Digital Directions & Transformation 2018
One very meaningful insight we have from our readers is that the increase in quantity of information does not compensate for the reduction in quality. We have taken this to heart and decided to map our future by having a deeper emphasis on quality of content, viz on research based content. Accordingly, we started a systematic research effort and our first offering is the report Digital Directions & Transformation 2018. This report will be released shortly…meanwhile I am happy to share some of the key findings.
1. Chatbots, when paired with Machine Learning, help develop a better understanding of the customer.
2. Chatbots enable a more personalized connection with the customer in terms of language, relevant products, etc.
3. Some providers in the market tightly couple chabots with their own NLP engine, which presents a risk.
4. AI & ML are shifting the frontier of competitive advantage away from data and towards neural net models.
5. Globally, investment banking is leading the effective deployment of AI.
6. API is the preferred method for connecting with distribution partners.
7. API breaches will get worse before they get better.
8. RPA has been adopted by several organizations with very positive results.
Challenge is how it will work with Indian languages - for both text and voice.
9. RoI on digital marketing has been somewhat static in short term (last 3 months) but has been falling slightly in long term (2 years).
10. Currently, there are 1650 fintech startups based on data collected by various banks. Of these, 1100 have shut down in 2017.
11. As AI threatens to take over human jobs, human work is transforming from laborer to contractor to architect.
12. Customizing technology has become the strategic driver.
This could have been an exhaustive research, but we chose to give greater emphasis on providing fresh information. Consequently, there is less than desired coverage on topics like payments, cryptocurrency, sandboxes, analytics, cloud, and a few others. Had this been an academic oriented report, we would have given great weightage to comprehensiveness over freshness. In fact, we are happy to partner with academia to extend this into a comprehensive research report.
We are deeply thankful to CEOs and CXOs from banks and insurance companies for sharing their expertise and experiences that made this report possible.