Studying the impact of innovation on business and society

Fintech Innovation: How digital transformation is being applied in Asia Pacific’s financial services markets

by: Fintech Innovation (Excerpt)

In the paper “The Race Against Digital Darwinism: Six stages of digital transformation” author and digital analyst for the Altimeter Group, Brian Solis, wrote that we live in an era of “Digital Darwinism,” where society and technology evolve faster than the ability to adapt. Disruptive technologies are affecting market dynamics and how businesses operate within them.

“From mobile apps and cloud computing to social media and real-time marketing — and all of the big and small data between them — technology is advancing at an accelerated pace. At the same time, businesses struggle to keep up with technology and its impact. To effectively compete, and eventually thrive, businesses must become agile rather than reactive and customer-centric rather than presumptive,” he adds.

The Altimeter Group says this is the condition for which digital transformation is taking root in the business world. Solis says digital transformation is a realignment of technology, business models and processes to drive new value for customers and employees to effectively compete in an ever-changing digital economy. […]

 

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