Welcome to 2020 where technology is only going to become more advanced. We're at the start of another era where the things we invent will change the way we interact with the world entirely. We have Tesla spearheading the elimination of internal combustion engines entirely from the world with their electric car designs that they have open sourced to their competitors to increase implementation.
The natural reaction to that is more money is being put into developing battery technology that will ultimately benefit a lot of other industries and products that relies on a having short charge times and long lasting batteries.
There are two areas in technology that we predict will have a large impact in 2020.
Artificial Intelligence & Machine Learning:
AI and ML are two big issues that appears to be on both ends of a heated debate. On one end, the fear of AI replacing jobs or having the potential threat to humankind if they become too smart, while on the other the benefits provided with robots replacing humans in mind numbing work. Judging by the pace of advancement in the past year, we can expect leaps and bounds in 2020 as powerful countries such as the United States, Canada, UK, Russia and many other Asian countries invest heavily in AI.
Machine learning in 2020 will become less of a novelty as the technology will proliferate under the hoods of technology services everywhere. The peak of ML is programming a robot to learn emotional intelligence, which is a lot harder to do since there are thousands of situations a human goes through where emotional intelligence skills is called upon. However, it wouldn't come as a surprise if this was achieved within the next 5 years. According to a recent report from Accenture, AI has the potential to add $957 billion to India's GDP alone as this is heavily invested field in the country.
Super apps:
All around South East Asia and East Asia, super apps are becoming increasingly popular providing a seamless experience for it's users. They generally start off as messaging apps and then moves towards payments, ride hailing, restaurant, social media, health tracking and more. Some super apps that grew in popularity in Asia is LINE, Paymt, WEChat, PhonePE. These apps are slowly removing the banks out of the equation between common day-to-day purchases of consumers.
WeChat for instance already offers consumer basic banking and savings products through their WeBank brand, but these products are still originated and underwritten by traditional banks. This process however moves banks one step further away from their customers and leaves the customer experience in the hands of the super apps.
The natural reaction to that is more money is being put into developing battery technology that will ultimately benefit a lot of other industries and products that relies on a having short charge times and long lasting batteries.
There are two areas in technology that we predict will have a large impact in 2020.
Artificial Intelligence & Machine Learning:
AI and ML are two big issues that appears to be on both ends of a heated debate. On one end, the fear of AI replacing jobs or having the potential threat to humankind if they become too smart, while on the other the benefits provided with robots replacing humans in mind numbing work. Judging by the pace of advancement in the past year, we can expect leaps and bounds in 2020 as powerful countries such as the United States, Canada, UK, Russia and many other Asian countries invest heavily in AI.
Machine learning in 2020 will become less of a novelty as the technology will proliferate under the hoods of technology services everywhere. The peak of ML is programming a robot to learn emotional intelligence, which is a lot harder to do since there are thousands of situations a human goes through where emotional intelligence skills is called upon. However, it wouldn't come as a surprise if this was achieved within the next 5 years. According to a recent report from Accenture, AI has the potential to add $957 billion to India's GDP alone as this is heavily invested field in the country.
Super apps:
All around South East Asia and East Asia, super apps are becoming increasingly popular providing a seamless experience for it's users. They generally start off as messaging apps and then moves towards payments, ride hailing, restaurant, social media, health tracking and more. Some super apps that grew in popularity in Asia is LINE, Paymt, WEChat, PhonePE. These apps are slowly removing the banks out of the equation between common day-to-day purchases of consumers.
WeChat for instance already offers consumer basic banking and savings products through their WeBank brand, but these products are still originated and underwritten by traditional banks. This process however moves banks one step further away from their customers and leaves the customer experience in the hands of the super apps.
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