Be Aware of your Digital Self

The ongoing digitization of our environment makes us loosing our direct contact to it. We cannot digest the wealth of information anymore because our capabilities are restricted, to slow, or the relevant ones are even not available at all.

Life, the environment we are living in, is being transformed, is being enhanced into a digital dimension. And we are already part of it. The information about us and thus our personality and how others perceive it is also enhanced and accessible in this new digital space.

Are we aware of these facts? Do we still have the overview of what others can and do see from us? Are we still in control, can we still intervene and action as effective as we could in the physical world?

In the same way as our world is being enhanced it is necessary for us to also enhance our capabilities and learn new tricks so we can persist in this changing environment with its new opportunities and requirements and regain control. For this we need help. We cannot access the digital world directly, we need new senses, the mass of information extends our processing capabilities, we need helpers. And these helpers are already underway. They help us organize our emails, capture appointments, translate web sites, remind us to leave on time in order to catch the train, tag our pictures, and so on. This is only the beginning. They learn about our taste and preferences while they are watching us and currently only carefully and subtle provide their advice and proposals. While interacting with them and being surprised by the accuracy and convenience of their services we are building up the trust that is necessary to also consciously delegate tasks to them. First small distinctive tasks then more and more complex and entangled issues to solve that require to ‘know’ us and our behaviors.

There are (at least) two perspectives regarding the ‘digital self’ to consider: We sense our amplified capabilities to act in the digital space and cope with the demand and rules valid there. We experience the ‘amplified me’, our extended powers. That’s one side. On the other side, there are the other actors on that stage who interact with us – be it other people, their digital selves, companies, robots, devices in the IoT, whoever and whatever is connected – and their perception of us. Like in real life there is sense of self and awareness of others and both of them comprise the digital world.

The digital self is much more than just an avatar that we can shape and present to others. It is the result of all our actions, the product of our history in the digital world. Our traces are like footprints in the sand but they get never washed away. The net cannot forget.

It is more than just a funny game. Digital is part of the real life. Be aware: The digital self is precious, it must be developed and needs protection. You have to care for it as if it was really a part of you. Because it is really part of you!

Banks used to be the place where you could store your valuables, the things that need protection beyond your own abilities. Few things are more precious than your reputation emanating from your digital self. It will soon be part of the master key to unlock the services you want and need. How to protect it? A vault will not do, that’s for sure! Do you have a solution?

Multipurpose Traverse

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As today’s business challenges span across boundaries within and external so too must leadership. The ever-increasing complexity of today’s world calls for a critical transformation in leadership from managing and protecting boundaries to boundary spanning ( see Never fail to fail, Giving Direction, Dance on the VUCAno) With that it’s business model reflects towards a multipurpose traverse offerings supporting the client’s dynamic behaviors and journeys ( Banking evolution: Service Innovation, Banking Today)

Under the context of digital offering(s) is its simplicity of a single-purpose business model/ offering/ app the wave of the future?

WeChat, or Weixin in Mandarin, is quickly becoming one of the most popular multi-purpose platforms, not just in China, but the world. Released in 2011 by Chinese internet giant Tencent, With nearly 800 million active monthly users, its user base has grown consistently in every single quarter to date. More importantly the point that I would like to focus is it’s actual embodiment of the app.

It’s safe to say that the most ardent of technophiles have at least 100 apps on their smartphone e.g. Facebook Messenger, WhatsApp, Telegram, Skype, Google Hangouts and Duo for instant messaging. Uber, Lyft, Citymapper, Waze, Tripadvisor, AirBnB and Skyscanner for directions/maps. In addition for gastronomy related: Deliveroo, Just Eat, OpenTable, Zomato, Yelp or Urbanspoon. That’s 19 apps to cover three essential functions. WeChat includes capabilities above and more.

WeChat lets users do everything you’d expect it to – instant messaging, sharing life events and chatting to family members. But its feature list extends far beyond custom emojis and profile pictures. WeChat allows you to arrange a catch-up with a friend, pre-order food from a restaurant, book a taxi to the restaurant, get directions on foot, pay for the meal (or split amongst your friends at the time of payment), check movie times and book tickets, and also purchase other items. All without hitting the home button.

The possibilities for brand-to-consumer engagement on WeChat are almost unparalleled anywhere else in the world, and this is almost entirely due to the way the app manifests itself in as many aspects of daily life as possible. By knowing a person’s current location and when they usually have dinner, all in one app, fast-food brands can hyper-accurately target consumers when they’re most inclined to purchase. And by tapping into the app’s data on payments and money transfers, marketers can get a good idea of when, where, how and why users spend their money, before using this to hyper-accurately target their audience when they’re most likely to buy. With such understanding of a client’s behaviour enables to proactively provide financial wealth services be it from suggesting dynamic relevant payment methods to making recommended investments, wealth management and advisory, etc…

The need for banks to traverse beyond its current boundary is imperative to regain expediency with the new paradigms ( see Digital Tur Tur).

