We live in an era of accelerated, world-changing innovation. Businesses all over the world are ruled by innovations. Business leaders are seeking ways and means of using world-class innovations for furthering their own interests, instead of relying on their respective Governments and have started looking out for resolving their own problems.
Complex problems are getting solved by world-class innovations and making a contribution that is unimaginable, so far. But, the worrying part is the technology divide that is created as a result of these, causing discontent among millions of people.
In the Annual Meeting of the World Economic Forum this year, the theme was that of Responsive and Responsible Leadership. A leadership of this sort understands the link between technology, business and social responsibility. There is a need to run the economy in an inclusive manner, creating equal opportunities for all. Businesses become more inclusive as they develop a level playing field, based on technology and world-class innovation.
We see the emergence of new technology trends, every year. Artificial Intelligence and other such technologies like Blockchain have a tremendous potential for the future in the empowerment of individuals and businesses, helping in the redressal of social problems and generating growth.
Mobile technologies are growing at a tremendous pace, more in the developing nations all over the globe. The major banks in the developing nations have already embraced mobile banking across the globe. There is a proliferation of mobiles services and consumers are getting the benefits of the technology in the financial services, as they render faster transactions in the form of such mobility solutions.
In this age, when there is a constant need for real-time data, Blockchain is enabling to deliver instant resolutions to the interactions of customers with the bank and customer transactions. Blockchain is emerging as a potentially disruptive force for transforming the financial services with transactions that are faster, cheaper, transparent and secure.
Real-time account opening and building flexible loyalty programs are possible through blockchain being used to transfer data quickly. 15 % of banks worldwide are expected to implement the blockchain. Majority of banks are still using Blockchains in the testing phase, so that Blockchain is applied in their products and services.
Digital identity in the form of biometric authentication are enabling people, in poorer nations for withdrawing cash, using fingerprints and retinal eye scans, to reach out to the weaker section of the society.
AI and Blockchain are making a positive impact in many industries, particularly for the healthcare segment. In 2020, the IT solutions market for healthcare will grow up to a level of US $ 228.79 Billion. AI solutions in 2025 will be based on Digital Avatars capable of answering patient queries and will address advanced functions like population health management.
In the absence of any clinical personnel, we will see the usage of Personal Assistant, thereby delivering highly customized treatments for individual patients. Blockchain is also beneficial in processing patient claims, bringing a level of automation and transparency, lowering the administration costs.
AI is providing for advancement of new ways to advance how the young generation will learn and also how the educators will teach, increasing interconnectedness and accessibility of classrooms, worldwide.
The students can gain insights, whenever required. The educators will also obtain this insights on what is the level of learning achieved by an individual student. There are tools which can better manage the curriculum. The students who require any additional form of help can be flagged. Disparate sources of data on social media activity, feedbacks from the teachers, exam scores and transcripts can be tracked so as to intervene early to ensure success rate of students.
The business leaders must make it sure that they come up with useful solutions for ensuring inclusive growth. They need to stay focused on striking the right balance between business, technology and social responsibility.
Appinventiv is a mobile app development company that has displayed tremendous growth over the last two years. They believe in developing powerful apps for their clients, using the latest technologies like AI, Wearables, iBeacons and IoT.