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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.—
1. Personalized Financial Planning — AI developments such as robo-advice are now available to develop customized investment solutions for mass market consumers in ways that would, until recently, only have been available to high net worth clients.
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?
“Sustainability is winning on economics alone. You see sustainable products and solutions that are both efficacious and cheap. People are buying electric vehicles not just because they are green, but because they are starting to become cheap enough, and provide better performance.”
The Booming Commerce of Sustainability and "Nature Based Business"
The business of 'sustainability' is attracting high-performing entrepreneurs. They care about the mission to drive the financial performance. As technology shapes our world, we are are seeing a massive rise in consciousness to make meaning in our work and in our life.
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.
Language, Labor and Leadership for the 4th Industrial Revolution
Automation is the language and the driver of the 4th Industrial Revolution
Robotics: Includes physical robots (such as drones and robots used for manufacturing) and robotic process automation (technology that automates highly standardized routines and transactions).
Cognitive technologies: Include natural language processing and generation (machines that understand language), and machine learning (pattern recognition).
AI: Machines that can make predictions using deep learning, neural networks, and related techniques.
Humans and their Relationship with 'Jobs' in the 4th Industrial Revolution
"The Fourth Industrial Revolution is causing a large-scale decline in some roles as they become redundant or automated. According to the 2018 Future of Jobs Report, 75 million jobs are expected to be displaced by 2022 in 20 major economies. At the same time, technological advances and new ways of working could also create 133 million new roles, driven by large-scale growth in new products and services that would allow people to work with machines and algorithms to meet the demands of demographic shifts and economic changes."
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.
3D Printing Revolution — On Demand Manufacturing
3D printing is a subset of Additive Manufacturing which is a transformative approach to industrial production that enables the creation of lighter, stronger parts and systems.
Additive manufacturing uses data computer-aided-design (CAD) software or 3D object scanners to direct hardware to deposit material, layer upon layer, in precise geometric shapes. As the name implies, additive manufacturing adds material to create an object. By contrast, when you create an object by traditional means, it is often necessary to remove material through milling, machining, carving, shaping or other means.
Digital Demographics Give Brands a New way to Identify Market Opportunities — the Post Digital Era is upon us.
The Start of the Enterprise Feedback loop of the Post-digital Era: the more experiences brands deliver, the richer the technology identities that are created. The richer the technology identity, the more powerful the experience a brand can create.
To Offset The Transactional Nature of the Digital DIY Commerce, Brands are Shifting Towards Technology-Powered Experiences.
Ikea built an augmented reality app that allows customers to browse the company’s catalog and place 3D renderings of furniture directly in their physical environment. Instead of having the customer get home and build a piece, only to then realize it was not quite what they had hoped, the app revolutionizes the shopping experience.
Seeds of Change
The Commerce of 5G and the Convincing Concern of 5G Millimeter Waves
The evolution from “just another network” to a robust ecosystem, will be the result of new 5G technologies converging with those used today in advanced Wi-Fi and 4G LTE applications, building on current cloud analytics processes to continue to develop unique data insights.
5G has the potential to unlock up to $12.3 trillion of revenue across a broad range of industries. This revenue also represents about 4.6 percent of all global real output in 2035. The promise of 5G.
Yet over 240 scientists and doctors from 41 nations who have published research in the field have appealed to the United Nations calling for urgent action to reduce these ever growing wireless exposures and they wrote the FCC for a moratorium on the roll-out of 5G citing the serious risks that to human health and the environment.
Traditional businesses will develop new business models out of IoT
A number of small, rural utilities have begun to sell broadband services by leveraging their investments for smart meters in a new way. Large utilities and manufacturers study plans to commercialize their in-house IoT applications for predictive maintenance. Equipment makers are attaching value-added services to devices they sell. Companies initially invest in IoT to save money, but over time they will look to the same systems to generate revenue as well.
