The concept of open office has transformed much of the work life. This was driven primarily by the desire to improve collaboration, efficiency and effectiveness. In the context of a rapidly evolving digital platform, similar impetus for collaboration is shaping some of the underlying industries of the US economy.
Different industry sectors deal with the concept of openness in different ways, and the factors that drive the concept of “open industry” are different. However, there are clear similarities. Increased openness is seen as the key to digital success and customer satisfaction, and with the rapid acceleration of digital platforms, it is needed as well as smart.
The impact of pandemics on consumer habits has led people to expect a more accessible and seamless digital experience. This encourages companies, organizations, and even government agencies to share data and share information with end users. Companies can no longer claim a competitive advantage to hide information. How does this manifest itself in these rock industries? What’s happening in banks, healthcare and software is:
Understand open banking
For banks, the above trends led to the concept of open banking. It makes transactions more while a technology-driven approach provides consumers with more ways to consume financial data using aggregated and authenticated data connected via APIs. It’s time to be safe. What appeals to consumers, especially young digital natives, is that they can better manage their finances, identify the best products and services, and easily transfer funds from one financial institution to another.
In Europe, during the pandemic of Coronavirus Disease (COVID-19), consumers are increasingly relying on digital tools, thanks to the rapid adoption of regulations to securely share their financial data. So, open banking has already arrived. Demand is also rising in the United States, and the Consumer Financial Protection Bureau created what is likely to be the first step towards a formal regulatory structure last fall.
Leaders in the US banking industry, especially mid-sized companies that often have a slow approach to technology, should not wait to join. Waiting doesn’t just mean that you can’t (more and more) provide your customers with what they want. It also means that you miss the opportunity to increase the value of your internal data, one of your most important assets. Understanding the value of that data in banks and other sectors has improved over the last decade of the big data revolution. However, many organizations are still abandoning ways to find new customers, cross-selling existing products, improve services, and build new partnerships.
These trend lines converged before COVID-19, but are now clearer. 20% of adults Survey in the UK last summer He said he was using fintech platforms such as Mint, Plaid, QuickBooks and Quicken, which increased to 50% of young people during the pandemic. Visa and Mastercard, on the other hand, are moving rapidly to add FinTech to the platform to support open banking and create a network-independent payment technology system.
Regulatory changes accelerate the evolution of health care
Healthcare keywords, on the other hand, are “interoperability,” giving patients more control over their health care information. They will be able to choose the care options that are right for them, enabled by the app economy that drives innovation throughout the ecosystem.
The driving force here is legislation and regulation. 21st century cure And that Final rules for CMS interoperability and patient access We are transforming the way health information is shared among patients, healthcare providers and payers. Definitely, these new standards seek to establish an integrated process designed to provide organizations with personalized care plans and reduce administrative burdens and costs, so healthcare insurers and healthcare systems. Accelerate cross-border partnerships.
For healthcare leaders, it’s short-sighted to see this as a compliance issue. By taking full advantage of the moment of interoperability, the vast healthcare ecosystem can work together to provide better care and improve outcomes. Interoperability with cleaner, standardized datasets promises to mitigate or eliminate chronic problems throughout health care, making everyone healthier and happier.
And, like banks, medical care needs to consider opportunities with pandemic lenses.As mentioned in Harvard Business Review, “Despite being employed by up to 96% of hospitals and 86% of clinics [electronic health records], We do not yet have an EHR that can address the information challenges that clinicians face every day, let alone what COVID-19 brings. “
Related article: Will COVID-19 be a turning point in technology?
Open source software infrastructure
Unlike banks and healthcare, the American software industry has long been built on the sharing of data, especially programming code. However, there are also attempts in this sector to retain assets that we consider to be a competitive advantage. For 10 years, Google has been in court with Oracle Corp over building an Android platform using 11,500 lines of Java SE code. Oracle calls this piracy. Google said it was fair use.
In April 2021, the US Supreme Court ruled in favor of Google, reaffirming the open source business model that has facilitated some of the digital innovations we see today. Kent Walker, Google’s Chief Legal Officer and Senior Vice President of International Affairs, told The Wall Street Journal after the ruling: “Innovation comes from standing on each other’s shoulders.”
This decision should give businesses the freedom to reuse open source code in the long run, even if they have to act carelessly, without fear of legal implications. However, you should create an open source review policy that documents all usage of open source code in compliance with industry standards.
Related article: Why the use of open source is increasing in digital workplaces
At this point, open data should be at the forefront of digital strategies for banks, healthcare companies, and software companies. Data can be used in more ways than ever before to create value. Banks monetize relationships with third parties, healthcare payers expand patient engagement, and software companies think comprehensively about what they can and cannot do as part of their healthcare. .. Company-wide strategy.
Through innovative and unique APIs and open source code, data can improve the lives of customers while increasing their bottom line. If you want to catch up with the market and overwhelm your competitors, developing an effective open data strategy is essential.
Nick Hahn is Director of Digital Practices at West Monroe Partners, working with clients across the country to transform their digital business. He has over 30 years of experience as a senior-level strategist, line manager, and business leader in a global company.
Digital is driving open concepts in several industries.
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