The hype cycle of emerging technologies (see the pic below) may challenge Victor Hugo’s famous quote.
“Nothing is more powerful than an idea whose time has come”, he stated.
Three years ago, Fintech was a ubiquitous, almost exhausting subject. When we asked our digital intelligence platform about the evolution of it, it almost exploded. Then it was cryptocurrencies and blockchain. Now, it’s (almost) everything revolving around artificial intelligence (AI).
Have they delivered what business and society expected? Maybe yes, maybe not. However, the fact that we are using the word “maybe” is already a symptom of disillusion. The story of these tech developments hasn’t finished yet. Fortunately.
When financial services mingle with technological advancements, there is [high] risk of hype that leads to boredom, if not exhaustion. Everybody wants to be in the loop after all.
It’s recommendable to get a stake of it, but with a meaningful intention and a business goal is even better.
Some weeks ago, we attended one of the most important technology events in Luxembourg. There were dozens of speakers from countries, specialised in different fields. There were panels, key notes and demonstrations where both the public and the presenters exchanged ideas.
We noticed that a considerable part of the conversation went around AI, but also banking challenges and user experience. Blockchain was present, but less than expected.
In this article, we went through the more than almost 100 tweets we shared with our audience during the ICT Spring 2019. We actually reflected on them, and came up with 12 reflections that mirror the Luxembourg and the European tech talks nowadays.
+10 reflections on the current technology landscape
1.) Let’s remove the VR headset that have technology Armageddon scenarios
Luciana Ledesma from #AIDragons explains that the progress on the worlds’ To-Do list is very limited. To address our current challenges, humanity needs to steer away from #technology dystopian scenarios.#ICTSpring2019 #AISummit pic.twitter.com/albPy6IW20— PwC_Luxembourg (@PwC_Luxembourg) May 22, 2019
A participant at the #ICTSpring2019’s #AI and Digital Summit commented: “In this dystopia time we’re leaving, nobody seems to be slowing down. Everything is smart and connected, so hackable. Let’s connect what needs to be connected.” Interesting thought! #cybersecurity— PwC_Luxembourg (@PwC_Luxembourg) May 21, 2019
2. Technology developments are like a roller coaster. When you ride them, keep your eyes opened
“#Robots to perform repetitive and dangerous work, so we can give back #humanity to the human kind. Let’s think of the circular #economy and its values” said Séréna Boukelmoun, during the speech “Voice of the future generation.” #ICTSpring2019 pic.twitter.com/SIYpHya5g7— PwC_Luxembourg (@PwC_Luxembourg) May 22, 2019
The #financialservices #advisory business is built upon information #asymmetry. Computers have more data to make decisions, however. The time for #AI to give advice using more #data than human currently do, is coming. #ICTSpring2019 @BrettKing— PwC_Luxembourg (@PwC_Luxembourg) May 22, 2019
. @PatriceWitz on #DigitalTransformation: “change of mindset needs to happen at all levels in an organisation”. #ICTspring2019 pic.twitter.com/aFqDwhcTy7— PwC_Luxembourg (@PwC_Luxembourg) May 22, 2019
3. Switch the movie! Move from i-robot to Wall-e
“When talking about #AI and #ethics isn’t only talking about what we shouldn’t do but also the opportunities that we don’t give!” #ictspring2019 #digitaleurope— PwC_Luxembourg (@PwC_Luxembourg) May 21, 2019
There’s something you don’t see every day: an #AI based #WiFi bio detector that read human’s heartbeat and breathing rate contactless. It’s targets the well-being of seniors while at home alone. #AIForGood #ICTSpring2019 pic.twitter.com/qWEE1VrfD3— PwC_Luxembourg (@PwC_Luxembourg) May 21, 2019
