As the public becomes more involved in their health care, price transparency is becoming an "increasingly important part of the patient financial experience," writes Kelly Gooch. She talks with Mosaic Life Care Vice President of Revenue Deborah Vancleave on how that organization is making it happen, with Vancleave noting that no matter the difficulty, "providing estimates to patients in advance of medical services is essential."
Digital transformation is coming from marketing departments and not just technology departments anymore as customers want information that is easy to use, says Liv Brahin, head of group marketing and communication services at UBS. The company combined several microsites, some with third-party hosts, and pooled budgets "to make our tech investment work for us."
To succeed in digital disruption, keep an eye on what competitors are doing and how they are using technology to engage and satisfy their customers, and this process can lead to finding holes in the market that your company can fill, writes Jim Perry. "In many community financial institutions employees have been doing the same things, in the same ways for so long, major change is difficult. Digital transformation often is perceived as the enemy," he cautions.
When asked how technology could improve a shopping experience, 55% of respondents want to be able to check if an item is in stock; 49% want to compare prices and reviews; and 41% want information that will help locate the item, according to research from the National Retail Federation.
According to an Economist Intelligence Unit study of how automation is changing large companies, "83% of respondents report that the C-suite is driving automation initiatives for their business." But Brian Merchant is concerned that automation is being seen as a cost-cutting measure and not a way to improve employees' work.
Global internet access is on the way, whether it be via satellites or balloons or other methods, and businesses should be ready to tap into markets and demographics that currently are unavailable. There are four aspects of business to prepare now for this sea change, writes Jim Cashel.
While hospitals are looking to telemedicine to improve access to specialists and reduce waiting times for appointments, it also improves operations, says Daniel Barchi, CIO of NewYork-Presbyterian Hospital. "Telemedicine can break down the disparities in transportation, access to care, language barriers and education in a way that nothing else can," he says, adding, it also "makes health care delivery efficient internally."
The advantages of distributed energy resources over fossil fuels include zero pollution and less land required, but scaling DERs is challenging, writes Eric Gimon of Energy Innovation. "The barriers to deployment at scale can be overcome with incentives, improved standards, and fairer laws and regulations," he writes.
With the growing number of communication options, insurers who determine clients' preferred communication method will see higher retention and overall higher customer satisfaction, J.D. Power's Alex Bodner and Brian Beaver write. Their analysis of the "J.D. Power 2019 U.S. Auto Insurance Satisfaction Study" also looks at how the purpose of a given communication determines customers' preferences.
Despite common beliefs among many regional and mid-size banks, millennials are not too different than counterparts in older generations, J.D. Power's Joe Wheeler writes. "The personal touch and local reputation of regional and mid-sized financial institutions is actually growing in appeal to millennial customers as they rapidly mature personally, professionally and financially," he writes.