahead.
Highly demanding customers, cost consciousness and newer categories of risk call for catalogue management at an unheard of level. We see change on the horizon with process automation, remote signature authentication, semantic search, federated agent desks and knowledge graph led segmentation.
Key Digital Trends:
1. IOT Enabled Usage Based Insurance
2. Digital / RoboAdvisory
3. Big Data and Machine Learning
4. Peer to Peer Insurance
5. Blockchain in 'InsureTech'
6. Gamification
The traditional brick-and-mortar model of retail has been under siege by digitally-enabled online and mobile channels. However, simply adding digital channels may not help.
Deeper analysis reveals that a brand's long-term survival entails moving to an omni-channel approach as consumers expect seamless brand presence and consistent experiences across devices and channels.
While digital technologies are at the core of this transformation, its successful execution requires thoughtful planning and cross-collaboration across various retail functions.
Key Digital Trends:
1. Smart Payment Terminals
2. Composite Wallets
3. Advance Retail Analytics
4. Hyper Personalisation Using AI
5. Visual Search and Social Shopping
6. Augmented / Virtual Reality
The industry faces a rapidly changing competitive landscape. The role that Communication Service Providers (CSPs) have played in accelerating digital business and service models has not translated into new value for the service providers themselves.
Pressure on traditional revenues means that it is increasingly important for operators to look at new digital business models to make sure that they share in the value from digital transformation. Communication networks will evolve from being differentiated through proprietary hardware to software-defined systems.
Predictive Maintenance, Federated CRM systems, Real Time Fraud Prevention and Network Virtualisation are some key trends to look out for.
Digital Trends:
1. Software Defined Network
2. Network Function Virtualisation
3. AI Based Predictive Maintenance
4. Real Time Fraud Prevention
5. Intelligent CRM Systems
6. Data Monetisation
Digital transformation is a critical imperative to succeed. The Covid19 crisis has made it an undeniable urgency for life sciences organizations to leverage technology to master collaboration at an unprecedented scale. Intelligent collaboration will be imperative for the industry to mobilize critical capabilities, data, and infrastructure, underpinned by a harmonized vision to "fast forward" R&D and achieve the necessary scope, speed, and scale of operations to overcome the Covid19 pandemic.
Life sciences organizations must start building contingency plans for adapting to the new normal in the post-pandemic era. It is estimated that about 45 percent of all work activities in the life sciences industry can potentially be automated and 80 percent of those automated activities can be performed using machine learning.
In addition to machine learning and deep learning, artificial intelligence (AI) can help analyze vast data sets arising from clinical trials, health records, and genetic profiles.
Digital Trends:
1. Predictive Analytics Using AI/ML
2. Blockchain For Health Records
3. IOT For Remote Patient Monitoring
4. Virtual Reality For Training
5. Imaging and Diagnostics
6. Consumer Integrated Health
Industry, customer and technology trends are converging to redefine operating and business models in the travel ecosystem. New entrants – especially digital natives such as online travel aggregators (OTAs), meta-search engines and travel service platforms – are shaking up the value chain.
How travel will emerge post the Covid19 pandemic, how will customers adapt to a very different new normal, how will the various service providers adapt to changed customer behaviour and mandatory government guidelines? This will challenge existing providers and potentially provide new entrants an opportunity to challenge incumbents.
Travel providers are seeking stronger interactions with customers, while drastically changing operations, in pursuit of better insights around customer preferences and operational performance. Connected devices and artificial intelligence (AI) will provide ample opportunities to make those operations more effective, and enable collaboration and asset-sharing between enterprises.
Digital Trends:
1. Smart Automation
2. Digital First Platforms
3. Digitisation of Everything
4. Dynamic Expectations
5. Hyper Personalization
6. Ubiquitous Tourist Safety
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