“We are just at the beginning of our #AI journey”. Do you agree?— PwC_Luxembourg (@PwC_Luxembourg) May 21, 2019
4. We live in the 8-second-attention-span society, and in the 8-millisecond-to-load-a-website society
Pay attention to the #Milliseconds your website and especially your #mobile site takes to load. It’s the place to grow, it’s the place for business opportunities! Be focused on speed and #userexperience @Google’s Nuria González #ICTSpring2019 pic.twitter.com/vl1sLCC18J— PwC_Luxembourg (@PwC_Luxembourg) May 22, 2019
5. Remember, we’ll always have Paris, and also soft skills
Roxane Haas, the Master of Ceremony of #ICTSpring2019 #FintechSummit emphasises the importance of have a #workforce with strong soft skills like #creativity, empathy and #leadership to balance human and #digital. pic.twitter.com/j1WJg3DXdJ— PwC_Luxembourg (@PwC_Luxembourg) May 21, 2019
6. There is the financial services but banks are on the spotlight when it comes to catching up with innovation
“I see lots of #Incumbents setting up an [#Innovation] lab”, hoping for a spin-off. But a few #banks have made it so far. #CorporateCulture doesn’t allow them to innovate. Don’t spend money, then! says Matthias Kroner #ICTSpring2019 #banking pic.twitter.com/AwQmh7ezHG— PwC_Luxembourg (@PwC_Luxembourg) May 22, 2019
“The new #Banking Generation? Consumers don’t care if you’re a bank or not. They just want a good service” says Toshihiko Otsuka, CEO of @Rakuten Europe Bank. That calls for asking a key question, replies @SBCFintech’s @GhelaBoskovich, What’s banking, then?— PwC_Luxembourg (@PwC_Luxembourg) May 21, 2019
“Let’s put a bank statement on the small screen. That’s #Design by Analogy, being the analogy the bank brunch itself. Is that the way to bring #technology, #banking and #userexperience together?” @BrettKing #ICTSpring2019 #banks #innovation pic.twitter.com/e3PSBjBVdT— PwC_Luxembourg (@PwC_Luxembourg) May 22, 2019
7. Technology is walking down the runway… and visits museums as well.
#Tech in #Fashion Industry? It’s also going #Blockchain, IoT/Cloud, #AR over #VR & Cognitive tech. Also, at consumer lever, we need to keep in mind that the new generation doesn’t precisely want to “own” things, but to borrow them @CFE_London’s Ishwari Thopte #ICTSpring2019— PwC_Luxembourg (@PwC_Luxembourg) May 22, 2019
“To attract a contemporary audience, we had to go with contemporary #technology”, Anne Hoffman Head of Digital at Les 2 Musées de la Ville de Luxembourg, on #DigitalTransformation #ICTSpring2019— PwC_Luxembourg (@PwC_Luxembourg) May 22, 2019
8. Get experienced to design for experiences; and be open-minded
What to #Design smart objects?— PwC_Luxembourg (@PwC_Luxembourg) May 22, 2019
Here are some tips from #Minois’ @simtert:
1. Observe users of in the wild
2. Play with #technology but start with the user problem
3. Think beyond the screen #UXDesign #ICTSpring2019 #UX
Simone Tertoolen, designer/founder of MINOIS, talking of #UserExperience recommends “observe your #users in the wild (in their natural element)”. #ictspring2019 pic.twitter.com/SpYJNUifIX— PwC_Luxembourg (@PwC_Luxembourg) May 22, 2019
“The voice is the users, the customers… specially in a #social media driven world” @Bob_Moritz @ #ictspring2019 pic.twitter.com/pcWA9tLdTr— Andreia Joaquim (@andreiasjoaquim) May 21, 2019
“we are already a #smart nation. Just look at the last 5 years. It did not get that way by accident it took #government #business and #citizens”Prime Minister Xavier Bettel at #ICTspring2019 #luxembourg— PwC_Luxembourg (@PwC_Luxembourg) May 21, 2019
@DuenaBlomstrom, Co-Founder & CEO #PeopleNotTech presents her #EmotionalBanking concept or how #banking should start thinking customer’s feelings, and how psychological safety is key for cultural change #ICTSpring2019 #HumanDesign pic.twitter.com/NkgpI1nj6X— PwC_Luxembourg (@PwC_Luxembourg) May 21, 2019
