DTM: What to Watch for in 2018By: Heather Petersen
With 2018 off to a fast start, we’re excited to see how Digital Transaction Management will evolve this year and beyond. In this blog, we take a look at some of the emerging technologies that promise to enable new transaction capabilities, while also preserving a high-quality bar.
Maintaining customer trust is paramount, which is why the xDTM Standard includes privacy as one of our eight key elements. As digital transaction volumes increase, customers are increasingly seeking a simpler experience, while still expecting their information to remain private and secure. Enter new digital identity technologies.
Once again consumer applications are leading the way with fingerprint and facial recognition tools on smart phones. Identity authentication company Trusona is working with Aetna to implement passwordless healthcare authentication. New digital identity technologies promise to reduce privacy risks as less personal data is required to authenticate users. This will be especially important in 2018 as the General Data Protection Regulation and its new requirements for collecting, storing and protecting personal information, come into effect in May.
DTM promises to increase productivity and efficiency for businesses in a diverse set of industries. As this technology continues to be introduced into business applications and the use cases expanded within organizations, it will be even more important to foster a workplace culture that supports the constant change that comes with digital transformation. Facilitating more effective collaboration among employees is one way to empower a digital transformation culture. With the proliferation of Digital Transaction Management platforms that offer an end-to-end experience, fully leveraging collaboration functionality embedded in the transaction application will greatly accelerate digital transformation.
While artificial intelligence (AI) applications are omnipresent in many personal applications like Alexa and Google Home, new business applications are just beginning to take root. IDC predicts by 2019, 40% of digital transformation initiatives will use AI services and by 2021, 75% of commercial enterprise apps will use AI. In DTM, we are seeing interesting new use cases powered by AI across a variety of industries and corporate functions that promise to accelerate transactions and improve the customer experience.
Deutsche Bank recently launched WISE, a white label Robo platform offering discretionary portfolio management. When combined with eSignature, the technology accelerates the onboarding process for new investors. AI is also streamlining the purchasing process at a global healthcare company by guiding employees to select appropriate vendors and make decisions within corporate guidelines, reducing overall procurement processing times.
These new technologies and trends promise to further streamline digital transactions, while protecting businesses’ most sensitive data and preserving customer trust.