Commodious Concern over Security when it comes to IoT
The Internet of Things fuses products with communications technology to make daily life more effortless. Think Amazon's Alexa, which not only answers questions and plays music but allows you to control your home's lights and thermostat. Read on.
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."
Blockchain and Digital Marketing
Blockchain Digital Marketing is a term that is often tossed around but rarely understood.
Having thus said, here are few things that blockchain brings to the concept of marketing that makes it worthwhile to have moving forward. Here is the promise of blockchain.
1. Blockchain in Search Engine Marketing will eliminate the digital middlemen, for example Facebook and Google
2. Blockchain will help business owners to discern the validity of each click. "With blockchain, website owners wouldn’t have to go through the Google Display Network to find advertisers because each “user” would already be validated and verified. The advertiser would know that they’re paying for genuine clicks, and the site owner can trust that the amount they’re being paid is fair."
3. The blockchain technology is all about transparency. Everything is tagged and verified. Ideally, a customer could get a “behind-the-scenes” look of a retailer’s supply chain to ascertain if they can trust its ads or marketing efforts.
The Pandemic Growth of Corporate Loneliness
Granted, human loneliness is an universal experience.
“No person has ever walked our earth and been free from the pain of loneliness. Rich or poor, wise or ignorant, faith-filled or agnostic, healthy or unhealthy, have all alike had to face and struggle with its potentially paralyzing grip. It has granted no immunities. To be human is to be lonely.”
So, what is so different about the Disconnected Feeling that is pervasive in our Technocratic 'Speed Society?'
According to a recent study by Cigna, nearly half of Americans report feeling lonely frequently or always and only 53% report having daily meaningful in-person social interactions. Nearly one in four people say they rarely or never feel as though there are people who really understand them – compared to one in ten 30 years ago.
CRISPR: The Current Frontier of Biotechnology Innovation
CRISPR, short for Clustered Regularly Interspaced Short Palindromic Repeats, is a technology allowing scientists to edit genes in living cells — in other words, 'selective procreation'. With CRISPR, the power to edit a living genome like an author edits a book has moved from science fiction to reality.
"Practically overnight, we have found ourselves on the cusp of a new age in genetic engineering and biological mastery—a revolutionary era in which the possibilities are limited only by our collective imagination. . . .
Within a few decades, we might well have genetically engineered pigs that can serve as human organ donors—but we could also have woolly mammoths, winged lizards, and unicorns. No, I am not kidding." — Jennifer Doudna & Samuel Sternberg, A Crack in Creation,
Profitable Trade in the World of Wearables
"Wearable technology is clothing and accessories that incorporate computer and advanced electronic technologies. The designs often incorporate practical functions and features, but may also have a purely critical or aesthetic agenda."
Wearables are wrapped in an intoxicating “coolness” factor that millions of consumers are drawn to. But for you, as a business owner, you get to command huge revenue potential now and for the foreseeable future.
In order to survive in your business, you first, have to recognize that you have to transform your relationship with your customers. You have to increasingly recognize the need to create value for your customers beyond the standard product.
Windfall for Startups — Technology that is evolving to disrupt the Insurance Industry
Blockchain — A timestamped and unchangeable ledger that promises to improve data accessibility, transparency and trust for all parties, thus tackling head-on the levels of insurance fraud.
Internet of Things and Wearables — The volume of data generated by IoT will enable insurers to accurately model risk, underwrite policies and react in real time to trends.
Commerce is Being Defined by Creativity
Expand your perspective, re-imagine the world around you and build a substainable brand with a profitable business model.
Technology has flattened the competitive landscape. It has lowered the barrier for entry, allowing a new era of competition to change the marketplace. This increased competition has pushed most companies to reinvent themselves digitally to survive. Even long-standing market leaders are exposed to more risk from new competition.
The Expanded Role of New Thinking in the Commerce of Convergence - 3 types of convergences are reshaping the concept of commerce.
5G Technology is Finally Here
Qualcomm's recently introduced, 5G-ready Snapdragon 855 processor and that is about to change everything.