9. If mistakes make businesses get better at what they do, for some the GDPR will limit that learning experience.
Regarding the #GDPR and #Technology Development… “if you don’t allow companies to make mistakes, they’ll never grow up” says Deep Blue’s David Duan. Food for thought! #ICTSpring2019 pic.twitter.com/sgryFZ3mMr— PwC_Luxembourg (@PwC_Luxembourg) May 22, 2019
10. Tech-friendly countries aren’t born, they are made.
“Luxembourg offers a lot of support for #crypto companies, offering everything for them to flourish here. I hope #Luxembourg takes the lead especially in #financial services.” Alexandre Tkachenko CEO of @vnx_io during our last round table #ICTSpring2019 pic.twitter.com/twJXuUS7pY— PwC_Luxembourg (@PwC_Luxembourg) May 22, 2019
‘Countries are still building walls against change. What if we build windows instead?’@kallstenius CEO of @Luxembourg_RTO#ICTSpring2019 #AISummit pic.twitter.com/dIeM6irNms— PwC_Luxembourg (@PwC_Luxembourg) May 22, 2019
How do we build an AI nation? By having an #innovation platform, by having research collaboration, by educate people on #AI and its benefits and how AI fits as a solution for the different industries. David Hogan from @nvidia #ICTSpring2019 #AISummit pic.twitter.com/Wf0xUwbrHY— PwC_Luxembourg (@PwC_Luxembourg) May 22, 2019
11. The crypto-blockchain hype seems to be fading, and that’s a sign of maturity
They use #blockchain #technology to provide #investors with liquidity and diversify their risks by being directly linked to the ventures’ growth. They also showcase #investment opportunities! @Stokr #ICTSpring2019 pic.twitter.com/c2h8w4tBoY— PwC_Luxembourg (@PwC_Luxembourg) May 21, 2019
12. Technology is too important to humanity to be left to men only.
In EU only 1,38% of women are working in the #ICTsector 😧#employement #ictspring2019 #genderequity #GenderPayGap— PwC_Luxembourg (@PwC_Luxembourg) May 21, 2019
How to enhance women’s role in #Tech? It’s good to see this #ICTSpring2019 panel has women & men discussing. The solution comes precisely from both sides’ engagement. @Patrizialuc, Larissa Best, Michal Michaeli, Assaf Topaz, Djamila Aouada, Steven Allen pic.twitter.com/EM4Mw4cAwA— PwC_Luxembourg (@PwC_Luxembourg) May 22, 2019
13. Space is the final frontier… but is it?
We need #Entrepreneurship to develop #NewSpace, complementarity is what matters. Creation comes from diversity. Uniformity rarely brings things together #SpaceSummit #ICTSpring2019— PwC_Luxembourg (@PwC_Luxembourg) May 21, 2019
14. Be artificial, but not superficial (or how to be AI-responsible)
Live from Mevo https://t.co/4BMobE5e5C— PwC_Luxembourg (@PwC_Luxembourg) May 21, 2019
AI reflects our ethical problems, society’s problem. “Generations ago, the only we had to fear was war. Things have changed.” @JeanRognetta @forbes #ICTSpring2019 pic.twitter.com/yOAoe7buap— PwC_Luxembourg (@PwC_Luxembourg) May 21, 2019
15. Sustainable banking is still a baby, would it become a babe?
Are people interested in #sustainablefinance a niche? “It is still small group” admits the #ICTSpring2019 panel on the subject. “There is, though, growing interest @ family offices. “We have to make it easier for investors to engage” added @nicolaspayen pic.twitter.com/R2hfjHHBQJ— PwC_Luxembourg (@PwC_Luxembourg) May 22, 2019