Digital Adoption Platforms-Overview from an Indian Standpoint
Having completed his PG Diploma in IT from the International Institute of Information Technology Bangalore, Khadim boasts of a 25 years long career during which he has handled key roles across various companies such as CMC, Huawei Technologies, Applabs Technologies, and Kenexa, prior to co-founding Whatfix in 2013. Additionally, he had also incepted a SaaS-based SEO platform for SMEs named SearchEnabler.
Given the massive scale at which companies across all industries are undertaking digital transformation journeys, Digital Adoption Platforms (DAP) are in great demand in recent times due to the host of advantages it offers such as driving frictionless user onboarding, seamless customer experiences, and effective employee training on digital processes. DAPs make it easier to enhance the user experience by offering real-time, human-like assistance in local languages, thereby facilitating easier utilization of software. DAPs leverage data pertaining to user behavior, interactions, and preferences, to provide personalized guidance and recommendations to users, driving higher engagement and better outcomes. This is really important in India where many users are still getting used to digital tools and businesses face technical challenges. Indian IT service providers are also leveraging DAPs to train employees on new software applications, improving efficiency and reducing onboarding time.
Technologies making Digital Adoption Easier
To enhance the efficiency of their digital adoption efforts, Indian business today are integrating DAPs with AI, which utilize machine learning algorithms to personalize user guidance and automate tasks. Additionally, product analytics platforms enable enterprises to make data-driven decisions by analyzing user interactions and behaviors. Furthermore, DAPs deployed on web, desktop & mobile apps simplify user journeys and help deliver better omnichannel experiences to customers. For banks using complex legacy applications, DAPs reduce user friction, prevent errors and automate steps, thus resulting in saving time and cost. Lastly, data-driven DAPs assist executives in identifying underutilized apps and optimizing software expenditure. By embracing these advancements, businesses are streamlining their operations, improving user satisfaction, helping uncover process friction points, improve existing efficiencies, and making informed decisions to drive successful digital transformations.
DAPs in Banking & Finance
DAPs play a crucial role in the global BFSI space by enabling traditional banks to meet the rising customer expectations for digital banking services, enhance the overall customer experience and remain competitive in the rapidly evolving digital landscape. One of the key roles of DAPs is to analyze customer journeys, identify drop-off points, and provide personalized advice & guidance that suit customers’ needs and circumstances. This way, DAPs help banks optimize customer onboarding, reduce abandonment rates and improve customer satisfaction by having visibility across lines of business, create customer-centric experiences and remove siloed systems from the organization.
Furthermore, DAPs facilitate digital literacy and infrastructure development by providing user-friendly interfaces, local language support and training on new digital tools, thus ensuring a smooth transition to digital banking for customers and employees alike. It also provides assistance in complex processes like trade finance transaction portals to handhold business users and reduces the turnaround time the bank takes to issue trade finance instruments such as Letters of Credit, Bank Guarantees and others. Lastly, they also aid in compliance and regulatory requirements, along with mitigating risks related to cybersecurity and security threats.
Data Privacy & Security for a DAP
The SaaS industry on the whole has revolutionized the way users access their applications and thus data. It has also enabled business and IT leaders to focus on core business areas. DAP is another area within the SaaS industry that is making waves in recent times. Being less intrusive in functionality, DAPs can have the potential to impact the security of customer applications if not designed and developed securely. Adopting a Shift Left approach that incorporates extensive checks in the secure-software development lifecycle strategy can help ensure better security of a DAP platform.
Another area that is of importance is to limit data collection and processing to what is absolutely necessary. Also, security controls like role-based access, encryption during transmission & at rest, and anonymization of data can ensure that personal data is protected adequately. Additionally, implementing appropriate risk-based monitoring of the DAP platform, periodically testing & validating the effectiveness of the organization’s incident response strategy, and documenting the shortcomings to ensure that these shortcomings are addressed at the earliest also go a long way in keeping DAPs wary of any security incidents.
Future Outlook
BFSI sector has undergone a significant shift towards digitalization in recent years. To match the digitization pace adopted by digital banking platforms, traditional banks need to adopt digital transformation initiatives like DAP solutions to survive in a highly competitive market. AI is expected to have a significant impact on DAPs, and many enterprises are building underlying application-agnostic use cases for user productivity multiplication using Generative AI, which opens-up a completely new spectrum to make users productive while using the applications. Supporting both customer & employee-facing web, desktop and mobile applications, the technology is reducing the time and effort required to handle text in applications by auto-completing text fields in real-time, elaborating brief notes that a user writes in any text field, and getting summarized answers in a self-help search experience.
