Monthly Archives: December 2016

Harness Innovation and Disruption

We live in a time when doctors no longer have to rely on costly and unwieldy medical imaging devices to diagnose illnesses. A simple “visual stethoscope” would help them see deep into the human body more easily than ever, thereby accelerating both diagnosis and therapy. Meanwhile, if you’re a chronically ill patient, you no longer have to make repeated, costly visits to the hospital. Say hello to Molly — an innovative, friendly, virtual nurse who can check up on you, monitor your vitals and provide follow-up care — all through your smart phone.

Speaking of smartphones, the future of banking is here. You can now use your mobile device to do just about all your banking on the go — from opening an account to tracking your spending to freezing and unfreezing your credit cards, and more. You can even have your own automated financial adviser provide advice on where and how to invest your savings smartly, at a fraction of the cost charged by traditional banks.

Butterfly Network, Sense.ly, Monzo, and Betterment are the companies that are making each of these scenarios a reality, respectively. They’re transforming the way we think about healthcare and financial services. And they’re doing that through a range of disruptive technologies — so much so that today’s healthcare and banking organizations are no longer just about people in white lab coats or crisp suits. They’re a confluence of product engineers, designers, developers and security specialists in addition to physicians or bankers. Think “Big Bang Theory meets Scrubs,” as Sense.ly describes itself. It’s a paradigm shift in traditional industry models.

 

Keeping pace in a disruptive world

I believe we’re moving towards a future where financial services and healthcare organizations will not be known as financial services and healthcare organizations any longer, but as technology companies. Take banking, for instance: an industry steeped in conventional branch-based infrastructure and services, which is now being upended in Uber-like style by mobile and cloud computing, sophisticated behavior-based analytics, and young, ambitious startups that are more in tune with the needs of the millennial consumer. Just last year, Monzo, billed as the “bank of the future”, was able to raise 1 million pounds in 96 seconds, making it the fastest crowdfunding campaign ever.

This is the exciting reality of the digital age. Every day, there are new technologies and new startups emerging with better business models, and simpler products and services. On one hand, these innovations are making our lives better. A DNA App Store, for example, can predict your health risks and pre-dispositions to certain diseases, and vein and voice biometric scanners can make financial transactions more secure.