Emerging Tech Applications in the COVID New Normal

In just weeks, the threat posed by a growing pandemic as well as a looming recession turned “business as usual” upside-down. These conditions encouraged the rapid adoption of emerging technologies such as AI, blockchain, and biometrics. COVID-19 is a disruptive technology that has the potential to disrupt the marketplace, according to economists. In just weeks, the threat posed by a growing pandemic as well as looming recession turned “business as usual” upside-down. According to ChannelCon Online, this process also accelerated the use of emerging technologies like artificial intelligence (AI) and blockchain.
Quick Pivot
Brian Mullaney, chief revenue officers at CrushBank, stated that “the speed to which the market was forced to react is extraordinary.” From March 10 through April 15, it was just this crazy dial that you’re changing all my clients’ paradigms seven days a week for four consecutive weeks.
Deborah Kestin–Schildkraut, global alliances ecosystem marketing lead at IBM, saw the need to quickly pivot for a blockchain solution due to rapidly changing client needs. We saw the greatest need in supply chain [in healthcare]. We created a blockchain network to coordinate emergency supplies for hospitals and healthcare providers. We shifted our focus to the immediate need.
The rise in online payments has made it more difficult to manage fraud and payment risk in the financial services and payments industries. Scott Edington, CEO at DeepLabs, described the use case of behavioral biometrics. “You can see how an increase in ecommerce transactions could wreak havoc upon risk systems as companies try and determine whether Scott is making a purchase or if someone has stolen Scott’s credentials. It is important to determine whether it is Scott typing in a certain way, or if it is a bot moving a mouse across a screen. “Biometrics have advanced to this point.”
Inefficiencies in existing processes and technologies
The pandemic and economic recession forced vendors, managed service providers, and solution providers to quickly adapt to a new normal. However, these conditions also revealed inefficiencies in existing processes and technologies.
IT help desks are a service industry that depends on knowledge and document management. The existing methods of troubleshooting technical problems no longer work. Mullaney stated, “Fifty percent” of engineers’ time is spent searching for the information needed to troubleshoot. Everyone is more productive when AI, machine learning, and cognitive search can be used at the point where they are needed or challenged. Customer experience is much better. The employee is also more efficient and effective. And they are also more dynamic.
The technology used to share data is a major roadblock for public health officials who are responsible for COVID-19 cases. Kestin-Schildkraut stated, “One my business partners was talking to me about how the healthcare sector is sharing information via facsimile. It’s stuck in early 1980s technology. She couldn’t believe her eyes. She couldn’t believe it.
The use case for emerging tech is now
All three panelists agreed the pandemic prompted clients to use emerging technologies as business solutions. Banks that require advanced online identity verification tools can use risk-based decisioning with behavioral biometrics.
“The truth is that online accounts are now available. Edington stated that biometrics is the best way for financial services companies to accept a new customer. “It involves everything. You have to present your passport and driver’s licence. Then, they will perform a facial recognition scan on that photo in the driver’s permit. They also run behavioral scans to ensure that the service you use and the laptop you are using are what you would expect from someone of a certain age.
Mullaney discovered IT help desk clients who are evaluating AI platforms to address short- and long-term problems. “The urgent still happens. I’ve seen many people who have experienced a lot turnover. He said that there are both internal and external turnover in some cases. “If clients need to make a choice, they will. The challenge for all of you–and AI has an important place in this–is being critical. To be urgent. To be urgent in the way an organisation looks at the next twelve months and says, “If I don’t take some of these things, it could be dangerous.” Then, the question for executives is, “What are those things?” We believe that AI is one of them.
How to add emerging tech to your portfolio

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