COVID-19 has shattered many businesses and devasted economies worldwide however these challenges have provided an opportunity for many of these impacted entities to flourish as they begin to leverage a whole new digital reality; one that is completely digital and contactless.
One Forbes contributor Andrew Filev in his column “COVID-19 Is A Before and After Moment In The Digital Transformation” sees the most drastic change in four areas:
- Telecommuting. Many people in industries – that formerly prohibited it – are now working from home.
- On-demand food and services. Grocery delivery is now the norm for many people who wouldn’t bother in the past.
- Virtual events. With no one flying, and gatherings prohibited, the events industry has taken a massive hit in 2020 but many companies have simply shifted their budgets to digital events or digital content.
- The cloud. With the onset of restrictions COVID-19 has created, more companies recognise the unquestionable value that cloud delivers.
The primary goal of a successful digital transformation is to expand business potential through modern, streamlined, digital workflows; using technology to solve traditional problems means integrating technology into every area of the business.
Although most companies understand the importance of digital transformation, many are flummoxed by the notion of having to revamp their entire digital approach and flounder without knowing how to go about such a transformation.
Recent research says that, by 2022, over 80% of infrastructure-as-a-service (IaaS) and platform-as-a-service (PaaS) deployments would be in the cloud, reflecting a paradigm shift in IT infrastructure deployment strategies.
Whether its technology led (see Just One API), commercially led (see Just One Contract) or finance led (see Just One Invoice), every area of the company has a role to play in digital transformation, and they each impact the customer in unique ways.
When done right, digital transformation allows companies to provide unprecedented value to customers.
Digital transformation requires a change in thinking about how your organisation delivers its products and services.
Adoption of biometrics (ID Verification & Facial Comparison), Global eKYC and remote digital onboarding technologies that allow connections to all three UK Credit Reference Agencies say (see Three Really is the Magic Number), all present an opportunity for financial institutions and gaming operators to catch up with a way of doing business that have already become part of business as usual for many others more ‘advanced’ on the digital transformation journey.
As a leading RegTech AML Compliance specialist, W2 recognise that the driving force behind technology decisions should be customers, and the goal should always be to make their lives easier instead of making things easier for the organization (see Customer Focused Innovation).
We are cognizant that all data systems need to work together and be integrated into the company’s internal processes; see Offering A Choice Of API Structures.
When it comes to customer due diligence, we also appreciate that manual data collection can put the data at risk of human error, skewing the resulting intelligence and inevitably detracting from the real business of innovation and customer satisfaction.
We also continue to take the fight to fraudsters and money launderers with the most comprehensive Compliance platform in market today (see W2 Fights Compliance False Positives With Improved Matching Logic).
Our clients rely on us to support the streamlining of their data strategies, required for a successful digital transformation.
Successful companies push past what’s always been done before to find the most efficient and innovative solutions.
W2 stand ready to help support your digital transformation strategy.
- 10 Reasons to use Email Risk Assessment - 29th May 2020
- Neobank Jingle Pay chooses W2 to power its new Super App for the Unbanked - 21st May 2020
- W2 CEO Warren Russell on the pivotal role of payments during the pandemic - 13th May 2020