Appearing in ‘Downloadable Resources’ section, In The Black, May 2020
Asia has been the largest regional banking market for over a decade but the pace of growth is now slowing, even as new challenges from digital technology and non-bank players arise. A McKinsey study notes that responses have been mixed, although the leaders are re-inventing themselves by partnering with technology-based firms or, in some cases, establishing digital-only subsidiaries.
The report suggests that the next few years is likely to be a period of consolidation, with smaller players being acquired and greater cross-border competition. The eventual result, however, will be a stronger banking sector underpinned by the increased use of AI and advanced analytics.
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In a comprehensive submission to the Senate Select Committee on Financial Technology and Regulatory Technology, the Reserve Bank examines a wide range of fintech-related issues. The submission summarises RBA views on the New Payments Platform, Stored Value Facilities Regulation, and Digital Identity. Regarding digital currencies, the RBA says that it does not favour the introduction of a government-backed digital currency for retail use but notes that at some time there may be a role for a wholesale settlement token based on distributed ledger technology. The agency is also monitoring the development of the ‘Libra’ cryptocurrency and the regulatory issues that might result.
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The key challenge for C-suite leaders in coming years will be to align digital technology with changing consumer demands, according to a report from Accenture, We, the Post-Digital People. The report argues that digital technology is evolving from an advantage to a basic expectation, and the roadmap inherited from digital pioneers is no longer useful. To thrive, companies must be able to provide human-focused experiences, with less emphasis on ownership of physical products.
The report also examines the move of robotic capabilities out of the factory into everyday life, and how the spread of AI will require companies to focus on the context of human-machine interactions.
People born between 1997 and 2012 – Gen Z, or Zoomers – are now entering the workforce in numbers. They require particular management responses, according to process automation consultancy Nintex. The e-book The Gen Z Effect in Australia and New Zealand draws on survey data to show that Zoomers want to do varied work that provides for personal growth.
As ‘digital natives’, Zoomers are often seen as the office’s tech expert. About 70 per cent of them report being approached to fix a technology problem or recommend a product. However, 43 per cent are concerned that AI will make them redundant or radically change their jobs.
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The Net era has brought many benefits but a downside is overload of choices. In this useful TED talk, writer Patrick McGinnis (who apparently invented the term Fear Of Missing Out, or FOMO) examines how to make better decisions. FOMO’s dangerous sibling is FOBO, or Fear Of a Better Option, which can easily lead to analysis paralysis. Don’t waste time on matters with no consequences, McGinnis says, and on those with some consequences you should divide them into a series of yes/no questions. High-stakes decisions require research and external input. The key to defeating FOBO is, once the choice is made, to stay with it.