EY Competitors - Digital Platforms
The most recent studies about digital platforms and apps for EY, KPMG, Deloitte, PwC and Mckinsey client services include, open banking platform by the EY team, a better way to authenticate customers by the KPMG team, air space by the PwC team, tax in digital world by the Deloitte team, and fusing data and design to supercharge innovation—in products and processes, by the Mckinsey team. These are discussed in more detail in the next section.
- The most recent study about digital platforms and apps for KPMG is 'a smarter way to authenticate customers.' According to a recent survey of 43 banks around the world, conducted by KPMG, the value of frauds and the number of fraud cases are on the rise. A large part of these frauds has to do with identity theft. In response, most banks have deployed the two-factor authentication (2FA) and multi-factor authentication technologies.
- The article suggested that a better way to authenticate customers is where users are only peripherally involved in the customer authentication process, i.e. no sign-ins, no passwords, no text verification codes, and customers simply open the app or login to the website and conduct their daily banking. At the same time, in the background, complex algorithms will be working continuously to ensure that the person using the device is who they claim to be.
- The case study reviews how Blue Shield of California (BSC) looked to Oracle Cloud for a single, unified system, to enhance its community focus. KPMG worked side-by-side with BSC, validating existing systems through KPMG's Powered Enterprise solution. With a new cloud solution in place, BSC can lower its administrative burden and build greater value for its millions of customers.
ERNEST & YOUNG
- The most recent study about digital platforms and apps for Ernest & Young is on open banking, 'Will open banking be the key to unlocking financial gains?' Following the introduction of the revised Payment Services Directive PSD2 in the EU, customers can give any authorized provider permission to access their banking data to provide services.
- Intended to stimulate competition within financial services, open banking is set to drive innovation and opportunity far beyond banking, morphing how all kinds of transaction-based and insight-based services are managed.
- The case study reviews how the Ernest & Young (EY) teams worked with a global telecom to provide a broad, customer-focused and iterative design, for the future. The transformation involved providing increased business outcomes to build sustainable digital capability, transforming the culture and establishing a digital portfolio office to “own digital''. EY helped the client design and launch a digital portfolio office “hub” to set the vision, define the key performance indicators (KPIs), manage all digital change, and establish a home for digital in the enterprise organization.
- According to the squad product owner, the EY digital strategy has been a positive change in terms of providing an environment of trust, promoting greater creative thinking, in addition to sharing of ideas, experience, and skills.
- The most recent study about digital platforms and apps for Deloitte is 'tax in a digital world.' Many tax departments have all but missed out on technology modernization. The specific problem is easy to identify, being that few companies have taken steps to fully integrate the tax function with their accounting and finance systems. The result is a hodgepodge of point solutions, with tax teams often scrambling just to gather basic information.
- A modernized tax function has the digital tools and talent to go through scores or even hundreds of scenario models to determine their after-tax financial implications. This kind of data modeling combines one's own real time financial information with the latest tax laws and regulations to guide one through options for action.
- The case study reviews Takeda, a leading global R&D pharmaceutical company, which was seeking to improve the accuracy of its prediction models for various disease states. Using a small, proven real-world data set on Treatment-Resistant Depression and NASH, a severe form of hepatitis, Takeda and Deloitte deployed a scalable, AWS cloud-based machine learning solution called Deep Miner to rapidly test predictive models.
- The model proved highly accurate in its predictions, outperforming previously tested traditional analyses.
- The most recent study about digital platforms and apps for PwC is air trace. This is a blockchain traceability solution to provide transparency in the end-to-end supply chain and give consumers trust in the products they buy. Recent product contamination scandals and the increasing presence of product copies in the market place lower confidence in brands.
- Consumers know that packaging and labels are unique to products companies buy, but have no way to know if they are the real thing or have been copied. Air Trace aims to create customer trust in products, and in the paths that products take to reach consumers.
- The case study reviews making forklifts digital. To speed KION Group into its new digital reality, its board of directors crafted a long-term strategy, KION 2027, anchored on developing digital savvy among its more than 33,000 employees. The goal is to expand KION’s industry-leading position in the field of digital solutions for customers. To take KION’s digital offering to the next level, PwC supported the launch of its Digital Campus.
- PwC used its 5, short for business design/strategy, customer experience, and technology. Its design rests on two pillars. First, the digital accelerator, where real challenges faced by the KION Group and its customers were solved. The second is the academy training.
- According to Patrick Tomczak, the head of KION digital campus, support from PwC was important in helping the Campus to quickly gain traction within the business and organization. What was most helpful were the various cross-industry and global insights that the 5 brought in terms of operating model, digital mind-set creation, project management, and innovation management.
- Fusing data and design to supercharge innovation—in products and processes -Simply hiring both designers and data professionals to perform their discrete functions (even when on the same project) isn’t enough. Organizations need to enable the two to effectively work in lockstep—so that the whole is greater than the sum of its parts.
- On average, a 10 to 30 percent performance improvement among companies that tightly interweave data and design capabilities to solve business problems far removed from product innovation but undeniably critical to the organization’s success.
- The case study reviewed a global telecom company that wanted to transform the way consumers interact with the Internet of Things (IoT). Together, Mckinsey and the company built a new IoT business from the ground up, including technical design and execution for the new platform. The challenge was moving products from analog to the IoT.
- Within 9 months, the Mckinsey team designed, engineered, and launched the first product to showcase the platform and attract new partners, built an ecosystem of partners, including design agencies, startups, and hardware manufacturers, and signed up the platform’s first customers.
We consulted the company's website to leverage a compilation of researches, studies, case studies, and insights for each company to curate the most recent studies on digital platform or apps.
We made sure the studies selected were studies done during the year 2019 to ensure that they are relevant to industry trends. The companies' websites provided numerous relevant data and we picked studies that are relevant to digital platforms. All the studies that we identified show how digital platforms/apps transform businesses.
Furthermore, your researchers consulted case studies, available on the individual company websites, on digital transformation to find if individual companies are winning in terms of digital offerings. We assume that case studies will show us if their strategy was successful or not relating to customer experience, not business. The case studies gave us insight into the approach and strategies used by these companies to solve a client's digital problem. Again we made sure that the case studies are relevant to digital platforms or Apps. We found out that these companies have cutting edge innovations and approaches in providing digital transformation to the client because not only does that strategy work to provide advanced digital solutions to the customer, their researchers also ensure they stay on top of their game.