Technology innovation is one of most encountered challenges for organisations. Interdependent of speed to market, competitive advantage, increase of customer satisfaction, cost reduction and improvement of processes, technology innovation represents the key to unlocking business success.
This article roundup focuses on the latest technology innovations employed by organisations such as financial institutions, tech suppliers, clothing retailers and more.
Positioned as a bank which puts customer satisfaction and technology innovation at its core, Atom Bank continues the innovation trend with AI-based customer support offered within the bank’s mobile app. Atom’s mission is to stand out from competitors through a new banking concept whilst providing customers with intuitive banking services.
Smart cities move a step forward as suppliers Huawei and Samsung work on introducing smart street lighting solutions. These will allow city authorities to manage street infrastructure performance, and at the same time will enable significant savings in energy consumption. Smart city lighting will also empower interaction between the lights and other Internet of Things devices.
Retailer JD Williams makes use of data and analytics in order to provide customers with a personalised shopping experience. Improving customer satisfaction through personalisation for web and mobile-based shopping allows JD Williams to see an increase in its ROI.
With increasing demand for digital technology, financial services employees believe that customer retail banking will become fully automated by 2020. Moving to digital has shifted from being an opportunity for banks to being a potential survival strategy. Moreover, competing services like Apple Pay or Android Pay are coming fast from behind, putting the success of traditional retail banking highly at risk.
The need to personalise customer services is also found within the insurance sector, not just the retail sector. Insurance companies are under pressure to offer their customers more relevant products and services, making big data analytics a strategic priority for more than 80% of UK’s insurance companies, as research reveals.
In order to unlock its potential to revolutionise the tech world and the way we use technology in everyday life, the Internet of Things requires more innovative, even radical, business models, and more joined-up thinking. This information has been revealed as part of a government event focusing on IoT policy, and if it were to be acted upon, would empower the IoT to develop its full capabilities in improving and streamlining the world as we know it today.
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