Banking Insurance Retail

Digital Disruption Steers Customer Delight

Digital Disruption
Mark Angus
Written by Mark Angus

Digital Digital Disruption Infographicdisruption is accelerating improvements in business processes, elevation in customer satisfaction, and increase in revenue and business growth. This is according to global research by Infosys that provides insights into how and why organisations are adopting and investing in new digital technologies and strategies.

Currently, enterprises are using digital technologies across a variety of areas including IT management (79%), business process management (60%) and customer relationship management (62%). This establishes digital-ready enterprises as those that are continuously investing in reinventing their businesses from the core including processes and systems, with as much enthusiasm as their customer touchpoints and journeys. The research also found that respondents’ organisations are looking to utilise digital technologies (if they haven’t already) across knowledge management (33%), operational intelligence (31%) and product development (28%).

Investments in AI on the rise

Disruptive digital technologies continue to equip enterprises to consume and analyse data to improve business, both by reimagining processes and experiences. 67% of organisations that participated in the study are leveraging big data analytics. Over half of these organisations have already made investments in deep learning algorithms of AI.

Key Findings

The digital disruption and technology trends highlighted below are expected to have the most positive impact on the organisations within the next three years.

Cybersecurity:
  • Almost 64% of respondents’ have implemented cybersecurity to improve existing business operations, 53% to solve new business problems, whereas just 28% implemented cybersecurity to create new opportunities.
  • 38% of the life sciences sector respondents rank cyber security for protection of patient and trial data as the top trend.
The growth of data and its uses:
  • 41% of respondents in the banking industry believe that data analytics for deep personalisation of products is the top trend that will have the most positive impact on their organisation within the next three years.
  • The importance of understanding customer behaviour is also apparent within the utilities sector with 35% of respondents believing that investment in consumer analytics will have a positive impact on business.
  • 52% of retail respondents believe that aligning marketing, campaigns and offers program spending with data analytics is a top trend.
  • For 38% of respondents’ organisations in the insurance sector, the use of big data for a 360-degree view of the customer and to increase wallet share is seen as one of the top three trends.
Automation & collaboration:
  • Digital technologies can be used with insurance products to update risk calculations immediately and provide more accurate underwriting outcomes. This may be a contributing factor for intelligent automation of underwriting being identified (by 38%) as a top trend in the insurance sector.
  • Almost 38% of respondents in the banking industry believe that open banking APIs can increase collaboration with other industry players and accelerate innovation. Further, 34% believe that by collaborating with technology partners, organisations in the banking industry have the potential to provide paperless trade finance to implement solutions using blockchain and the Internet of Things (IoT).

Entitled: “How enterprises are steering through digital disruption”, the digital disruption report was compiled by interviewing 1,000 senior IT and business decision makers in organisations across seven countries.

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