As digital transformation evolved, more and more industries started adopting disruptive trends to keep their pace in the market.

Already, a key strategic initiative called digital transformation has taken on heightened importance in the wake of the modern world. As digital transformation evolved, more and more industries started adopting the disruptive trend to keep their pace in the market. While some of the sectors laid low in embracing technologies, some others like wealth, insurance, regulation, female, and marketing & advertising have made it big by bringing a home name to the emerging innovations.

Digital transformation is the integration of digital technology into areas of a business, fundamentally changing how they operate and deliver value to customers. It is also a cultural change that requires organizations to continually challenge the status quo, experiment, and get comfortable with failure. An increasing number of industries and companies across many domains are into digital transformation today. In a way, the Covid-19 pandemic has further accelerated technology adoption during the lockdown period. Data researcher IDC published a report in May 2020 stating that global spending on digital transformation technologies and services will grow 10.4% in 2020 to US$1.3 trillion. But the extensive disruption in certain sectors has highlighted wealth tech, insurance, reg tech, fintech, and madtech as the frontrunners of the technology radar. 

Wealthtech

Wealthtech is the collision of digitization and the investment and wealth management sector. Although some of the investment management processes have already been digitized for a long time, we understand wealth tech in addition to applications of online and technological solutions in this area. Wealthtech focuses on integrating disruptive technologies like artificial intelligence, machine learning, or advanced application of big data to investment management. These technologies are available to both end-users and investment management professionals and experts through a digital medium.

Insurtech

The insurance industry is always under immense pressure to analyze everything with an eagle eye. It is impossible for humans to keep a tab on all the jobs. However, insurtech is constantly changing technological usage in the insurance sector. Insurtech is any new technology introduced to insurers’ operations to save on costs or streamline processes. Since insurtech is new by definition, its applications are constantly evolving, bringing breakthroughs to insurance operations. 

Regtech

Regtech is emerging as a buzzword in the technology landscape. Regtech promises to disrupt the regulatory medium by providing technologically advanced solutions to the ever-increasing demands of compliance within the financial industry. Since financial firms are dealing with more regulations, changes, and complexity, they are in immediate need of technology to take care of the compliance issues. Henceforth, regtech is engaging in machine learning, natural language processing, blockchain, AI, and other technologies to bring the power of digital transformation to the world of regulation.

Femtech

‘Femtech’ was originally coined in reference to tech start-ups focusing on the development of female hygiene and health products. Later, it evolved and is now addressing a broader phenomenon that includes other initiatives championed by businesses and associations, which combine feminism and technology to eradicate the gender gap in the technology sector and influence the participation of women in STEM.

Madtech

Madtech is the convergence or intersection of marketing and advertising technology. The marketing and advertising industry is increasingly focusing on a personalized and customized way of approach that attracts customers. Madtech is particularly relevant at the moment as technologies are quickly advancing and have allowed for significant innovations in online marketing and advertising.