Businesses across industries must continue modernizing their mission-critical operations to stay competitive in 2024. But how and where should they allocate investments in the coming months? The answers are complex, as businesses face heightened challenges from cybersecurity threats, increased regulatory compliance and the need to adapt to new technologies.
Financial services, retail and healthcare are three of the world’s most vital industry sectors — each with its own concerns and requirements for profitability and growth in an interconnected world.
Here, Kyndryl experts share their predictions on the trends industry leaders need to be ready for in the year ahead.
The financial services industry is built on trust. And banks and insurance providers have protected that trust between customers and institutions with digital recordkeeping and transaction protocols since the dawn of computers. While mainframe systems established themselves as the platinum standard for security and reliability in financial services and beyond, it’s time for the industry to integrate them with cloud-based platforms and solutions.
“As financial services firms look to deploy AI across their IT estates, there’s a lot of work to do around data quality, controls, governance and risk management,” said Robert Turner, GM of U.S. Financial Services at Kyndryl.
Retail’s “silver bullet” is customer loyalty. But loyalty is difficult to engender, and easy to lose if customers find better experiences elsewhere. That’s why data analytics remains important. And modernized IT systems that yield individual consumer insights while enabling secure data management will be vital to maintaining customer relationships.
“Unifying data across physical and digital retail interactions is at the heart of personalized and meaningful customer experiences,” said Kayla Broussard, CTO of Retail and Travel at Kyndryl.
Worker shortages and spiraling operating costs risk hobbling the healthcare industry. And aging populations in parts of the world will only increase the strain on existing systems and infrastructure. But how can the industry improve patient experiences and outcomes while increasing productivity and holding down costs?
“The healthcare industry is now going to be using AI as a part of daily operations — specifically in a clinical setting,” said Trent Sanders, Vice President of Healthcare at Kyndryl. “This is about improving both the patient and caregiver experiences, and driving better outcomes across the board for health systems.”
Across financial services, retail and healthcare, the ability to operate more efficiently while serving customers or patients better will be the marker for success in 2024 and beyond.
Read our report for additional insights into how various IT trends will impact the financial services, retail and healthcare industries. And for even more tech trends, see what Kyndryl’s global practice leaders have to say about the year ahead.