28 June 2020
Which industries should focus on digital transformation in 2020?
Published on 09.12.2019
In a sea of different techniques used for digital transformation, it can be a bit overwhelming to know the direction that best fits your business. Should you go forward with a communication-based offering, such as live chat, for your customers, or should you revamp your website so your customers can enjoy a fresh experience for the brand they trust? Some of the time, it is a good idea to incorporate both.
However, what most companies do not consider is whether it is a good idea to even dive into the digital transformation trend to begin with. After all, to digitally transform is to adopt a new, more modern philosophy throughout your organization.
That is why, today we will explore the industries that are best suited for a digital transformation right from the start of 2020. That being said, digital transformation is a subjective method to how companies approach their customers. So, if you feel your company is ready to explore a digitally transformed world and your industry is not mentioned, then there will still be something here for you to learn from.
Let's get started!
The Government Industry
2020 is set to be a big year for digital governments around the world. While several governments look to use technology for surveillance purposes, they have also set a path for themselves to provide modern digital experiences for citizens, as well.
Doing so also provides governments an opportunity to tackle pressing social responsibility issues. For example, the UAE government aims to be 100% paperless by 2021. According to Smart Dubai, eliminating the 1 billion pieces of paper used by the government each year, Dubai could save enough money to feed 4 million children, prevent 130,000 trees from being cut down, and save 40 hours of man-power in productivity.
What this means for governments could take on several forms, such as:
- Paper-less services to cut down on wasted materials
- Speedy processes to reduce time needed to complete services
- Connecting citizens to their city or country for real-time experiences at home or on the go.
The Insurance Industry
Insurance companies around the world have benefited from the introduction of digital transformation in their industry. What's more, the trend does not seem to be losing momentum, as 90% of insurance executives today state they have a coherent, long-term plan for technology innovation in place. In addition to this, more than 90% of insurance CEOs highlight the importance of data in understanding customer preferences.
In 2019, insurance companies have discovered a rhythm when providing digital services that shows no signs of slowing down in 2020. A few ways in which these firms have changed the landscape are as follows:
- An increase in efficiency through predictive analysis and platforms powered by AI
- Personalized experiences have created a sense of comfort for customers, as if to say "you are safe in our hands"
- Digital transformation in the insurance industry makes companies more nimble and scalable at both the front end and back end of operations
The Banks & Financial Industry
In 2019, more banks have seized the opportunity to be part of the on-going digital revolution. According to a recent study, 89% of respondents say they use mobile banking. This large number of digital bankers is dwarfed in comparison to the 97% of millennials who use mobile banking.
Now that major banks worldwide have begun their digital transformation, 2020 will be a time when banks truly show ways in which they separate themselves from their competition. A few ways in which banks and financial institutions will attempt this will be as follows:
- Automated assistance will help guide retail bankers to their final digital destination for better customer service
- Accessibility to banking services, regardless of geographical location
- Services found on the desktop website making their transition to mobile apps