Robo-investors will soon invade Centralized Fintech platform for wealth managers.
Report from Synechron states blockchain and artificial intelligence (AI) will continue to disrupt the financial services industry. AI development will focus on cognitive use in the sales, marketing, investments, wealth management and compliance sectors of the financial services industry. This is a critical step in moving from advanced robotic technologies like machine learning and predictive analytics to real growth in cognitive computing.
Emerging Technology — Social Robots
Droid friends and assistants are penetrating deeper into our lives
Worldwide sales of consumer robots reached an estimated $5.6 billion in 2018 and the market is expected to grow to $19 billion by the end of 2025, with more than 65 million robots sold a year.
Like most robots, social robots use artificial intelligence (AI) to decide how to act on information received through cameras and other sensors. The ability to respond in ways that seem life like has been informed by research into such issues as how perceptions form, what constitutes social and emotional intelligence, and how people can deduce others’ thoughts and feelings.
THE PATH TO SINGULARITY
"Our intuition about the future is linear. But the reality of information technology is exponential, and that makes a profound difference. If I take 30 steps linearly, I get to 30. If I take 30 steps exponentially, I get to a billion." Ray Kurzweil
No one can predict the future.
But one thing is sure. If your company is designed for success in the 20th century, it is doomed for failure in the 21st century. If you want to stay in business you have to be the designer of disruption. You have to re-invent your product, find new market, stay hyper-relevant, create brand value, leverage better technology and create brand eco-systems.
In short, RESET THE GAME ON BUSINESS MODELS AND BECOME A LIVING BRAND
This week, we explore the 10 growth trends set by Gartner and elaborate the opportunities that lie in the rapid pace of technology innovation and the challenge for brand and business leaders.
Artificial Intelligence in Healthcare
"Healthcare AI is growing at an exponential rate, and is expected to create a potential $150 billion in annual savings for the U.S. healthcare economy by 2026. Machine learning and AI have the power to truly change the cost and quality curve in healthcare. As pattern recognition algorithms become more complex, machines can perform additional tasks without the need for programming – with ever-increasing accuracy. Now is the time to use AI to tackle our industry’s financial and administrative processes. Eventually, healthcare AI will be able to reduce physician workload, protect patient safety, and provide diagnostic support." — Accenture Artificial Intelligence: Healthcare’s New Nervous System.—
Artificial Intelligence in Commerce Market Map
2. Fraud Detection and Prevention of Money Laundering — Addressing illegal finance flowing through their accounts, many large banks are partnering with AI startups.
3. Process Automation — Robotic Process Automation is a class of software that replicates the actions of humans operating computer systems in order to run business processes.
4. New Areas of Innovation — "Fintech innovators have the multi-trillion-dollar global retirement income market in their sights. An exciting example is the advent of blockchain-secured tontines as an alternative to traditional pensions and annuities." One venture actively working to bring back tontines is the Gibraltar-based Tontine Trust.
What does AI look like with human in the loop?
What does AI look like with non-human in the loop?
The Smart Business of Smart Homes and Smart Buildings —
an Exploration in Sustainability
Obviously, the business of Smart Homes is booming.
"From doorbells with cameras to smoke detectors that send alerts to your smartphone, the smart home technology market is big business. Smart home tech companies such as Nest and Vivint are churning out an ever growing array of smartphone-controlled devices like thermostats, cameras, light bulbs and security systems, all designed to give homeowners more control of their living space. According to a report from Berg Insight, North America has the highest number of installed smart home systems, with 12.7m smart homes at the end of 2015."
This could soon grow to 46.2m smart homes by 2020 – around 35% of households in North America.
The Commerce and Cognition of Vulnerability
New studies show that team building exercises don’t work, and worse, they can humiliate and further alienate your staff. Instead of having an employee fall off a chair into team members’ arms, try simply being present with them for authentic conversations, as you would for a spouse, friend or parent.
“Leading with vulnerability is uniquely important when it’s time to make tough decisions,” explains CEO Ian Bell. “Last year, in the process of scaling, we experienced growing pains that led to unusual employee turnover as we evaluated what was working, and what was not. What we learned is that acknowledging the situation head-on with transparency and compassion helped to put our staff at ease, and it allowed us to learn from our mistakes and grow with our team.” Read more.
The Profitable Global Trade of Our Digital Commerce — Cybercrime
According to the Official 2019 Annual Cybercrime Report from Cybersecurity Ventures, cybercrime will cost US$6 trillion annually by 2021.
"This is the largest amount of money generated by illicit means, and it could represent the greatest transfer of economic wealth in history. Cybercrime soon will be more profitable than the global trade of all major illegal drugs combined!"
"Phishing scams accounted for 50 per cent of all fraud attacks in Q3 2018"
Network security company RSA has revealed that phishing scams accounted for 50 per cent of all fraud attacks during Q3 2018. The firm's Q3 Fraud Report also highlights how phishing or voice phishing is gaining popularity amongst cybercriminals that have set up their own fake sites to get their victims to call them instead of the other way around.
The Commerce of Applied Neuroscience
Business Leaders are making use of Applied Neuroscience at 2 levels:
Defining the business problem,
Seeking new solutions for users
Using mobile solutions such as EEG (electroencephalograph) headsets, combined with eye-tracking technology to capture precise data on how the brain reacts when presented with certain scenarios, "business leaders can understand precisely how and when individuals are making decisions (whether internal stakeholders or customers), and then use this to create a predictive map about which way to advance."
Digital Health Information and Technology
Accelerated Innovation in Digital Health is Propelled by Patient Engagement
Information Technology can support quality engagement contributing to healthier relationships between the patient and the provider, thus resulting in empowered decision making process.
Patient engagement is an essential strategy for achieving the “triple aim” of health care:
Smart Cities — Designing cities as digital platform
Exchanging and producing meaningful data and insights, will re-shape cities and urban landscape into intelligent and autonomous systems... that is the vision.
"Smart cities utilize IoT sensors, actuators, and technology to connect components across the city. This connects every layer of a city, from the air to the street to underground. It's when you can derive data from everything that is connected and utilize it to improve the lives of citizens and improve communication between citizens and the government that a city becomes a smart city."
The Technology of Empathy
Empathy is what makes us Human.
In our data driven digital economy, where the brands are talking about the commerce of 'customer comes first' and the customer service agents are taught to spout out phrases like, “I can understand what you feel…” the word 'empathy' is being tossed around like a two cent commodity.
Being empathetic is hard. Very hard. Why?
Because, the Darwinian school teaches us to fight or perish. By doing so, we have forgotten how to feel what the other person feels, unless we are in his/her shoes.
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