DIGITAL ECOSYSTEM AND BANKING SECTOR

India's presidency of the G20 in 2023 placed digital public infrastructure (DPI) on the global map. Until November 2022, DPI as a term did not exist for most people around the world.

- Dhaval Kansara

In a period of nine months, between December 2022 and August 2023, not only was the grammar and syntax of DPI created, but a suggested framework for DPI was also accepted by the G20 member states.

The use of technology for inclusion is a concept that has existed for a long time. What is new is that, for the first time, a framework technology, governance, and the role of communities has been agreed upon multilaterally.

The year 2024 promises to be a pivotal moment in the ongoing evolution of the digital landscape. The developments of 2023, marked by technological advancements, changing customer behaviours due to economic uncertainty, tweaks to regulatory requirements, and competitive pressures, have served as a stepping stone for organizations in crafting their digital transformation strategies for 2024.

To secure a competitive edge, organizations must prioritize agility and innovation. Furthermore, data-driven decision-making, AI integration, cybersecurity enhancements, and sustainable practices will be pivotal in shaping successful digital transformation strategies for the year ahead and beyond.

A digital ecosystem is a network of interconnected companies or products. Today businesses are recognizing the benefits of partnerships and connectivity. All top companies in the world have a digital ecosystem in place. They build networks of connected products and partner with other companies, sharing resources and expertise throughout their ecosystem. Even partnering with one other company will help increase your customer base, brand reach, access to resources, like software infrastructure, and more.