Digital Innovation and Transformation

Abstract

Digitalization is the process for change in business strategies to provide and to fulfill better outcomes with the help of advanced digital technologies. Digital transformation is to create a new or improve the existing business to meet the goal of customers. This digital innovation has affected each area of business for example from healthcare or stock marketing. Due to easy accessibility and 24 X 7 availability, it is more accepted and popular among all sectors. Classical example for digital innovation in healthcare sector is wearable healthcare devices. Patients are more aware of their own readings and want it to record it for their own safety. Earlier the patient is used to visit at clinic and get it checked once a year or whenever something went wrong. But because of the easy technology access, it’s easy to get information on online. And because of this patient becoming more aware and health cautious too. Latest example is pandemic covid19. Before this device pulse oximeter was not known in publicly, but now every home has one pulse oximeter. Other fields are banks, stock marketing, industries. Banks are now adopted systems such as OTP (One Time Password), blockchain, UPI (Unified Payment Interface), because of which all transactions are easy, hassle free, and more quick, transparent as compared to traditional methods of visiting banks and doing all paperwork. So, this is digital innovation, and this is transforming the world towards new era. Artificial Intelligence is also now a days helping many sectors like health care systems. Like wise artificial intelligence early diagnosis is possible and bad prognosis is prevented. Now this artificial intelligence is also one of the examples of digital innovation and transformation of world towards the betterment. Revolutionary changes are happening due to innovations of various technologies. All these technologies are helping to improve business or industry or organization in every aspect.

Data Privacy Laws and Their Impact on Financial Technology Companies: A Review

“…The intersection of financial technology (FinTech) and data privacy laws has catalyzed a significant transformation within the banking and financial sectors. Kumar, Duyu and Geetanjali (2023) explore an empirical framework for banks to navigate the disruptive innovations introduced by FinTech startups, emphasizing the strategic use of enterprise data. This framework addresses the trilemma faced by banks, FinTech companies, and regulators, highlighting the challenges of balancing innovation with regulatory compliance and customer privacy.…”

“…As FinTech continues to evolve, the development of legal and regulatory frameworks that can adapt to the pace of technological change is crucial. The research by Kumar, Duyu and Geetanjali (2023), Karthika, Neethu andLakshmi (2022), andLi (2024) emphasizes the importance of collaboration among regulators, industry stakeholders, and consumers. This collaborative effort is essential for creating an environment that supports innovation and protects the rights and interests of all parties involved in the FinTech ecosystem.…”