This story originally appeared on iNovia conversations.
“Silicon Valley is good at getting rid of pain points. Banks are good at creating them.” — Jamie Dimon, CEO JPMorgan Chase
FinTech has made massive waves across the world in recent years, with more than 5,000 companies founded, raising nearly $6 billion in venture capital financing.
Let’s take a step back and reflect on why we have seen so many unbelievable entrepreneurs choose banks as the next establishment to disrupt. Of course, the simple answer is that banking is a large sector, with lots of room for improvement; and millennials desire digital experiences in their financial lives. While those are the most often quoted reasons we see in pitch decks today, we believe the real tailwinds behind the growth of this sector lie even deeper.
First off, an attractive quality of a market ripe for disruption is one where the critical infrastructure is already in place for innovation to be built upon. Matt Heiman at Greylock references that critical infrastructure in this post, citing data APIs like Plaid, Yodlee, and Flinks making it easier to work with financial data; payment APIs like Stripe making it easier to accept payments; and financial market APIs like Xignite, making it possible to pull in live stock prices. Having this foundation in place makes this space all the more attractive for entrepreneurs.
Second is the harsh reality that one’s financial picture today is much different than it was a decade ago.
- Real annual wages have been stagnant since 2000
- Education costs are rising exponentially
- Credit card balances are higher than ever
- Credit scores are lower than ever, limiting access to capital
- Home ownership is at its lowest level since the Census starting tracking it
- High deductible health insurance plans are now the norm
- Populations are aging and retiring older
As Sarah Tavel points out in this post, called “Saving People Money”, in response to these changing macroeconomic factors, people need new ways to save money, manage money, and invest money. Cue the need for tons of innovation.
Lastly, banks have turned into modern-day conglomerates. The large banks today offer every product you can imagine, from insurance to loans, to mortgages, to cross-border money transfers, etc.
This is a prime example of an institution that does a whole lot of things, but does none of those things really well. This is the perfect landscape for a startup to focus its efforts on a select few of those items and execute to perfection.
The ability for a startup to begin “unbundling” some of those banking services is predicated on the notion that a physical presence in banking is no longer at the core of the customer experience. Alex Rampell, Partner at a16z, makes a great comparison between the financial sector and the retail one, citing Amazon as the retailer that caught these same tailwinds and removed the physical presence from the equation, allowing it to displace WalMart as the biggest retailer in the world. He leaves us with a crucial thought in this video, asking “when will banking have its Amazon moment?”.
These factors have opened up the possibility for thousands of startups to transform the way modern banking is done. Every transformation happens in multiple phases, and the first step in this equation is unbundling. The opportunity at hand is for startups to be exclusively focused on only one banking product (say savings or lending). Consider several examples of this being successful:
Alternative lending platforms such as SoFi, Kabbage, and Clearbanc have all taken advantage of the inefficiencies in the lending departments of large financial institutions. These lenders all have similar formulas in the way they disrupt traditional banks:
- High Touch: Start by focusing on a specific user and understand that user really well. This allows the company to underwrite that specific user much more effectively than a bank would. Underwriting more users means more originated loans, and lower loss ratios. For example, SoFi has focused on students, Kabbage on SME’s and Clearbanc on entrepreneurs.
- Reduce the margins banks earn on loans: A traditional bank accepts money (deposits) and pays a minimum amount of interest (<1%) and then loans that money (primarily on credit cards) for closer to 19% interest. There is a lot of margin there to cut in to for a startup. Given the lenders mentioned above don’t have brick and mortar operations to pay for, they can beat the banks loan rates in most cases, and offer credit to more borrowers.
Robo-Advisors such as Wealthfront, Betterment, and Wealthsimple have automated a routine job that was typically done by financial advisors. Large mutual funds and ETFs were already mostly being managed by algorithms, however clients had to consult financial advisors prior to investing. By removing the advisor from the equation and promising individuals a balanced, diversified portfolio that fits their lifestyle, robo-advisors are able to offer equal returns with much less management fees (typically 0.5% vs 1.5% at traditional banks).
- Savings platforms such as Acorns have found new, innovative ways to encourage people to save money. They are able to offer a fully digital experience, and have ‘gamified’ saving, by incorporating goal setting, rewards points, and a social element. Alternative savings platforms can earn a higher return for clients on their savings all with free accounts that they can contribute to or withdraw from anytime.
