One of the many things that the recent pandemic has taught us, is the need to build agile and innovative companies that are not only well prepared to tackle unexpected crisis but also one that can survive and possibly thrive through it all. And this is possible only with a visionary leadership and a robust team of diverse people, at its core.
Digital disruptions are the need of the hour, as businesses and lifestyles are being governed by the new rules of a global pandemic, making remote engagement and digitisation the new normal. And this new normal demands innovations that are not only out-of-the-box, untried ideas but also carry the potential of solving some of the pressing challenges, and create impactful results. In other words, one of the key requirements for any successful tech innovation is the product/ service - market fit. However, the real journey of a new product development starts with an innovative idea, forming the foundation for further development.
Over the past few years, IOT in India has been gaining huge popularity, with significant application across sectors. The number of IoT devices in the market at the moment is exploding and it’s expected that by 2025, there will be around 22 billion such devices. Factors like access to affordable smart devices, cloud computing, and data driven integrated service offerings have all contributed to the rise of IoT devices. IOT or Internet of things, connects the world to the Internet to the tangible everyday devices, helping drive efficiency, innovation, and integration, by leveraging AI, ML and other emerging technologies. Listed here are the top 10 IoT innovation trends that are set to drive the mobile app development market in the coming years.
Since the turn of the century, innovation in technology has played a progressively substantial role in our daily lives. From Smartphones to home assistants to AI chat-bots, people are now relying on tech more than ever to simplify or improve productivity and quality of life! The COVID pandemic has only accelerated this trend, with increasing tech adoption across industries and sectors, making it more mainstream. This is also increasingly true for Banking and Finance. As such, 57% of consumers now prefer to use online banking tools to manage their finances, to compare, this figure sat at 49% pre-COVID 19, as per market research. The personal finance sector has certainly been no exception. Consumers have already become increasingly dependable on tech to research, invest, and manage their investments, even more so over the past six months. The rise of financial technology has modernised many processes for both service providers and the consumers. To be more precise, fin-tech has made the vast, complicated world of personal finances far more accessible to the average consumers.
Open banking, a practice that provides third-party financial service providers an open access to consumer banking, transaction, and other financial data from banks and NBFCs through the use of application programming interfaces (APIs), has been rapidly catching up and is said to be the future of financial technology.
Over the past few years, especially with the pandemic, there has been accelerated digital adoption across business sectors, disrupting operations, communications, marketing and brand and consumer engagement rules. Under this backdrop of a stronger digital first business ecosystem, there has also been a massive shift in consumer behaviour and preferences that now dominate how the brand connects with its larger stakeholders – partners, vendors, and government and industry stakeholders.