Digital transformation presents enterprises with significant opportunities for value creation to benefit from the radical shifts that are being observed across industries. While there are nuances in these shifts across industries, there are some common characteristics in them.
Key Takeaways Common shifts triggered by digital disruption
Banks have been attacked by digital natives. However, they still command high market share, driven by customer stickiness. Most of the banks’ efforts have been centered on digitizing the front-end and developing a better system of engagement. Whereas the core issues of their legacy system of records and business processes – which are stuck in a ‘control’ mindset – still persist.
Key Takeaways Digital banking focus areas - product and services engagement, personalized customer experience, operations, technology, infrastructre modernization, Enterprise AI, Data
Digital Transformation in the Wealth Management Industry
Digital transformation has been a topic of management discussion ever since robo-advisors attacked the market. However, little has changed on the ground.
The Covid-19 pandemic was a real stress-test of the industry for its work-from-home readiness. Despite initial concerns, the industry has, on the whole, successfully passed the test. Still, a lot of work needs to be done on cybersecurity and adherence to the wave of regulations that has happened globally.
We will see an acceleration of digital transformation in the industry, with themes like advisor personalization, intelligent automation of the mid-back office, and harnessing the full potential of data with cloud.
Key Takeaways 10 priorities for digital transformation in the wealth management industry
Payments has been at the forefront of digital transformation, and already FAANGs (Facebook, Amazon, Apple, Netflix and Alphabet) and the Chinese Big Three (Alibaba, Baidu and Tencent) have attacked this space.
One can expect some big moves in this space as it will see disruption happening at a rapid pace.
The enterprise payments space will see a change similar to what has already been observed in the consumer-to-consumer segment.
Key Takeaways Trends that will impact the Payments segment Digital Transformation in Payments: 4 Areas of focus
Telcos have been investing a lot in digital infrastructure as the industry progressed from 2G to 5G. However, they have not realized the desired value from these investments.
Instead, OTTs have won the game of content, leveraging the infrastructure that telcos had primarily invested in.
Now, 5G presents telcos a breakthrough opportunity. But to realize gains from it, they will need to reshape their offerings, their business model and internal processes.
Key Takeaways Key challenges for telecom industry Why telecom operators are obsessed with deployment of 5G?
Driving Enterprise Product Business in Uncertain Times
This industry stands to gain the most from digital and leapfrog ahead, leveraging cloud-led ‘saasification’.
To play offence and emerge as a winner, it is critical that product businesses first play defence well.
There are six themes that leaders of product businesses must emphasize and re-evaluate to bring about change. These include protecting revenues from existing clients, opportunities to grow in white spaces between existing products, stepping up leveraging of global delivery model and innovative partnerships for go-to-market.
Key Takeaways What businesses should take care of on priority during uncertain times?
Life sciences has been one of the laggards but is now at a tipping point for digital transformation.
To win, players must consider a fundamental shift in the business model by putting the patient at the centre. Historically, it is the clinician that has been the customer in this industry.
Four imperatives to drive successful execution in this industry are: cloud, automation, a partnering ecosystem and driving open innovation.
Key Takeaways Reimagining innovation in R & D Rise of Digital Patient Engagement Models
Digital channels can drive massive efficiencies and unlock huge dollars stuck in large physical assets, but this requires a different approach:
Products and services simplification – Telcos have complex products, plans, pricing and processes – from legacy plans running into tens of thousands of lines and complex purchase journeys on the web to pricing plans that require an agent to decipher for the customer. Digital forces simplification, as customer adoption of unassisted channels dips if products are non-intuitive and puts a high cognitive load on customers. This simplification can also drive efficiencies overall by rationalizing the tech stack and the processes required to support the products.
Omni-channel strategy – Telcos can convert their physical stores into enablers of digital sales through mechanisms like in-store/ kerb-side pick-up, local delivery (from store), etc. This will also require a redesign of incentives such that channels are not competing with but complementing each other. Disney, Target, Starbucks, Walgreens, etc., are good examples of traditional brick-and-mortar businesses that have successfully transformed into omni-channel experiences for the consumer and are fighting the e-commerce threat.
Customer Service – This is another area where digital transformation can unlock immense value. Digital natives like Amazon, Uber, etc. drive over 90 per cent of their customer service through digital self-serve mechanisms and are constantly pushing the boundaries on use of AI/ML to predict and prevent customer service issues. Telcos, on the other hand, lie at the other end of the spectrum, with assisted customer service being a large cost head on their P&Ls.
Digital Transformation across Industries
Students and Mentors: Fill up your details and submit