These examples continue across every facet of a bank. This image below gives a taste of the FinTech landscape today, and highlights every element of unbundling currently under way. This is the home page of Wells Fargo and it outlines the top startups picking apart every piece of the bank.
Of course, unbundling is not the holy grail, it is merely phase one. Entrepreneurs’ ambitions and world domination plans are much larger than simply mastering one banking product. The first product, or the unbundling, is just the “hook” to acquire customers and begin building trust and brand name. Startups exploit the banks on one simple product as a hook to win the consumers’ business in the hopes of then being able to target that same consumer with other financial products in the future, hence phase two: rebundling. The more startups that begin offering additional financial products, the more those startups will begin to resemble traditional banks. Here are some examples of rebundling happening in action:
- Acorns has now differentiated beyond simply a savings platform by launching Acorns Spend, a debit card product.
- Square began as an easy-to-use terminal for on-demand workers to receive payment. They have now begun issuing loans to their merchants.
- Paypal has launched a prepaid debit card that includes bank transfers, deposits, and cashing checks.
- SoFi has moved beyond just student loans and into mortgages, wealth management, and life insurance.
- Robinhood has extended its trading services to cryptocurrency
- Stash has launched core banking and custodial services
- Credit Karma knows everything (far beyond just credit cards).
What has emerged in the FinTech space is a race to own the end client relationship. Each startup took a different approach, chose a different vertical, and unbundled a different element of the bank. But as all those startups look to layer on, and rebundle the core services of a bank, they will all be vying for mindshare from the same customers. Suddenly, a group of thousands of companies solving various, unrelated problems, will become competitive and will race against each other to be the “go-to” digital bank (or the ‘Amazon Moment’). Despite the numerous examples of rebundling above, we are not quite there yet. As the graph below depicts, we are still at the tail end of the unbundling phase, with startups trying to achieve critical mass in their verticals, prior to commencing the rebundling process.
Once the rebundling phase begins on a macro level, the threat to traditional banks will increase exponentially. Today, consumers excited by digital offerings startups are delivering are faced with the pain of having to piece together all of their financial needs like a puzzle (since every startup only unbundled one product). Getting all of your financial needs serviced, requires interacting with many startups. This pain still generates enough friction for consumers that they maintain their relationship with their traditional bank, and experiment with one or a few new innovative products on the side. Most customers with an Acorns account, also have a traditional savings account at their bank (likewise with investments and loans).
While we don’t expect startups to attempt to put together products that cover everything Wells Fargo offers today, we expect them to bundle a subset of elements that have high synergies. In the past, a HENRY (High Earner, Not Rich Yet) would have one relationship — a big bank; in the future they won’t have 50 relationships (one for each service) but they may have 3–8 relationships with digital rebundlers. Customers will have the opportunity to transfer more and more of their banking relationships to their most trusted digital providers, and will be able to move further away from their traditional banking relationships.
We have yet to see the true threat to banks. But it is around the corner.
Let’s conclude by summarizing what all of this means for inovia in terms of how we allocate capital and make investment decisions in the FinTech space. Here are some of the key elements we look for:
Having a unique and differentiated customer acquisition machine: the ability to acquire customers cost effectively is of utmost importance in the FinTech space. As mentioned above, owning the client relationship is the holy grail, and having a customer not only counts as revenue for the current product, but also allows the startup to target that customer with additional banking products in the future. Here are some examples of unique customer acquisition strategies that have proven successful for FinTech startups;
- SoFi began by targeting students with its loan products. This led them to be able to use universities as distribution channels and acquire students cheaply (this customer profile was being ignored by traditional lenders). They coined the term HENRY to describe their target customer. This profile was not of interest to banks since they were not wealthy enough (yet) to drive a significant amount of business.
- Clearbanc offers revenue-based financing to entrepreneurs. They quickly realized that many small businesses use Facebook as their primary advertising channel and that one of the barriers for small businesses is access to capital. Clearbanc partnered with Facebook to help provide capital to these small businesses (much of it to be re-invested in Facebook ads for customer acquisition). This allows Clearbanc to acquire users cheaply through the Facebook merchant network.
- Affirm allows consumers to pay for large retail purchases in installments. Rather than target consumers directly, Affirm used merchants as their distribution channel. Once a customer reaches the cash, the merchant would ask the customer if they wanted to pay using installment payments (powered by Affirm). This turned the business into a B2B model of selling to merchants rather than a B2C model of competing on customer acquisition.
