IT Brief Australia logo
Technology news for Australia's largest enterprises
Story image

Key trends emerging in digital transformation approaches

Thu 6 Jun 2019
FYI, this story is more than a year old

With more organisations embarking on the first or subsequent stages of their digital transformation journey, there are important trends and patterns that are emerging, especially in the financial services and insurance industry (FSI). Businesses embracing these trends tend to show better results from their transformation projects, sooner, according to Empired.

There are seven key trends emerging in the digital transformation approaches of organisations within the financial services and insurance industries:

1. POC and quick wins

One of the most important and valuable trends is the move towards proof of concept (POC) and quick wins in lieu of expensive, risky, monolithic projects. In fact, over the last five years or so, there has been a dramatic shift towards this way of working and it’s paying dividends for businesses in all industries.

Empired head of advanced technologies and transformation Steve Leven said, “This is an important approach because technology changes so quickly, it’s impractical for an organisation to sign up for a five-year transformation project and expect that, at the end of the five years, all the technologies being used would be the same as the ones that were envisaged at the start of the project. Therefore, teams need to focus on what’s in front of them, using technology to deliver quick wins and then move on to the next project. To do this, it’s important to have tangible measures of success to work towards.”

2. Funding and return on investment (ROI)

IT projects used to be funded directly on a case-by-case basis. Now, there are far more instances where funds have been pooled and allocated as needed to different transformation projects. This makes it even more important than ever that these transformation projects are able to demonstrate strong ROI as it lets project owners go back to stakeholders and reiterate the value of the project. As emerging technologies are applied, this is becoming essential since there is often inherent distrust of anything that hasn’t been implemented multiple times successfully.

3. Managing change

Transformation, by definition, is a more disruptive change than a standard new technology implementation. Therefore, it’s crucial to consider change management from the outset of any transformation project to ensure all staff members are adequately catered for.

This includes making sure systems are built from the ground up to reflect the actual needs and processes of end users, not some out-of-touch impression held by managers.

4. Bringing the legal team in early

Many industries, including FSI, are such a highly–regulated, which means that the legal and compliance teams must always have a significant voice in the development and deployment of any new technology.

Leven said, “Bringing in legal teams as stakeholders early on avoids frustration because it ensures that compliance requirements are built in from day one. Furthermore, it provides an opportunity to educate the legal experts about the technology to dispel any fears or misunderstandings that may exist. This is usually relatively easy to do, since most transformation projects actually increase security, limit corporate risk, and enhance regulatory compliance capabilities.”

5. Working with regulators

In the wake of the banking royal commission, regulators are naturally wary of innovative and unfamiliar technologies and business models in the FSI industry. However, it’s essential for organisations to innovate precisely to overcome some of the issues that existed previously. The industry regulatory bodies must not hold back innovation. It’s therefore important for organisations to work with the regulators to educate them and make sure they understand the value of these new initiatives so they can support the industry in moving forward.

6. Leveraging Artificial intelligence (AI)

AI is still nascent but it presents enormous opportunities. In the FSI space in particular, most organisations are considering AI in terms of the value it can add to the customer experience and to the employee experience. It’s about finding ways to help customers deal with organisations more easily and without friction, and to lower operational costs.

It can be helpful for organisations to think about AI in terms of augmented intelligence in that it helps take the mundane, low-cognitive requirements tasks away from staff and let them pivot towards more meaningful work. This can dramatically improve culture as well.

At this stage, standing up bots as a POC is relatively easy and can be done in weeks if not days. However, taking that to a commercial model and deploying it at scale is more complex and requires a far more strategic and considered approach.

7. No room for error

When working with board members and business stakeholders that are inherently suspicious of emerging technology, there is no room for error. It only takes on instance of a failed technology for risk-averse stakeholders to shy away from further investment or initiatives. It’s important to understand this mindset and keep projects within the realm of the achievable so stakeholder’s comfort with new technologies can be built slowly.

