In the retail banking industry, new government regulation such as the Payments Services Directive II (PDS2) and Open Banking Standards.
Provides a framework for the use of new technologies and customer data. Banks have been incentivised to give 3rd parties access to customer accounts and transaction information.
With organisations exploiting only 1% of the data available to them. Successful companies are engaging in digital transformation programmes, with clearly defined objectives.
Supported by the necessary technology stacks, architectures & business applications.
Over the last decade, data-driven organisations have become some of the most valuable companies in the world. To illustrate my point, in 2001, the top 5 most valuable companies by market capitalisation were drawn from; The retail sector, oil & Gas, banking and industry. Only one firm Microsoft was from the technology sector.
By 2016, all top 5 positions were occupied by technology firms, that emerged as a result, of the on-going maturation, of the global data-driven economy.
There is a growing demand from consumers to gain access to more personalised health information. That provide insights into their predisposition to diseases, guidelines into diet based on nutrigenomics, and their culturally specific needs.
As consumers connect, food choices, the environment and their genetics to health. A number of movements such as the Wellness, the Quantified-Self and the Bio-Citizen are converging around genomics.
The supply chain represents a network of raw materials, components, suppliers, manufacturing plants, warehouses and distribution centres, stores, and end users.
To ensure the timely, accurate, and secure delivery of goods. Involves, the coordination and collaboration with channel partners; that may be suppliers, intermediaries, third-party service providers, and of course customers.
Presently, 30% of the world’s adult population is unbanked. 80% of SME’s worldwide have no access to formal financial systems and 90% of the adult population in developing countries do not have access to a credit card.
The International Finance Corporation (IFC) reported a funding gap of more than US$ 2 trillion for (SME’s) in emerging markets. Hence the World Bank and the G20 are collaborating to solve this challenge.
However, big tech companies along with Fintech start-ups are racing to capitalise on this huge market opportunity.
What Millennials Want
Digital transformation, across other industries, exposed consumers, to the convenience, and ease of use of tech enabled digital products. When owners of SME’s and consumers, interact with retail finance products, They expect the same level of immediacy, with solutions customise to their requirements.
The body is an ecosystem of interconnected human and non-human parts. Humans are a majority -microbial organism with approximately 90% of human cells and 99% of human genes originating from our microbiome rather than from the mammalian part of our body.
According to Cornell University, human microbes exert control over the development and function of our physiological systems. This includes but is not limited to our immune, gastrointestinal and neurological systems. To the extent of significantly altering human behaviour and health.
Payments represent the sum of consumer experience on a microscopic level. Digital transactions reflect what consumers can afford, their ever-changing desires, the richness, and level of sophistication of the trading environments, represented by the cities that consumers reside within.
The nearly universal adoption of mobile devices is driving the adoption of mobile payment solutions and the growth of non -cash transactions.
Expeditious communications are the lifeblood of economies. New information moves markets, installs new governments, drives movements on social media platforms and spreads valuable information, about a plethora of issues that matter to business and people.
The importance of the rapid diffusion of new technologies, across large geographies, and its wide adoption by users cannot be underestimated. These universal truths are not new and were well known in the ancient world. It was critical to the success of empires in the East and West.
Sometimes, being first to market is critical to success. This is absolutely true regarding, the personal computing industry. The computer industry is nearly 40 years old. It has contributed considerably to the growth of the information economy. The accumulation of knowledge and innovation are key drivers of commercial success in the information age. Companies in the USA, dominated the first 30 years of the industry. Why?
Retailers process vast amounts of data on consumers. When information regarding inventory status and consumer demand is shared in an fashion retailers supply chain, it is demonstrated to positively influence supply chain coordination strategies and improve total profit (Huang et al., 2017b).
Information asymmetry occurs when members in a fashion retailers supply chain possess their own private information which is not observable by others. Information asymmetry affects supply chain coordination strategies significantly.
Microinsurance in a Rapidly Digitising World
Lloyds, the world's leading specialist in the Insurance market. Estimated the insurance opportunity in developing countries to be between 1.5 to 3 billion policies.
In 2017 according to the insurance information institute, there was a total of 280 million people with at least one microinsurance policy or 5% of the potential market. Premiums were valued at US$2.4bn. With annual growth rates of 10% or higher in some countries.
The graphs and dashboards below are a representation of data scraped from Booking.com a well-known online travel marketplace. This data-set contains 515,378 customer reviews and the scoring of 1,492 luxury hotels across Europe.
Specifically, Vienna in Austria, Barcelona in Spain, Milan in Italy, London, in the United Kingdom, Paris in France and Amsterdam in the Netherlands. Over a time-horizon of approximately 3 years from 2015 - 2017.
The global app economy is estimated to be worth US$1.6 trillion. Growth is based on the near universal use of handheld devices, increasing wireless bandwidth, and the maturation of cloud-based technologies, mobile platforms and their associated apps.
Applications Platform Duopolies
App stores are the most dynamic and important point of control for the industry, all roads in the app economy, currently lead to the app store. This is in terms of economic outcomes, revenue generation, and governance.
The USA and China are the dominant countries in terms of value captured by developers located within their territories. With revenue capture skewed towards large industrialised economies.
The Ascent of the Mobile Economy
The internet is a major catalyst for change across a broad array of industries. Transforming industry sectors, business models and consumer behaviour. Mobility, Cloud Computing, Business Intelligence, and Social Media underpin, this shift taking place in both the developed and developing world.
One of the biggest phenomena’s disrupting the hospitality industry, and luxury hotels are online review websites. Consumers no longer just leverage the reputation of brands, to drive their decision making. Peer to peer recommendations are being deployed by consumers to influence their purchasing decisions. During the course of their customer journeys online.
The Innovation Engine
Sometimes, being first to market is critical to success. This is absolutely true regarding the personal computing industry. The computer industry is nearly 40 years old. It has contributed considerably to the growth of the knowledge economy.