A well-thought out rebundling strategy that involves owning the end consumer or merchant: Entrepreneurs need to think about pitching the big vision from day one. Building a massive business in the FinTech space will not happen with a series of accidental product additions along the way that we “hope” consumers will enjoy. Owning the end customer should be the objective from day one, it is the core of the business and the reason for existence. Then it is up to the entrepreneur to experiment with various “hooks” to lure in their first batch of customers cheaply. These hooks are more flexible and far less important than the actual master business plan. Here is some advice on choosing the right hook:
- Test and iterate quickly on initial customer segments you are targeting and the product offering you’re selling. Try something and kill it within a few weeks if you are not luring a unique kind of individual. It is crucial to find a differentiated customer base to initially target, rather than going after the same customers as everyone else.
- Pick something that resonates with millennials. For example, Ellevestcreates mutual funds tied to the unique career path of women, OpenInvestallows clients to add social impact stocks to their portfolio and Quantopianallows anyone to create financial trading algorithms. The overall vision of all of these companies is to be the trusted financial partner for their target client base, however they have all approached the market with hooks that resonate deeply with that market they are targeting.
- Once you’ve found a differentiated customer base and a product that resonates with that base you will begin attracting attention to yourself. The idea is that you can use your initial base as a springboard to layer on your rebundling strategies in a more cost effective way. Start with engaged users, build brand awareness among them, garner attention, and then begin rebundling.
Innovate in a new area of banking: Over 40% of all investment dollars into FinTech startups to date have been poured into the alternative lending space, leaving massive industries (such as mortgages and insurance) with few well-funded companies. Additionally, there potentially many innovative ways to improve one’s financial lives that don’t even exist yet and are not even done by banks. Finding a new way to add value financially is a compelling way to disrupt the antiquated banking industry. Examples of radically new financial products are;
- Mortgage companies like Ribbon, Point and Properly that allow consumers the ability to sell their homes more efficiently and even offer the possibility of unlocking some of the equity in their home (things banks don’t do today).
- Contextualized insurance companies like Lemonade, and Slice. Today, an individual may act as a business one day (renting our their home on Airbnb, or driving their car for Uber) and as a regular citizen the next. Insurance needs to adapt to understand the context in which your assets are being used.
Create your own infrastructure and be self-reliant: Many FinTech companies simply add a new layer or application on top of existing banking infrastructure. This is a great way to validate the problem, but in the long-term the majority of the gains will still accrue to the financial institution serving as the infrastructure layer. FinTechs that are self reliant can be more disruptive and rebundle other apps even easier than those that rely on others. This is one example of a well-planned rebundling strategy from the start.
At inovia we look to partner with audacious founders building enduring technology companies. It is clear that the ability to have an impact on one’s financial experience has the potential to disrupt everything we know about our banking systems. Those are the types of ‘big bets’ we thrive in undertaking.
Alex Barrett is a VC at iNovia Capital. His experience in financial services began during his time in Accenture’s Management Consulting practice.
How can the value of the cloud evolve between now and 2030?￼
According to McKinsey research, large enterprises aim to have about 60% of their environment in the cloud by 2025.
Cloud technology has become an integral part of the digital transformation of today’s businesses. And that has executives asking themselves important questions — namely, how large is the value at stake in my sector? How quickly will this value be captured? Who will capture it? What can I do to ensure my organization gets its share?
The answers are multifaceted, and were sought by researchers at McKinsey through a recent analysis. They conducted a thorough review of several key resources, including the McKinsey D2020 IT spending structure benchmarking study, and independent third-party surveys of more than 1,000 organizations that have adopted cloud technologies. Researchers addressed over 700 use cases across 20 different sub industries, ultimately to inform their conclusions, which we’ll cover more below.
Organizations That Maximize Cloud Value Do So In a Combined Approach
The first prominent finding of McKinsey’s review is a prominent trend among organizations that maximize cloud value. According to analysts, those that make the most of the technology do so in a three-pronged system:
Rejuvenate – IT cost optimization, resilience improvement, and core operations digitization
Innovate – innovation-driven growth, accelerated product development, and hyper scalability
Pioneer – early adoption of cloud technology
The Potential Value Waiting To Be Unlocked In Cloud Technology
Another important finding of the review, McKinsey researchers suggest that the potential value in cloud technology is substantial. After analyzing the value at stake for adoption in US Fortune 500 companies, they estimated that up to $1 trillion in annual value is waiting to be unlocked by 2030. Moreover, when applying those same drivers to Forbes Global 2000 companies, the potential value is estimated to be around $3 trillion in EBITDA (Earnings before interest, taxes, depreciation, and amortization) over the next decade.