Our ‘human-in-the-middle’ approach ensures that humans remain in control of AI and empowers each customer’s AI model to be highly contextual to their digital processes and tasks. Whatfix is currently developing a computer vision model that possesses human-like comprehension of applications and processes. With simple language instructions, this model will be able to complete/guide entire tasks or processes without relying on the underlying technology or availability of knowledge.
Given the massive scale at which companies across all industries are undertaking digital transformation journeys, Digital Adoption Platforms (DAP) are in great demand in recent times due to the host of advantages it offers such as driving frictionless user onboarding, seamless customer experiences, and effective employee training on digital processes. DAPs make it easier to enhance the user experience by offering real-time, human-like assistance in local languages, thereby facilitating easier utilization of software. DAPs leverage data pertaining to user behavior, interactions, and preferences, to provide personalized guidance and recommendations to users, driving higher engagement and better outcomes. This is really important in India where many users are still getting used to digital tools and businesses face technical challenges. Indian IT service providers are also leveraging DAPs to train employees on new software applications, improving efficiency and reducing onboarding time.
Technologies making Digital Adoption Easier
To enhance the efficiency of their digital adoption efforts, Indian business today are integrating DAPs with AI, which utilize machine learning algorithms to personalize user guidance and automate tasks. Additionally, product analytics platforms enable enterprises to make data-driven decisions by analyzing user interactions and behaviors. Furthermore, DAPs deployed on web, desktop & mobile apps simplify user journeys and help deliver better omnichannel experiences to customers. For banks using complex legacy applications, DAPs reduce user friction, prevent errors and automate steps, thus resulting in saving time and cost. Lastly, data-driven DAPs assist executives in identifying underutilized apps and optimizing software expenditure. By embracing these advancements, businesses are streamlining their operations, improving user satisfaction, helping uncover process friction points, improve existing efficiencies, and making informed decisions to drive successful digital transformations.
DAPs in Banking & Finance
DAPs play a crucial role in the global BFSI space by enabling traditional banks to meet the rising customer expectations for digital banking services, enhance the overall customer experience and remain competitive in the rapidly evolving digital landscape. One of the key roles of DAPs is to analyze customer journeys, identify drop-off points, and provide personalized advice & guidance that suit customers’ needs and circumstances. This way, DAPs help banks optimize customer onboarding, reduce abandonment rates and improve customer satisfaction by having visibility across lines of business, create customer-centric experiences and remove siloed systems from the organization.
Furthermore, DAPs facilitate digital literacy and infrastructure development by providing user-friendly interfaces, local language support and training on new digital tools, thus ensuring a smooth transition to digital banking for customers and employees alike. It also provides assistance in complex processes like trade finance transaction portals to handhold business users and reduces the turnaround time the bank takes to issue trade finance instruments such as Letters of Credit, Bank Guarantees and others. Lastly, they also aid in compliance and regulatory requirements, along with mitigating risks related to cybersecurity and security threats.
Data Privacy & Security for a DAP
The SaaS industry on the whole has revolutionized the way users access their applications and thus data. It has also enabled business and IT leaders to focus on core business areas. DAP is another area within the SaaS industry that is making waves in recent times. Being less intrusive in functionality, DAPs can have the potential to impact the security of customer applications if not designed and developed securely. Adopting a Shift Left approach that incorporates extensive checks in the secure-software development lifecycle strategy can help ensure better security of a DAP platform.
Another area that is of importance is to limit data collection and processing to what is absolutely necessary. Also, security controls like role-based access, encryption during transmission & at rest, and anonymization of data can ensure that personal data is protected adequately. Additionally, implementing appropriate risk-based monitoring of the DAP platform, periodically testing & validating the effectiveness of the organization’s incident response strategy, and documenting the shortcomings to ensure that these shortcomings are addressed at the earliest also go a long way in keeping DAPs wary of any security incidents.
Future Outlook
BFSI sector has undergone a significant shift towards digitalization in recent years. To match the digitization pace adopted by digital banking platforms, traditional banks need to adopt digital transformation initiatives like DAP solutions to survive in a highly competitive market. AI is expected to have a significant impact on DAPs, and many enterprises are building underlying application-agnostic use cases for user productivity multiplication using Generative AI, which opens-up a completely new spectrum to make users productive while using the applications. Supporting both customer & employee-facing web, desktop and mobile applications, the technology is reducing the time and effort required to handle text in applications by auto-completing text fields in real-time, elaborating brief notes that a user writes in any text field, and getting summarized answers in a self-help search experience.
Our ‘human-in-the-middle’ approach ensures that humans remain in control of AI and empowers each customer’s AI model to be highly contextual to their digital processes and tasks. Whatfix is currently developing a computer vision model that possesses human-like comprehension of applications and processes. With simple language instructions, this model will be able to complete/guide entire tasks or processes without relying on the underlying technology or availability of knowledge.
