From bikes to blockchain: the world’s digitisation journey
When it comes to digitisation, it is ironic that countries that lag behind the most are likely to be spending more. It’s no wonder 75% of businesses consider blockchain as the key to driving digital transformation, writes Jeff Blumenfeld.
The coronavirus has brought a push into digital workflows for many professional and financial services companies. In May, facial recognition and biometric technology allowed 30 Chinese distributors to sign up to online financing in one week. The traditional process usually requires a visit to a bank and can take months.
The pandemic brought an ironic mix of more urgent business requirements, along with slower processing times to meet those requirements. A combination of restrictions on movement, remote working and the need for business to operate at high speed has pushed professional services such as institutional banking and legal work to digitise at a greater pace.
Many companies, especially those in Asia, have already been on a digital transformation journey for a while and risen to the challenge to accelerate that in the face of lockdown. However, there are parts of many digital workflows that remain paper-based.