Asia’s Potential for EBITDA Gains
The report noted that Asia is in line to reap the highest cloud value potential from adoption at about $1.3 trillion by 2030. The continent’s businesses make up the largest regional revenue share of the Forbes Global 2000 companies analyzed, many of which fall within the oil, gas and banking industries. These are sectors which McKinsey researchers have identified as having particularly high potential for value gains from cloud adoption.
The Americas aren’t far behind, coming in second with a potential cloud value of around $1.2 trillion, driven largely by retail and manufacturing sub industries. These specific domestic sectors stand to capture nearly $162 Billion in EBITDA growth by 2030 – more than three times the value potential for those in Asia and the European Union.
The Keys to Unlocking Value
McKinsey interviewed more than 50 CTOs, CIOs, and cloud program leaders from prominent North American enterprises to better understand their work and what success factors they had in common. The research concluded that the most successful cloud adopters leveraged three key levers:
1. Discovering the full value of the cloud.
2. Solving critical technical challenges.
3. Delivering fundamental, organizational change.
These organizations withstood the challenges of cloud adoption and emerged better-positioned to capture value. Their key takeaway was that creating an effective cloud program requires a combination of technical and organizational capabilities, as well as the right mindset. This means that even if an organization has the necessary tools, they may still need to make changes in areas such as strategy, culture, and processes in order to fully benefit from cloud technology.
DX Journal covers the impact of digital transformation (DX) initiatives worldwide across multiple industries.
WeaveSphere: 5 conference highlights
The WeaveSphere tech conference wove together ideas about AI, FinTech, STEM education, innovation in Canada, and more.
For three days this November, innovation, collaboration, and a whole lot of big ideas were shared among “Weavers” during the WeaveSphere tech conference in Toronto.
“Today is an opportunity for greater connection between the scientific and tech industry, and academia,” said Marcellus Mindel of IBM Canada, opening the conference. With innovation the event’s core, Mindel added: “let’s define innovation, thinking of it as reframing that implements better outcomes.”
While lots happened over three days, here are five highlights and takeaways from the event:
1. Thought-provoking keynotes had attendees thinking big
Each day of WeaveSphere kicked off with a keynote, where three speakers brought their insightful ideas to attendees.
Gillian Hadfield shared ideas about AI and regulation
On Day 1, Gillian Hadfield, Professor of Law and director of the Schwartz Reisman Institute for Technology and Society at the University of Toronto, explained where we are today when it comes to regulating artificial intelligence (AI) — and where we need to go next.
While AI makes machines intelligent, Hadfield argued that it cannot, by definition, produce intelligent behaviour if it isn’t functioning appropriately and ethically. Machine learning is not the same as standard programming, since machines write the rules. As a result, machines can start solving problems in ways we don’t want them to, resulting in regulatory challenges.
How to solve this? Hadfield presented two solutions:
- Establish compensation for harm
- Design incentives for meeting good and safe behaviour
Dr. William Barry discussed ethics with an AI co-presenter
On Day 2, professor, AI ethicist, and futurist Dr. William Barry talked about a particular problem: what ethical questions might arise when you program a robot?
For starters, how do you determine what information to include or not? Where is the appropriate line?
As a professor, Dr. Barry has been working with robots as teaching assistants in his classroom since 2015, and brought a digital version of Maria Bot (one of his AI assistants) to interact with the audience.
As Dr. Barry explained, he is very strategic when choosing the information from which his assistants learn.
One place Maria won’t get access to? Twitter, says Dr. Barry, highlighting it’s too much of a risk for an “AI benign” to get access to misinformation. This would distort the ethical perspective that Maria is learning, he said.
While he has programmed her to weed out and to not learn from toxic content — like racism and misogyny — Dr. Barry does work at exposing his AI beings to a wide range of diverse thought and lived experiences. In the end, how ethical an AI being is, is in the hands of the human controlling what they learn, he argued. As a result, they’ll ultimately be biased as a result of the specific data sets we provide for them.
