Each industry has its own challenges, and digital disruption is everywhere. Organizations must be agile and build new momentum that respects the new reality of their industry. Remaining relevant requires adaptation to changes not only today, but also tomorrow. Change is the only constant. Constant change demands scenario-based thinking, exploring several paths and crafting a digital strategy based on preparing for the future. For businesses to stay relevant, they need to explore the future and look at next generations. No one can predict the future; organizations must actively explore various possible futures to anticipate what disruptions are coming. We believe that future winners in the digital economy will be those that can deliver on one key insight: put technology in the background, and focus on people first. Putting customers first does not diminish technology’s importance; rather, a deep customer understanding should help guide the choice of which technologies to incorporate in your business. Cognizant can bring together digital strategy, deep industry knowledge, human
sciences, experience design and technology expertise to help companies design, build and scale digital business solutions. Cognizant has both expertise and experience with digital transformation. Together with clients, we can explore tomorrow’s opportunities.
A Cashless, Bank-less Future
Today’s consumers are looking to simplify and streamline their financial interactions, and banks that serve these desires will gain their trust and respect. The influence of digital natives is enlightening people to the possibilities of mobile transactions, and services like WeChat and Amazon Go are capturing the attention of millennials on the go. They love the high-tech, no-hassle convenience of having everything in one place, with seamless connection to their finances. They love having as much of their lives stored in their phones as possible. And they’re not so crazy about that bulky wallet messing up the silhouette of their skinny jeans. It only makes sense for financial institutions to focus on technology, partnerships and services that make finance as simple, convenient and streamlined as it can be. This is already playing out, with incumbent banks partnering with fintechs to drive improved customer service. An example is Santander partnering with Ripple to develop a blockchain-enabled payment system. How far will it go? Think of cashless societies, boundary-less payments and preemptive finance when we most need it.
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