The Covid-19 pandemic has accelerated the growth of digital economy and opened up avenues to various new digital businesses. As businesses pivot online, the need to lay a solid foundation to aid this new wave of digitalisation is vital to ensure that Malaysia can holistically transform itself towards an advanced digital economy. In 2020, a total of 45 MSC status projects were approved with investments worth RM3.9bil. This will pave the way for 3,794 new employment opportunities for Malaysians. Out of the total, RM2.6bil (66.2%) came from domestic investments, while RM1.3bil (33.8%) came from foreign investments.
AI and automation are two levers of digital transformation that are helping enterprises reimagine work and the larger workplace. Here are some trends that could sustain their momentum as we step into 2020. Hyper-automation: Hyper-automation(HA) is gaining momentum as a key technology trend for 2020. It brings the totality of an organization's automation effort under a single umbrella. HA is not just about automating tasks – it's much bigger.
Like snowflakes and people, no two digital enterprises are exactly alike. Digital transformation, as with countless technology initiatives over the decades, will look different from company to company. However, there are basic patterns that characterize successful digital initiatives. A survey out of BCG shows that 70% of digital transformations fall short of their objectives, often with profound consequences. With so much at stake to build digital capabilities, why do so many companies -- no matter how technically savvy, fail?
As digital banking executives know all too well, shifting consumer behaviors is no small feat. Whether that's growing digital adoption or changing financial habits, driving behavioral change requires a good understanding of customers' needs, customer-centric design and development processes, and tailored marketing and educational tools. In 2020, though, the Covid-19 pandemic has inarguably fast-tracked the digital shift. From entertainment to shopping, consumers all over the world have tried many digital services and products for the first time. Many consumers have also accessed their financial accounts online via their smartphone, opened a new financial product online or made digital payments for the first time.