Marcel Mitran discussed technology for good
WeaveSphere’s Day 3 keynote took a slight turn away from AI.
IBM Fellow, IBM Master Inventor, and CTO for Cloud Platform for zSystems and LinuxONE, Marcel Mitran took to the main stage for a keynote on responsible computing. At the heart of his talk was the argument that technologists need to take a step back and look at what’s being done to keep the world safe.
For example, the opportunity for error and bias in the role of facial recognition in public safety, and the fact that our digital footprints — both on a personal level and for enterprise — have grown significantly even in the last year.
As Mitran explained, responsible computing is a systemic, holistic approach addressing current and future computing challenges like sustainability, ethics, and professionalism. It advances the “quadruple bottom line” of people, planet, prosperity, and participation.
2. Insightful sessions had attendees thinking deep
FinTech, cryptocurrency, AI, digital economies, Canada’s innovation landscape — there was a large cross-section of topics covered across a variety of workshops, paper presentation, and panel discussions.
Some highlights include:
Chhavi Singh, co-founder of Flyte, asked the question: have you considered using AI to coach your sales staff? Elaborating on the opportunity AI presents to increase sales performance, Singh explained how AI can be used to help understand customer challenges and handle objections and concerns.
COO of wealth management platform OneVest, Jakob Pizzera, outlined the three phases of FinTech. The first (1.0) was in-house sites for basic online banking. Version 2.0 was the “unbundling” of financial services, and the rise of standalone businesses. The last few years has brought FinTech 3.0, with embedded finance — for example making a purchase through Instagram.
WeaveSphere conference chair and R&D specialist Vio Onut answered the question of why we need to care about cyber security. For starters, the potentially very large costs to your organization, and because the massive skills gap of privacy and security experts has created vulnerabilities.
Digital strategist Matt Everson explored what can go with emerging technologies like Web3 and the metaverse. Everson said developers should just start building and drawing on video game virtual markets as a model. He used popular online game EVE Online as an example of how virtual economy design can be translated to other markets.
Lijia Hou, Blockchain Systems Engineer with Draft Kings, explained that three key problems still exist when it comes to blockchain technology. First, investors want to understand how — in a volatile market — to mitigate risk. Second, developers from the traditional software side need a mindset shift when it comes to decentralization. And finally, the tools of decentralization are used differently, and this is not always evident for those unfamiliar with Web3.
3. There was a LOT of interest in STEM education
As part of WeaveSphere’s Education Day slate of programming, hundreds of high school and university students had the opportunity to workshop real-life problems from both school and work — all under the guidance of IBM’s Design Thinking experts.
This meeting of next-generation tech talent collaboratively explored Enterprise Design Thinking strategies like As-Is Scenario Mapping, Empathy Mapping, Hills (positioning statements), and Hopes and Fears. This approach to problem-solving works by framing the issue at hand in a human-centric way, centering the end-user in all decision-making.
For Education Day, the problem at hand was helping fourth-year university students find their first job.
4. There were loads of networking and learning opportunities
One of the best parts of any conference is the opportunity to network and learn from fellow attendees.
In the conference’s Innovation Valley section, event sponsors were on-hand to discuss everything from their latest technologies to job opportunities, plus several graduate students were also there to present their research.
Since WeaveSphere is a “meeting of the minds” between tech professionals and students, many undergrads from schools like York University and Mohawk College came to the conference full of questions, ready to absorb everything.
5. WeaveSphere celebrated top tech talent
A big part of WeaveSphere was a celebration of some of the best tech minds in Canada.
During a gala evening at the end of Day 2, the 2022 Developer 30 Under 30 and Tech Titans were awarded to the best of the best among young developers and digital transformation leaders in Canada.
