Headlines about recession, market volatility, and bank failures are rightly grabbing our attention. But exciting shifts in our health system, schools, and financial institutions are challenging the status quo, and we should all take notice.
My whole life, I’ve felt passionate about health, wealth, and education because of their deep connection to my values, their societal impact, and their near-constant state of evolution. Growing up in India, my parents underscored the connection between education and prosperity for my sister and me. They also spoke frequently about the relevance of money—not to be rich, but to be secure. Having a sound mind and body has always been important to me, given its importance on people’s health and longevity.
In recent years, we’ve seen rapid change in the way hospitals care for patients, financial services companies help clients plan for their future, and schools develop students for the future workforce. The pandemic was certainly a pivotal point. These fields rapidly reprioritized, discarded old norms, and leaned into their value proposition. At the same time, as we look ahead, more needs to be done. Technology, artificial intelligence, and data will enable the continued transformation these industries need.
Advisors have a comprehensive view of their clients’ finances through retirement like never before.
In health care, there’s been a decisive turn towards prevention. Urgent care and emergency rooms remain important, but health systems are investing upstream in wellness and preventative care to help patients avoid health emergencies in the first place. Many are making investments in the patient experience—bolstering continuing education programs, driving quality of care initiatives, and adding greater transparency in the cost of patient care overall. Technology is powering each of these transformations, removing friction in the patient experience journey that is evident today. In particular, telemedicine and digital health tools are improving access to expert insights and advice, but there is still room to grow. From a consumer perspective, enhancements in the app experience are inconsistent and need to create transparency as part of the patient experience.
Tech-driven, client-experience transformation is also underway in financial services. Companies are investing heavily to make the client-advisor experience modern, personalized, simple, and goal-oriented. Advisors will always serve as the trusted partner to clients in the planning process and encourage action. Now, through relevant data and technology, they have a comprehensive view of their clients’ finances through retirement like never before. There is more focus on teaming to enhance the client experience, so the right expert is there at the right time, which also creates greater opportunities for advisors for growth.
In education, online tools and platforms foster opportunities for on-demand learning and accountability. Of course, tech alone hasn’t always provided us with the solution to our problems. During the pandemic, we endured the challenges of digitally enabled remote-classroom meetings—an experience most would prefer to forget. Alongside tech transformations, the pandemic ignited systemic questions about the vision of a graduate and their impact to society. Research demonstrated that high stakes tests couldn’t determine a student’s capacity for collaboration, social-emotional intelligence, identity, and agency. As a result, we’ve seen a sudden swing away from the ACT and the SAT exams. Eight out of 10 four-year universities won’t require them for fall 2023 admissions. Instead, institutions are prioritizing a suite of factors that help us understand the whole individual: grade point average, admissions essays demonstrating leadership and resilience, and involvement in school and community groups. One aspect remains unchanged: Parents need to play a key role in encouraging their kids to be constant learners.
Similarly, organizations around the world—including Fortune 500 companies—are breaking free from traditional recruiting practices. Instead of prioritizing arguably antiquated differentiators like credentials and contacts, recruiters are looking for more. They covet candidates who think critically, communicate eloquently, and specialize; they are tech-savvy, curious, and resilient.
Looking ahead, leaders in health, education, and wealth will continue to push each other to transform. But more positive change is needed. As business leaders, as consumers, and as parents, it will be important for us to watch these developments unfurl to ensure our own continued growth, relevance, and competitiveness. We can all benefit from the modernization in our midst if we stay curious about the changes taking place and act opportunistically.