MV Prasanth, Chief Operating Officer (IBU) at Teleperformance India, unpacks the ways in which businesses across every sector are on a road to accelerated digital transformation to drive growth in today’s ever-evolving digital landscape.
The global economy is undergoing mass transformation after the multitude of life-altering events which have unfolded in recent times. Despite being challenging, the turbulence provided unique opportunities for businesses – they had to quickly adapt to unknown territory during the pandemic, and the aftermath has given a new lease of life to many businesses, as their priorities are transformed. Companies are innovating and making bolder decisions, as digital transformation sweeps the globe.
To keep pace with the rapidly shifting and digitally saturated landscape, every company must now turn to trusted partners and become a tech company – across every industry. By embracing technology-driven innovations, industries such as Banking (BFS), Travel & Hospitality, and Healthcare are enhancing their operations and augmenting their human workforces. Through this, they are revolutionising digital customer experience in their respective industries, as technological advancements and business growth run parallel and intertwine.
A Paradigm Shift to Digital Banking
Banks have been investing in technology for decades – however, much of it is now built upon legacy systems which has resulted in a siloed and complex IT architecture. With the rise of Fintechs and alternative banking, traditional banks have now been forced to match their speed and savviness. The future of finance does not just belong to the trendy Fintechs – traditional banks can also bounce back by digitally transforming.
By embracing new technologies such as generative AI, banks can significantly reduce costs associated with back-office operations. Financial institutions can gain insights into customer spending habits, and provide them with tailored advice around the clock through a virtual assistant. This augments employees’ capabilities and gives them more time to focus on the more complex queries or banking processes. AI can also prompt customers to make decisions through their banking app, for example sending a weekly summary of their outgoings, categorising certain payments or reminding them when a bill needs to be paid. This makes the banking experience more interactive and creates a relationship between banks and their customers.
Generative AI is poised to unleash the next wave of productivity. Realising the full potential of AI is essential in today’s business scenario. According to a McKinsey study, generative AI has the capacity to add $340 billion each year to global banking revenue. Financial institutions are being fuelled to really step up their technological capabilities, turning to trusted partners for consultation and speed with implementing these solutions into their infrastructure.
Travel’s Digital Metamorphosis
The travel space was hit hard by the pandemic, and we are still seeing the fallout as many airlines struggle to cope with shortages in pilots and ground crew. Yet, travel is set to reach record levels, as travellers are desperate to make up for lost time.
With the global resurgence in tourism, which is expected to increase 30 per cent this year according to EIU, digital transformation has become an essential asset in dealing with staff shortages and enhancing operations.
We’ve entered a revolutionary age of ‘touchless travel’, a trend sparked by the social distancing measures which were put in place for the pandemic. With this growth in demand for self-service, travel companies have had to realign their business priorities to change the way they interact with their customers to offer a more agile approach.
To speed up operations, some airports have introduced ‘virtual queues’, where customers can book a time slot at security or check-in through an app or QR code, to avoid lengthy waiting times and enable a smoother experience. Customers can receive live updates and notifications on their place in the line. This ultimately eases pressure on workers and can help speed up queue times, preventing congestion during busy periods. Building out and enhancing capabilities across these emerging digital channels can help airlines differentiate themselves, provide positive experiences and help customer retention.
Healing in the Digital Age
In an era of rapid advancements and evolving patient needs, healthcare leadership is at the forefront of shaping the industry’s future. Healthcare providers need to ensure that they are keeping pace with emerging trends and innovative technologies to stay ahead of the curve and adapt to the changing dynamic. Professionals are seeking to gain a competitive advantage through their digital transformation drive, and India is leading the way in this. In fact, a recent report by WHO found that India’s successful adoption of digital health technologies can provide lessons for accelerating progress towards universal health coverage for all countries.
For healthcare professionals to fully realise the power of emerging technologies, they themselves need to prioritise developing new skill sets. To complement their clinical expertise, healthcare leaders must possess a deep understanding of data analytics, digital technologies such as AI, and patient-centred care. Professionals need to ensure they foster a culture of innovation to adapt their skill sets accordingly to the new era of digital healthcare.
With these new technologies, healthcare leaders have a unique opportunity to eliminate low-complexity interactions and optimise tools. By exploring self-service options, providers can free up healthcare professionals and valuable resources, redirecting them towards higher-value tasks. Rather, technologies such as AI can provide patients with an automated preliminary screening and assess their symptoms. By harnessing this innovation, healthcare providers will be able to have more meaningful interactions with their patients, all whilst enhancing their productivity and boosting efficiency.
Each Interaction Matters
By leveraging next-gen innovations and providing forward-thinking solutions, the digital revolution is sweeping across industries, transforming the way in which businesses operate. Companies that embrace digital transformation are unlocking new opportunities for success and growth, by making operations simpler, faster, safer and more cost-effective.
As we move further into the digital era, it is crucial for organisations to stay agile, continuously adapt to technological advancements, and prioritise becoming tech-savvy. The most competitive businesses are those that harness the power of digital transformation and pave the way for a new era of innovation and productivity, where each interaction matters.