Related stories
Top stories
Story image
Cybersecurity
What every CISO must answer to enable a best-in-class security operations program
It has been widely reported recently that South Australian government employees have been the victims of a cyberattack.
Story image
SaaS
MedCart achieves close to AUD$10 million in sales with help from Marketplacer tech
Australian health and medical start-up MedCart has achieved annual sales of close to AUD$10 million in less than 12 months, utilising Marketplacer marketplace technology to help achieve successful results.
Story image
Identity and Access Management
The post-pandemic workforce requires secure IAM capabilities
HID Global discusses what identity and access management means for organisations in today's convoluted digital world.
Story image
Microsoft
Microsoft previews Power Platform website design offering
Microsoft has announced the preview of Power Pages, the fifth product in its Power Platform family, designed for low-code makers and professional developers.
Story image
BYOD / Bring Your Own Device
How zero trust can lead the battle against ransomware
SecOps teams champion a zero trust strategy to support the fight against the escalating risk of cybercrime and help monitor threat actors across a network.
Story image
Cyber attacks
Devastating cyber attacks expected to hit energy sector
Energy executives anticipate life, property, and environment-compromising cyber attacks on the sector within the next two years.
Story image
Phishing
MailGuard warns of new scam targeting Telstra customers
Telstra customers in Australia are being warned of a new scam involving "Unsuccessful Payment" messages.
Story image
MEC
MEC spending for private cellular networks to reach $5.8b
A new ABI Research report finds the revenue for Multi Access Edge Compute (MEC) deployments for private cellular networks will reach USD$5.8 billion by 2030.
Story image
DaaS
NetApp launches Spot PC, a new Desktop-as-a-Service solution
This is a new managed cloud DaaS solution with security, automation, observability and optimisation capabilities, designed for the needs of today.
Story image
Microsoft
Microsoft, Cloudian partnership offers data center flexibility
Cloudian’s HyperStore object storage platform is now integrated and validated to work with Microsoft SQ Server 2022, offering more flexible and scalable data centers.
Story image
Vectra AI
Vectra’s inaugural Partner of the Year Awards revealed
APAC companies Baidam, Firmus, ShellSoft and Macnica have been recognised in Vectra AI's inaugural Partner of the Year Awards.
Exabeam
Find out how a behavioural analytics-driven approach can transform security operations with the new Exabeam commissioned Forrester study.
Link image
Story image
Kubernetes
Sysdig unveils new Kubernetes troubleshooting and cloud innovations
Sysdig has introduced two new innovations that look to help bolster cloud services and simplify Kubernetes troubleshooting.
Story image
Digital Signage
MAXHUB's Digital Signage range to bolster boardroom productivity
The new MAXHUB Digital Signage technology is purpose-built to make every kind of team meeting more effective.
Story image
Multi Cloud
Red Hat updates dev tools, empowers use of hybrid and multicloud
Red Hat has unveiled updates across its portfolio of developer tools, designed to help organisations build and deliver applications faster.
Story image
GapMaps
GapMaps Live to improve brand decisions on physical locations
GapMaps has released its latest service GapMaps Live, giving more insights and features to help brands make better decisions about physical locations.
Story image
SaaS
The paradox of change, and how to get around it
The business decision to technologically transform should not come from an IT department but from the business itself.
Story image
Hybrid Cloud
Barracuda expands cloud-native SASE platform
"The expansion of Barracuda's cloud-native SASE platform for hybrid deployment models and IIoT environments solves a number of challenges."
Story image
Training
Trojan cyber attacks hitting SMBs harder than ever - Kaspersky
In 2022 the number of Trojan-PSW detections increased by almost a quarter compared to the same period in 2021 to reach 4,003,323.
Story image
Microsoft
Elevation of Privilege the top 2021 Microsoft vulnerability
BeyondTrust has released its 2022 Microsoft Vulnerabilities Report, finding that Elevation of Privilege is the top vulnerability category for the second consecutive year.
Story image
Cybersecurity
Accenture - a collective security approach a driving factor for cyber resilience
With the approaching Davos World Economic Forum upon us, it is even more imperative to discuss the impact of cybersecurity on business operations leading into the future.
Story image
Digital Transformation
Harnessing digital innovations to maximise loyalty programmes and improve CX
When it comes to the retail sector, merchants have never had access to so many different client touchpoints and data to understand their customers better.
Story image
Digital Marketing
Similarweb acquires SEO and rank tracking company Rank Ranger
