Adopting technology in businesses is unstoppable as the future demands automation, analytics, and other advancements to thrive. Digital transformation is a popular topic across different industries, including banking, finance, insurance, healthcare, retail, and e-commerce. As vendors offer more technological solutions in the market, businesses have more advanced tools and workflow systems to improve their operations, nurture customers, innovate, and sustain decent revenue over time.
Learn the top evolving technology trends in 2023 across different industries below. This article can help you make more informed decisions for your business as you read the insights and analyze the recommendations of key industry experts.
Cyber insurance has become a booming business in the pandemic era as the incident rate of data breaches is rapidly increasing. Cyber insurance claims have increased dramatically due to rising and more sophisticated cyber-attacks, costing companies a hefty amount for damages.
Industry experts shared how cyber insurance can help businesses, especially during a crisis. However, many companies still don’t invest in cyber insurance. To thrive amidst the emerging cybersecurity challenges, business owners must enhance their customer-focused cyber protection solutions for their customers, employees, partners, and other stakeholders.
Fred Kuffer, the Director of Insurance at BrokerLink, said, “Cyber insurance helps businesses by covering the costs of damages after a data breach, malware attack, and other cybersecurity incidents. Insuring agreements include privacy and network security liability, media liability, network business interruption, omission, and errors. The policy generally covers legal defense, crisis communications, notification costs, creating a digital forensic team, and setting up a contact center.”
Riva Jane Cabaurog, the PR/Media Coordinator of Nadrich & Cohen, explained, “Cybercriminals usually target personally identifiable information. As a result, customers can sue a business because of sensitive data exposure and privacy breach. Such an incident can negatively impact a company’s reputation, affecting overall revenues. Small business owners can benefit from data breach insurance, enabling them to respond to breaches promptly. On the other hand, large businesses must have cyber liability insurance because it offers more coverage, suitable for cyber attack response and recovery.”
Insurance companies use technology, such as predictive analysis, to identify clients at risk of cancellation and fraud. Furthermore, insurance companies use technology to create and offer better cyber insurance plans for various industries. As more insurance carriers offer cyber insurance, they also need to protect themselves from false claims by hiring cybersecurity experts for the underwriting process.
Banking and Finance Technology
Financial technology includes mobile banking, trading platforms, peer-to-peer payment services, automated portfolio managers, and cryptocurrency trading. This industry continues to boom even after the COVID-19 pandemic, making fintech stocks a lucrative investment to add and diversify an investment portfolio. But the latest investment trend is fintech penny stocks.
“Fintech penny stocks are good long-term investments, with projected growth from USD$110 billion in 2020 to USD$700 billion by 2030. While financial technology could be profitable and exciting, fintech had a rough year in 2022. Many established fintech stocks have trailed behind, prompting them to join the penny stock ranks,” said Adam Garcia, Found of Stock Dork.
“Most penny stocks have less volume and low market capitalizations, making them riskier and more volatile. Hence, as more established companies join the penny stock ranks, it presents a great opportunity for buyers to invest in penny stocks with lower perceived risks,” Garcia adds.
Aside from fintech penny stocks, another emerging technology in banking and finance is neo-banking. According to the statistics, the global market size of neo-banking was US$47.39 billion in 2021, and it is predicted to grow at a CAGR of 53.4% from 2022 to 2030.
New-age banks provide digital, mobile-first banking solutions, including money transfers, bill payments, and more. Furthermore, neo-banks promise to offer personalized products using data analytics and artificial intelligence.
Peter Hoopis, a financial services business expert, also shared his insights about the trends in fintech this year. He said, “In 2023, more people will use neo banks or direct banks operating online without physical branches. Many people will choose neo-banks over traditional banks because of less stringent requirements, ease of use, and higher interest rates. The average neo-bank interest rate is between 0.5% and 2.5%, higher than traditional banks at only up to 0.2%.”
Health and Safety Technology
Health and safety are among the highest priorities many businesses and consumers consider today. Because of the recent health crisis, many realized the importance of protecting health and safety by making the right choices, such as the type of water filtration system for households and commercial settings.
In 2030, the United Nations reported that 1.6 billion people worldwide will lack safely managed drinking water. Eight out of 10 people lacking basic drinking water services reside in rural areas, particularly affecting most who live in the least developed countries. Hence, water filtration systems are essential in ensuring people have access to safe water for human consumption. But what is the latest trend in water filtration technology?
Brian Campbell, Lead Water Geek and Founder of WaterFilterGuru explained, “The latest trend in water filtration technology is kinetic degradation fluxion (KDF). KDF filter is made from pure copper-zinc granules that remove contaminants, such as heavy metals, chlorine, and hydrogen sulfide, to ensure safe drinking water for domestic or commercial use. Some KDF systems can eliminate pathogens, including bacteria, fungi, and algae in the water.”
“A redox reaction occurs as water passes through the KDF, eliminating the contaminants. This process works like an ion exchange, wherein electrons move between molecules and impurities turn into a different form. Because KDF is NSF-certified, this water filtration technology is a safe water treatment solution for every home,” Campbell added.
Industries greatly benefit from technology. As more and more companies embrace technological innovations in their business processes, end users can expect safer, faster, and more reliable delivery of products and services. Keeping up with the above-evolving trends enables businesses to provide better options and solutions for their customers while boosting their overall revenues.