Cross-Pollinating Innovation: What Healthcare Can Learn from Fintech’s Digital Evolution - Vicki Hildebrand

!mpact
3 min readOct 1, 2024

--

Image by Freepik

Technology is reshaping healthcare, creating both challenges and opportunities for innovation. In the article titled What Healthcare Can Learn From Fintech’s Digital Evolution, the focus is on how Fintech has successfully navigated its digital transformation, offering valuable insights for the healthcare industry. The pandemic has pushed healthcare to adopt digital services faster than ever, but the path forward remains unclear. One thing is certain: healthcare’s digital evolution will be heavily influenced by lessons from industries like fintech, particularly when it comes to streamlining processes, enhancing connectivity, and improving the overall user experience.

As someone who has worked in both healthcare and technology, I couldn’t agree more with the article’s core message. My premise has always been that healthcare, like any industry, can benefit from looking outside its walls. The fintech industry, along with others like retail and even transportation, has leveraged technology to improve processes, enhance customer experiences, and increase efficiency. There’s no reason healthcare shouldn’t be doing the same. Cross-pollination between industries is critical to avoid becoming too insular, and to ensure that innovations are shared and adapted where they are most needed.

One of the key takeaways from the article is the importance of connectivity. Fintech companies like Stripe and Plaid have revolutionized the way data is shared between systems. In healthcare, we face similar challenges, and APIs (application programming interfaces) are becoming a critical tool in healthcare’s digital transformation, just as they have been in fintech. Yet, while progress has been made, the complexity of healthcare data — especially when it comes to navigating insurance rules and payments — means that we still have a long way to go before achieving the same level of connectivity that fintech enjoys.

What strikes me most about FinTech’s digital journey is how it has managed to simplify very complex processes without losing the human touch. The article points out that while technology has made banking more efficient, it hasn’t replaced the need for real human connections. Healthcare is, at its core, a people-centric industry. Trust, compassion, and real conversations are just as important in the digital age as they have always been.

Another important point the article raises is how external forces often drive innovation. In fintech, companies have raised the bar for what consumers expect from their financial services. In healthcare, we’re starting to see similar moves from tech giants, as well as emerging players who are bringing fresh ideas into the space. This kind of disruption is necessary to push healthcare forward.

Looking forward, healthcare will need to build a digital ecosystem similar to what fintech has done, one that prioritizes connectivity enhances user experiences, and balances automation with the human touch. While healthcare’s challenges are unique, the principles that have driven fintech’s success — interoperability, customer-centricity, and a willingness to embrace external innovation — are directly applicable to our industry.

--

--

!mpact

!mpact Magazine is a platform where people with a vision can share their ideas and insights.