It also has a terrible impact on our economic system, as major industry sectors have been forced to minimize their production while others had to completely stop operating. This economic skid has highlighted and increased social gaps, as a result of layoffs, inequal access to health care systems, as well as housing and living payment issues. Numerous persons are unfortunately impacted and we express our deepest solidarity with them. But when we are not front workers courageously fighting on the field, how can we actively participate in alleviating the effects of this severe crisis?
A digital safety net
At Triglav Digital, we intend to participate with our knowledge and expertise in digital technology. Indeed, the past few months have shown how digital technology can help in the fight against COVID-19 and served as a safety net to avoid a full crash of our system.
First, as highlighted by the World Bank1 , recent studies tend to show that digitized economies have lower epidemic risks. Countries with better digital setup have better governance, distribution infrastructures and services to cope with pandemics. Digital platforms allow authorities to provide timely information and advice about COVID-19. Reliable information helps people make informed decisions about their daily routines. It also dispels false claims and information from people looking to take advantage of people’s fears.
Second, Digital infrastructure has alleviated the economic impact of the crisis on several industries as well as our administrations. What enlightened business leaders would have actually envisaged this pandemic crisis in their business continuity plans? We were unprepared and the consequences should have been devastating. However, digital platforms have allowed a rapid transition to online activities as offline constraints were intensifying. In a light bolt, remote work, online education, e-commerce, e-government and administrative practices, as well as digital financial services have shown their highly scalable capabilities.
Digital financial services and contactless payment systems have played a major role in reducing the risk of spreading the virus
Third, Digital innovation is being used to directly fight the virus. Digital data and artificial intelligence have been used to help diagnose and monitor the infectious virus. Some countries such as South Korea, followed by many others, have used contact tracing to contain contagious spreads, through mobile technologies, GPS, cell-phone masts and AI-powered big data analytics to help the government understand and manage the spread of coronavirus within their communities. Digital technologies are also used to find a cure. For instance, artificial Intelligence programs developed to rapidly identify treatment for infections2 3 are now focusing on COVID-19. Additionally, digital financial services and contactless payment systems (NFC technology) have played a major role in reducing the risk of spreading the virus through the physical handling of cash.
Fourth, digital communication mitigates the imposed social distancing. As Aristotle allegedly said: “Man is by nature a social animal” and COVID-19 had a severe psychological impact on our society. Digital technologies can help re-creating bridges and maintain our social ecosystem. Communication platforms and video conferencing allow us to continue working efficiently with our colleagues, customers or suppliers. But it has also permitted to stay in touch with our families and friends. Online video games, virtual potlucks, online community support, fitness groups… the number of solutions created to digitally bring people back together is increasing day by day.
Conclusion
Digital innovations can actively support our efforts to fight the COVID-19 or any other pandemic crisis. It is also clear that digitized markets and affordable broadband communications systems are a prerequisite to benefit from these innovations. Unfortunately, the benefits and opportunities of technology are not equally distributed. Reducing the digital divide, modernizing the existing infrastructures and systems, as well as digital innovation should therefore stay at the top of our priorities.