Digital transformation continues to be a gamechanger in many industries around the world, including the financial industry. Given its importance in shaping our future, it is worth taking a quick look at 10 of the most significant digital trends expected to define 2020:
- Consumer experience connections – the consumer experience underpins almost every digital transformation, and businesses in all industries need to constantly be aware that consumer expectations are constantly increasing. Perhaps more importantly for 2020, consumer expectations have risen to the point that they expect easy, seamless integration across multiple channels in a way that adds value to their day-to-day life.
- Data-driven approaches – data analysis is a necessary component for improving consumer experiences, optimizing operations and launching new products and services. To survive past 2020, businesses need to understand that the future is being written with data and its real-time processing.
- Artificial intelligence and machine learning – modern businesses understand the importance of artificial intelligence and machine learning for increasing productivity, personalizing services and reducing human bias. It’s important to remember, however, that good data is the basis of a healthy artificial intelligence and machine learning diet.
- Multi-cloud computing – most businesses understand and use multi-cloud environments, but managing multiple clouds is complicated when it comes to moving application workloads between cloud environments. 2020 is likely to usher in new and innovative solutions for this issue.
- Collaborative ecosystem creation – successful businesses are working to create a network effect by building collaborative ecosystems of partners, customers and external stakeholders. This allows them to allows to incorporate new products and services into their consumer experiences.
- Application programming interfaces (APIs) – a sound API strategy is one of the key factors for success. Companies leveraging APIs are experiencing increased productivity, revenue growth and room for innovation.
- 5G and WiFi 6 – both are expected to provide a much-sought-after boost to data speeds and device connectivity limitations, which will in turn push the volume of data available for analysis to even greater numbers (and provide the possibility for obtaining greater insights).
- Blockchain – blockchain is expected to break free from just cryptocurrencies and payments in 2020 and become an important innovator in many spaces, including food safety, intellectual property and royalties and real estate/asset management.
- Connected vehicles, autonomous drones and smart cities – with the push toward “smart”, advancements in technology will begin to be felt in nearly all aspects of our daily life.
- Robotic process automation – robotic process automation is an emerging form of business process automation technology based on metaphorical software robots or artificial intelligence workers. While not a new concept, investments into the technology are expected to be huge in 2020.