Ubiquitous Computing

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The term is not at all a new trend or technology. Previously known as pervasive computing where due to technological advancement and cost feasibility the trend of embedding computational capabilities into everyday objects. This makes them effective in communication as they are network interconnected and performing activities of the end users without a centralised system.

Ubiquitous computing integrates via different devices, industries, environments, applications (e.g. wearable devices, appliances, fleet management, sensors). The goal of it is to make devices “smart” in the form of creating a sensor network capable of collecting, processing and sending data via the context and activity that it is under.

We had seen first phases of such capability involving wireless communication and networking technologies, mobile devices, and RFID tags. With the exponential advancement in internet capabilities, usage of voice recognition and artificial intelligence, the growth and adoption of embedding ubiquitous computing significantly increases now often associated and known to be the internet of things (IOT)

Gartner predicts approximately 8 billion connected objects to be use by the end of 2017 and it appears to be growing. In order to cope with the growth of IOT a heavy incorporation of artificial intelligence (AI) fueled autonomy will be required. An AI-driven era of IOT becomes the key building block to herald an increasingly seamless experience and hyperconnectivity as users and their digital counterparts concurrently transpose from one medium/device to another, between multiple environments, the physical and digital ecosystem.

FINthinker’s Predictions for 2018

2018 will bring …

2017 was an interesting year where many developments started to get real traction. Just think about blockchain, bitcoin and artificial intellgence.

2018 will be even more interesting and substantially more challenging.  A few predictions for 2018 are as follows:

There will be three core changes for financial services:

All three aspects levitates a shift towards a distributed decentralized financial system. This affects the core and challenges legacy status quo and its existence in the future.

In addition fueled by the increasing tokenization and availability of blockchain based systems there will be a shift towards

  • Mobile Payments
  • Holistic mobile wallets
  • Global Solutions

There will be no other options for incumbents to integrate into the evolving mesh than to provide API’s to access information and services and to start to rely on others to provide crucial information. Self contained and closed financial services companies as well as local solutions will increasingly face headwinds.

  • Open Banking / API’s
  • Global solutions

Last but not least – user interfaces will become much more natural and transparent. The users will be amplified with new sense and access to information supported by intelligent agents.

Regulators will start to come up to speed with the changes. They will find ways to agree with business changes but also ethical standards across borders acknowledging the global nature of digital eco systems. A big challenge will be on the very old tax systems which are not ready yet for the shaping economy.

  • Tax System

These changes are fundamental – there is a ongoing paradigm change where inherent distributed digital approaches start to outperform the automated legacy processes. There are two big dangers out there

Many of the current developments seem to turn time back and bring up systems again which were used in the past but difficult to apply as physical distance was a limiting factor. Digital changes this – the world becomes some sort of a global village. Have a look at Yap, The Island Of Stone Money  – the first productive blockchain system.

More:

What I read got me thinking

“Making me think” is one of the biggest compliments you can obtain from me. We are used to continue our habits and patterns and it takes great effort to escape from them.
As a child I was always inquisitive and full of questions – although some are not so challenging but when in doubt we try to understand and learn by asking lots of questions. Over time we perceived to think that we have asked all important ones with all the answers ready. Thus the creation of “our box.”

Asking questions is a way of getting in and out of your box at will and to develop new concepts, thoughts and ideas. Asking yourself (and others) many questions every time is a form of gym to workout your brain. Martin Gaedt explores this in “Rock your ideas” (available in German only). Look around and start to challenge yourself and others – rock your ideas!

How will Artificial Intelligence affect crime, war, justice, jobs, society and our very sense of being human? Max Tegmark provides a fascinating perspective into different forms of life, its evolution and physical limits in Life 3.0. The book defines basic terms like intelligence and busts common myths. Max raises many questions, provides answers and stresses the importance of having accepted ethical standards in the rise of AI.

What is happiness? Is there a formula to become happier? What are the parameters and how can the outcome be optimized? Solve for Happy by Mo Gawdat takes an engineers perspective.

Can humans overcome death? Should they? Homo Deus by Yuval Noah Harari looks into a world where more people die from eating too much then from having nothing to eat and where more people commit suicide then there are victims of soldiers, terrorists and criminals together.

Do you believe what you can see? Can you only see what you believe? The Internet of Us: Knowing More and Understanding Less in the Age of Big Data by Michael P. Lynch explores this paradox.

What is money? What is currency? What if companies issue their own money? Before Babylon, Beyond Bitcoin: From Money that We Understand to Money that Understands Us by David Birch s a fascinating book exploring how technology is changing money.

Do you know what work is? Do you work in the office or are you just busy playing roles without producing value? Lars Vollmer provides answers in his book Zurück an die Arbeit: Wie aus Business-Theatern wieder echte Unternehmen werden. The book is available in German only.

What is important? What is true? Is it important, that it is true? Gunter Dueck explores these questions in his book Flachsinn: Ich habe Hirn, ich will hier raus. The book is available in German only. How can one escape from the growing shallowness? Maybe by listening to these books and by challenging yourself …

The publications above made me think … What books made you think? How have they influence “your box”?

A good time to “workout” our brain and reflect on “our box” during the holiday season.