EMERGING TECHNOLOGIES | BDO LLP
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23 EMERGING TECHNOLOGIES | BDO LLP
HEALTHTECH
SCOPE AND DEFINITION HealthTech refers broadly to the use of tech solutions to support the delivery of healthcare services, for example by boosting hospital productivity, facilitating diagnostics, supporting remote treatment, provide new insights into medicines and treatments, and improving levels of care. As evidenced by the Journal of mHealth’s Global Digital Health 100 , the healthcare setting is being transformed by a wide range of emerging technologies, including Internet of Things (IoT), Blockchain, AI, wearable devices and mHealth apps, 3D printing and robotics. Solutions and applications are extraordinarily broad – from a machine- learning algorithm that can detect the likelihood of early death in heart patients, to language processing software that can infer a potential suicide risk from analysis of an individual’s Instagram posts, to the decision engine built by automated intelligence firm Rainbird that enables NHS venues to prioritise staff testing, and identify infection risks and PPE priorities.
‘From both an innovation and regulatory point of view, looking ahead I can see both a fair amount of rejection of traditional card-based methods as push methods start to become more viable. The protection is higher, the speed is better. What we’re doing over here is based on the banks’ PSD2 world, but other geographies have modelled this already.’ ‘iDEAL in the Netherlands, managed by a consortium of banks, is more widely accepted than cards because the fees are very low and consumer protection is covered by the banks. You have SOFORT in Germany, and BankID in the Nordics, which allows you to identify and pay with a single app. And so the innovation is an opportunity for businesses like ours to make identification and payment across multiple banking rails as ubiquitous as BankID has been in the Nordics, and that’s certainly one of my goals.’
‘That’s a very different way of looking at payments, and in the UK, it’s been facilitated by Open Banking and PSD2 (Payment Services Directive 2). We’re now starting to see the implementation of the requirements in PSD2 for the banks to open up and provide the endpoints that allow businesses like ours to place those payment initiations with the banks. Most of the banks across Europe are now compliant. The UK, which is further ahead, has welcomed us with open arms.’ ‘In the UK (and soon in the EU), we can improve customer experience with app to app redirection, which enables us to redirect customers to their mobile banking experience, rather than going through a traditional web banking experience. That means consumers can use all the tools available to them in the mobile domain, such as Face ID, Touch ID and device biometrics to identify themselves and make payments, massively reducing the friction, and reducing fraud.’
Driven by factors such as an ageing population and diseases like diabetes and obesity, the healthcare sector will invest an estimated $410 billion in IoT devices, software, and services in 2022, according to EQT Ventures . And analysts IDC predicts vendors will ship a total of 125.5 million wearable devices in 2020, a 20.4% increase from the 104.3 million units shipped last year.
WE’VE PREDOMINANTLY OPERATED IN THE REGULATED SPACES , SO ANYWHERE WHERE THERE’S A NEED TO IDENTIFY THE CUSTOMER ON THE END OF THE PAYMENT TRANSACTIONS, SUCH AS TRADING ASSETS ONLINE, FX REMITTANCE, PREPAY, GAMING ...
...THE HEALTHCARE SECTOR WILL INVEST AN ESTIMATED $410 BILLION IN IOT DEVICES, SOFTWARE, AND SERVICES IN 2022 , ACCORDING TO EQT VENTURES...
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