It is imperative for banks and other financial services businesses to ‘go digital’, in response to legislation (i.e., PSD2) and to increasing pressure from smaller, more nimble fintechs.
The insurance industry is operating in an age of radical disruption. Traditional insurers are no longer safe, with insurtechs challenging incumbents to rethink their business and operating models.
The retail industry is undergoing a massive change due to technology. In Asia, online retailers are flourishing because of their ability to target consumers anytime, anywhere, and across international borders. However, many traditional retailers are struggling as a result, finding it difficult to bring consumers into physical stores.
Despite the insurance industry’s reputation as a laggard when it comes to technological innovation, it is undergoing massive change as traditional providers race to digitally transform. The change is being driven by the enormous pressure that insurers are facing on all fronts. On one hand, consumer expectations have soared to new heights as customers demand seamless experiences across channels and the ability to interact with insurers in new ways. The advent of connected devices such as home-automation systems and in-car telematics is creating whole new ways of delivering insurance products to customers.
Retailers have long understood that ‘knowing the customer’ is crucial for maintaining loyalty and standing apart from the competition. Today, in the age of Amazon, it’s more critical than ever for retailers to access and leverage data to transform the customer experience.
It is a common misconception that omnichannel is a matter of connecting system A to system B to create a new mobile app or bring the latest channel online. Today, omnichannel is about becoming channel-agnostic. And if there is one thing the last decade has taught us, it is that new channels and new ways of interacting with consumers emerge rapidly.
In the past decade, higher education institutions have invested heavily in procuring modern information systems, in order to provide new and innovative digital experiences for their students, faculty, administrators, and other stakeholders.