2020 has become the lens through which predictions for the whole decade will be forecasted. The wave of digital transformation has enabled easy availability of services from home for everyone and anyone. Some experts say that five years of digital transformation took place in six months due to the number of services and products that have moved to online access, but this has also made the market quite volatile.
With the changing calendar year, we also observe digital maturity among people. A change in their buying pattern, increased use of digital services for financial transaction, change in consumption pattern of social media content was anticipated and it happened. As a result, customers expectation from their digital experiences have increased significantly. They expect the brands to envision their necessities and customize their experiences.
We have witnessed major shifts in identity and verification industry as, post March 2020 a sudden explosion of people going digital was observed. It opened gates for vulnerability and opportunity for fraudsters. In April 2020, with a surge in work from home scenario- accelerated the process of administering remote systems and adequately protect them.
A sudden surge in acceptance of digital onboarding was observed during 2020.This new reality makes the onboarding of new customers a riskier affair. Over 90% of customers think that companies “could do better” when it comes to onboarding new customers. Either enterprises must collect a lot of information to ensure that onboarding customer is authentic which leads to high dropouts or by collecting less information to maintain user experience they jeopardize their security.
“On the Internet, nobody knows you’re a dog” is an adage about Internet anonymity which began as a caption to a cartoon. And it has been perceived that way since then! Who knows who is behind the curtains of internet?
This festive season keep your data safe with IDcentral This festive season will be celebrated with even greater joy as we will be putting an end to the year 2020 (year of uncertainty and obscurity is finally over). But while we are prepping up to celebrate the new year, fraudsters are on a constant look out to leverage vulnerability. During the holiday season, people tend to make a greater number of purchases than they do during the rest of the year.
The limitations of traditional lending solution creates a room for innovation via Fintech. Fintech is able to address the challenges that conventional lending providers face by utilising a combination of different business models, technology, and innovative approaches. Indonesia’s fintech market looks like an open bottle of honey to me. The fintech market has grown by 16.3% with total investment in fintech companies reaching $176.75 million in 2019.
Nowadays I do not need to waste my time fidgeting what I want to binge watch this weekend because my Netflix seems to knows what I would want to see better than me. And I often cringe if people ask me to share my Netflix account with them as that disturbs my suggestion algorithm. Similarly, while ordering from Myntra, it shows me suggestion of products which are available in my size and according to my spending capacity based on my previous buying habits.
If 2020 were to be described in one word then I would call it unpredictable or uncertain. There was a time when hand-crafted was preferred but as the nature showed it real face; Un-touched by hands became highly appreciated. Amidst all these changes the businesses had to build a business resilience strategy. In the wake of the pandemic, business resilience strategies adopted by companies are the superheroes saving the falling GDP. They say the best angle to approach a problem is a Try-angle!
In the face of huge societal and economical challenges, the need for digital transformation seems the only ray of hope for survival for any company in any domain. Even post COVID there is no escape from going digital because generation Z who learned how to swipe a screen before they learned how to speak will be influencing and dictating the market. This might as well change the face of digital onboarding process of the customer.