Digital intelligence company Similarweb, which specialises in analysing web traffic, has acquired Rank Ranger, a market leader in SEO and rank tracking.
Story image
Sift
Sift shares crucial advice for preventing serious ATO breaches
Are you or your business struggling with Account Takeover Fraud (ATO)? One of the latest ebooks from Sift can provide readers with the tools and expertise to help launch them into the new era of account security.
Story image
Sustainability
Aligned Data Centers increases sustainability-linked loan
Aligned Data Centers has increased its sustainability-linked loan from $375 million to $1.75 billion to speed up the next phase of its strategic growth.
Story image
Managed service provider
Barracuda MSP Day 2022 highlights MSP opportunities
Barracuda Networks has released a report showing global services-related MSP revenue is set to increase by more than a third in 2022 compared to 2021.
Story image
Boost Mobile
Boost Mobile now makes up over 7% of Aussie prepaid market
Boost Mobile has doubled its market share over the past four years and now has more than 7% of Australia's prepaid market, equivalent to over 700,000 people.
Story image
Customer experience
Phone, internet complaints increase for first time in five quarters
Phone and internet complaints have increased for the first time in five quarters, according to a new telco report from the Ombudsman.
Story image
Infosys
Consumer relationships with digital services continues to change
Two years of pandemic-induced reliance on technology for work has altered our relationship with digital apps and services, new research has found.
Story image
Digital Transformation
Digital transformation increasing business complexities
A new survey suggests businesses must re-examine their digital transformation approach to better help employees adapt to change.
Story image
Red Sift
Entrust expands strategic partnership with Red Sift
Entrust has expanded its strategic partnership with Red Sift to make it easier for businesses to adopt Brand Indicators for Message Identification (BIMI) standards for email identification and security.
Story image
Ponemon Institute
Email revealed to be riskiest channel for data loss
More than half (60%) of organisations experienced data loss or exfiltration caused by an employee mistake on email in the last 12 months.
Story image
Cybersecurity
Cybersecurity prompts upgrade for 1.3 billion electricity meters
ABI Research finds Advanced Metering Infrastructure (AMI) and cybersecurity concerns are prompting the upgrade of 1.3 billion electricity meters by 2027.
Story image
Data Center
Preventing downtime costs and damage with Distributed Infrastructure Management
Distributed Infrastructure Management (DIM) can often be a lifeline for many enterprises that work with highly critical ICT infrastructure and power sources.
Story image
Artificial Intelligence
Frost & Sullivan recognises Genesys as leader in new reports
Frost & Sullivan has recognised Genesys as a leader in the cloud contact centre market for its robust cloud and digital capabilities.
Story image
Women in Technology
Huawei webinar emphasises the importance of women in tech
Industry findings by Coursera discussed as part of a webinar jointly organised by Huawei and Reuters Events found 6% more women enrolled in tech courses this year than in 2021.
Story image
Data Protection
Information management capabilities to meet privacy requirements
Organisations with customers or operations across more than one country face a spate of new and proposed privacy and data protection laws.
Story image
Sustainability
SoftIron named global leader for efficient DC infrastructure solutions
SoftIron has been named a global leader for supplying energy-efficient data infrastructure solutions for core-to-edge data centers after an assessment by Earth Capital Ltd.
Story image
VPN
The most common online scams in Australia
No one is safe from online scammers, and many of these scammers have capitalised on the pandemic, using this confusing time to attack more people than ever.
Story image
Surveillance
i-PRO releases smallest AI-based surveillance camera on the market
The new i-PRO mini network camera is now available, with a pocket-sized form factor and full AI analytics functionality.
Story image
SpaceX
Australian space tech startup secures SpaceX support
Space Machines Company has secured the support of SpaceX as a launch partner in carrying SMC's Optimus Orbital Transfer Vehicle to space next year.
Story image
Artificial Intelligence
Gartner reveals top three tech trends for banks this year
Gartner says generative artificial intelligence, autonomic systems and privacy-enhancing computation are gaining traction in banking and investment services.
Story image
CrescoData
SPS network now available to CrescoData eCommerce customers
CrescoData, a Pitney Bowes Company and PaaS business in the commerce space, says its customers can now connect to the SPS Commerce Retail Network.
Story image
Silver Peak
The path to an adaptive, modern network
Managing and securing the network looks different than it did just two years ago—especially given that most of these networks are made up of multi-generations of infrastructure stitched together over time.