The winners were:
Developer 30 Under 30 winners
- Alexander Newman
- Anakha Chellakudam
- Anthony Langford
- Arshdeep Saini
- Aryaman Rastogi
- Bohdan Senyshyn
- Charlie Mackie
- Charmi Chokshi
- Colin Lee
- Daniel Marantz
- Francisco Hodge
- Hassan Djirdeh
- Jerry Fengwei Zhang
- Julia Paglia
- Karandeep Bhardwaj
- Kathryn Kodama
- Khushbu Patel
- Lianne Lardizabal
- Lucas Giancola
- Mathew Mozaffari
- Maz Mandi
- Oleksandr Kostrikov
- Rishab Kumar
- Samantha Lauer
- Sarah Syed
- Stan Petley
- Tanmay Bakshi
- Tim Romanski
- Xiaole Zeng
- Yash Kapadia
Tech Titans winners
- Andrew Dolinski
- Ashish Agrawal
- Chhavi Singh
- Chris Dolinski
- Dean Skurka
- Demetrius Tsafaridis
- Fay Arjomandi
- Harish Pandian
- Harpreet Gill
- Iman Bashir
- James Stewart
- Len Covello
- Manav Gupta
- Marcel Mitran
- Michelle Joliat
- Dr. Mohamad Sawwaf
- Omar A. Butt
- Peter Zwicker
- Ryan McDonald
- Dr. William Cherniak
Finally, as WeaveSphere came to a close, the Pitch Stadium opened, hearing from a wide variety of startups.
They came, they pitched, and in the end, Iman Bashir and Nicole Lytle of Craftly.AI, a copywriting assistant that uses AI to generate original content, took home the $50,000 prize to help grow their business.
WeaveSphere was a uniquely collaborative, innovation-focused conference filled with engaging workshops, presentations, and networking opportunities.
DX Journal is an official media partner for WeaveSphere. Check out our series of articles from the lead-up to WeaveSphere.
DX Journal covers the impact of digital transformation (DX) initiatives worldwide across multiple industries.
7 Digital Transformation trends on the horizon for 2023
Salesforce’s MuleSoft reports seven trends that are key to balancing operational pressure and improved customer and employee experience.
Efficiency and growth are at the heart of many a business plans right now, even though an economic downturn is widely predicted to be on the horizon.
In the face of these organizational pressures, Salesforce’s MuleSoft recently released a report detailing their predictions and insights for digital transformation in 2023. In the report, they outlined seven trends that are going to be crucial for organizations that want to overcome these pressures while keeping the gas on customer and employee experiences.
As MuleSoft Global Field CTO Matt McLarty explained, “as companies gear up for the year ahead, businesses must recognize that effectively utilizing new digital techniques is the only way to ensure growth amidst economic pressures.”
“Investing in cost efficient, employee- and customer-centric technologies will be critical for companies seeking to remain agile and break away from the competition in 2023.”
Here are MuleSoft’s seven digital transformation trends-to-watch:
Increase in automation investment
MuleSoft’s research has validated what many in the industry have already predicted regarding the projected growth of automation tools. According to a previous survey, roughly 80% of organizations plan on incorporating hyperautomation into their technology roadmap within the next 24 months. This points to a paradigm shift in the way businesses operate, as they move away from reliance on manual processes to a more digitized and technology-enabled future.
Composability is key
MuleSoft and Salesforce predict that in lieu of the point mentioned above, companies will be inclined to implement strategies like low/no-code platforms and application programming interfaces (APIs) to make their automation efforts more composable.
The rise of low/no-code tools
The report from September found that 73% of leaders agree that acquiring IT talent is the hardest it’s ever been, which makes perfect sense given the global shortage of software developers. In order to free up resources and enable a wider range of employees to participate in digital transformation, low/no-code platforms will continue to grow in popularity.
Investment In total experience (TX) strategies
Amid findings that 86% of IT leaders believe that both employee and customer experience (EX and CX) are as important as a company’s products, MuleSoft’s research anticipates that organizations will increase their focus on delivering great experiences through loyalty and advocacy.
CX and EX initiatives will work in tandem to increase revenue and retain talent, focusing on integration and automation that connect the dots where these two meet.
Data-Driven Decision Making Should Be Technology’s Job
Salesforce research highlights that 83% of organizations consider data-driven decisions to be a top priority in their organization. This data, however, is often siloed. As a result, MuleSoft predicts, 2023 will see the rise of real-time analytics to bread down silos, to “create a data fabric that provides automated, intelligent, and real-time insights and reduces untimely decisions.”
Cybersecurity Is Set to Scale
Expect to see more organizations invest in a cybersecurity mesh approach in order to secure data as it moves between multiple cloud applications. This is in response to data from Gartner that claims doing so could reduce the financial impact of security incidents by 90%.
Sustainability Will Be a Priority
Organizations are likely to increase their adoption of data-driven insights and integration across supply chains as they seek to become more sustainable.
DX Journal covers the impact of digital transformation (DX) initiatives worldwide across multiple industries.
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