"5G is a technological paradigm shift, akin to the shift from typewriter to computer."
Soon the impact will be felt from smart home devices to cars to laptops, to every piece of manufacturing equipment — the faster speeds of this next-generation networking technology will create new markets, custom carriers and will have far-reaching implications for every exchange, thus transforming trade and commerce in ways that we quite do not understand yet.
According to Ericsson Mobility Report, 2018 — 5G will reach more than 40 percent population coverage and 1.5 billion subscriptions, making it the fastest generation ever to be rolled out on a global scale.
Fashion + Technology = Fantastic Fashion
70% of retail decision makers are poised to adopt the Internet of Things to improve customer experiences.
Imagine having yoga pants that corrects your posture as you move through poses to help guide you into alignment — with sensors built in around the hips, knees, and ankles — they can tell if your hips are level or properly stacked, if your stance is wide or narrow enough, or whether your feet need to be turned more in or out.
IoT and Fashion
This example and other IoT apparel as they become available will interact with the user to collect data that helps retailers understand needs and concerns, and implement it to create a more personalized experience.
The Science of Stress
Stress isn't just contagious; it alters the brain on a cellular level
Scientists at Cumming School of Medicine's Hotchkiss Brain Institute (HBI), at the University of Calgary have discovered that stress transmitted from others can change the brain in the same way as a real stress does. The team discovered that the activation of certain CRH neurons causes the release of a chemical signal, an 'alarm pheromone', that alerts the partner. The partner who detects the signal can in turn alert additional members of the group. This propagation of stress signals reveals a key mechanism for transmission of information that may be critical in the formation of social networks in various species.
Event professionals and marketers: You do not want to remembered as a brand that propagates fear. Or, do you?
The neurons that rewrite traumatic memories
It is currently estimated that almost a third of all people will suffer from fear- or stress-related disorders at one point in their lives.
Event professionals and marketers in the HealthTech space, you have the opportunity to educate you audience about the science of burn out.
Make good use of it.
The Technology Driven Human Resources
Technology and new business culture, is shaping up to be the driving factor in Human Resources.
Changing business imperatives demand not only a new organizational model for HR itself, but also a massive re-skilling of HR professionals. HR, once designed primarily as an administrative and compliance function, now has the unprecedented opportunity to play a leading role at the highest levels of business strategy, execution, and results.
According to Jon Bischke, CEO of Entelo, a social sourcing and talent analytics software company in San Francisco, organizations that take a data-driven approach to talent acquisition will find a competitive advantage. He states that, "Not only will they know for certain which sources lead to new hires, they'll also be able to identify and surface ideal talent profiles, and automatically seek out both active and passive job seekers who fit the mold. They will have a clearer picture of the talent population that exists and will be able to focus their efforts on the candidates who are the most receptive to new opportunities."
The Organizational Promise of Big Data and Predictive Modeling
Volume, velocity, and variety are three key features that paves the foundation of modern analytical systems, loosely known as Big Data. For HR benefits, Google, has developed a model that predicted promotions with a 90% accuracy.
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.
Robotics — Modular, Plug and Play
Modular robots — composed of several interchangeable parts, or modules — are flexible and interchangeable. If one part breaks, it can be removed and replaced. Components can be rearranged as needed — or better yet, the robots can figure out how to reconfigure themselves, based on the tasks they're assigned and the environments they're navigating.
Cornell University-led team has developed modular robots that can perceive their surroundings, make decisions and autonomously assume different shapes in order to perform various tasks — an accomplishment that brings the vision of adaptive, multipurpose robots a step closer to reality.
Robotics — Small and Mass Produced
Tiny robots no bigger than a cell could be mass-produced using a new method developed by researchers at MIT. The microscopic devices, which the team calls "syncells" (short for synthetic cells), might eventually be used to monitor conditions inside an oil or gas pipeline, or to search out disease while floating through the bloodstream.