The need for innovation springs from many sources. It might come from the rapid evolution of consumer preferences, and in the incumbent pressure to keep up. It might come from the need to solve issues like waste fraud and abuse in the byzantine world of healthcare payments. Or it could take the form of a black swan event like the Wuhan Coronavirus – and the global scramble to innovate around a very unexpected disruption. What we know today is that change is coming – and quickly. As far as what shape it will take, that’s up in the air.
$240B: Amount the healthcare industry loses to fraud, waste and abuse annually.
87 percent: Share of top-performing financial institutions that have allocated more funding for payments innovation than any other area.
36.8 percent: Portion of FIs lacking effective core processing and IT systems that view inflexible tech as an impediment.
10: Number of new servers Alibaba has added to accommodate the uptick in eCommerce spurred by COVID-19.
2 percent: Mortality rate associated with COVID-19.