China’s ascent to an economic and technological powerhouse hasn’t been applauded by all, especially its main rival, the United States. Its evolving semiconductor industry is especially disconcerting. The US has rallied some of its allies to contain China’s chipmaking capacity, but China is resorting to its own measures to win the chip war.
Technology
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OpenAi’s ChatGPT, the new kid on the AI block, has attracted much attention since its introduction in November. Using the large language model, the technology produces intelligent and informed text in response to prompts, making it useful in many industries—when it is accurate. ChatGPT demonstrates plenty of promise but comes with warnings.
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The global, multibillion-dollar remittance market is essential to billions of people, a large percentage of whom are unbanked. As the remittance process becomes more digitalised, it risks excluding its neediest beneficiaries, who rely on cash. By incorporating eCash into their suite of services, banks can ensure that no one is left behind.
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The pandemic intensified the existing trend toward the demise of cash as a medium of exchange, with digital payment forms becoming the preferred choice for a growing segment of the population. Countries are experiencing varying degrees of success in doing away with their banknotes, as exemplified by India’s and Nigeria’s recent attempts.
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Artificial intelligence through machine learning and deep learning has revolutionised society today, including banking. Adaptive AI is another leap forward, whereby the technology continually learns as the world evolves. As its name suggests, adaptive AI adapts to limitless data, increasing its usefulness in an ever-changing environment.
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Banks are recovering from the pandemic in time for a likely recession. Many find that collaborating with their former rivals, fintechs, is the best route to profitability. Consumers are more receptive to digital banking, and innovations such as embedded finance provide them with the super-apps they crave while generating income for banks.
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Progressive banks are wielding technology to transform their operations in a competitive environment amid economic turbulence. Faced with growing threats from cybercriminals and non-bank challengers, banks are upping their game by brandishing innovations such as AI and the metaverse while being mindful of the costs, risks and expectations.
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Understanding customer needs, preferences and available resources is crucial for the banker or wealth manager guiding clients into their next best financial actions. Artificial intelligence is proving to be an indispensable partner for advisors. How can the next-gen operating model be applied in day-to-day business on clients’ behalf?
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Big tech wields sizeable influence in the world of commerce, but its might was not enough to withstand significant market losses in 2022 nor regulators’ increasing encroachments into its space. Big tech is guaranteed to see more regulatory interference as authorities work to curtail its anti-competitive practices, but will it be effective?
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The past 12 months have been marked by significant economic headwinds, such as soaring inflation and rising interest rates. These factors have caused unprecedented challenges for businesses, consumers, investors, and governments globally. Against this complex macroeconomic landscape, an emerging trend is gaining ground in the global capital markets: