WHY IT MATTERS: Digital Transformation
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WHY IT MATTERS: Digital Transformation
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Curated by Farid Mheir
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This chart shows where robots are going to replace humans on Wall Street

This chart shows where robots are going to replace humans on Wall Street | WHY IT MATTERS: Digital Transformation | Scoop.it

The robots are coming for Wall Street's jobs, and McKinsey & Co has an idea of exactly what jobs they are coming for.

  • Automated technologies could have a big impact on 60% of Wall Street jobs, according to a new report by McKinsey, the consulting firm.
  • Integration of new technology doesn't guarantee big revenue spikes, but it is necessary to keep firms afloat in the digital age. Some big firms are already taking action.
Farid Mheirs insight:

WHY THIS IS IMPORTANT

AI will impact the jobs market in all industries, including banking, Finance, legal, and accounting. As highlighted here, it may help focus humans on higher value activities but may - will? - also lead to job cuts. High paying job cuts. Watch out for possible human anger against the machines in the coming years.

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Bank of America Merrill Lynch has become the latest bank to implement #AI

Bank of America Merrill Lynch has become the latest bank to implement #AI | WHY IT MATTERS: Digital Transformation | Scoop.it

HighRadius' solution uses AI, machine learning, and optical character recognition to identify a payer, match them to an uncontextualized payment, and match that to an open receivable. Moreover, it gives companies the option of sending an automatic prompt to customers whose debts are outstanding. By leveraging this solution, BAML aims to reduce costs for its large business clients.

Farid Mheirs insight:

WHY THIS IS IMPORTANT

AI is moving into back office operations in a big way, replace "traditional" human activities, reducing costs and improving performance. AI is being applied to receivables, credit scoring, customer service, compliance, trading and many other activities.

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Bracing for seven critical changes as fintech matures | McKinsey & Company

Bracing for seven critical changes as fintech matures | McKinsey & Company | WHY IT MATTERS: Digital Transformation | Scoop.it

Fintechs have matured rapidly in recent years, and the industry is entering a new phase of development. With no signs of the industry’s growth abating, its reach is likely to broaden quickly to embrace even newer technologies and offerings, blurring the boundaries now delineating financial services. As the momentum continues, some aspects of fintech are likely to reach into a broad swath of the global economy, much like how digital technologies have become a necessity, rather than an option, for every industry. Understanding the seven features that characterize this new era will allow companies to stake out the most valuable plots in the new landscape.

Farid Mheirs insight:

WHY THIS IS IMPORTANT

Fintechs are paving the way for the transformation of a very slow moving industry - the Financial sector. We should all learn from this example in other industries that move slowly, for example grocery.

 

The accompanying report to this article is also full of interesting background information: http://www.mckinsey.com/~/media/mckinsey/industries/financial%20services/our%20insights/bracing%20for%20seven%20critical%20changes%20as%20fintech%20matures/fintechnicolor-the-new-picture-in-finance.ashx 

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Know Your Industries: 70+ Market Maps Covering Fintech, CPG, Auto Tech, Healthcare, And More

Know Your Industries: 70+ Market Maps Covering Fintech, CPG, Auto Tech, Healthcare, And More | WHY IT MATTERS: Digital Transformation | Scoop.it
Here's a collection of all 71 CB Insights market maps and unbundling/disrupting graphics.
Farid Mheirs insight:

WHY THIS IS IMPORTANT

Digital transformation often comes from startup innovations. So maps like those are very good to know where opportunities to improve lie.

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Investment firm ARK focus on digital disruption to invest - their 7 Big Ideas for 2017 provides great insight

Investment firm ARK focus on digital disruption to invest - their 7 Big Ideas for 2017 provides great insight | WHY IT MATTERS: Digital Transformation | Scoop.it
ARK Invest aims to identify large-scale investment opportunities resulting from technological change. We believe innovation is key to growth. From a broad spectrum of disruptive innovations, Big Ideas represents our annual breakout of technologies that we believe will accelerate significantly in the months ahead.
Farid Mheirs insight:

WHY THIS IS IMPORTANT

Investment firms tend to be very traditional in their approach. This one appears to be embracing the digital transformation and making very insightful research that - from what they claim - guides their investments. Great idea. Now we'll see if their assumptions prove right and generate more returns than other investment guidance. I have a feeling it will.

 

Topics covered: 3D printing, additive manufacturing, artificial intelligence, automation, autonomous taxis, autonomous vehicles, bitcoin, blockchain, CRISPR, cryptocurrency, deep learning, dna sequencing, fintech, genomics, machine learning, mobile, robotics, shared autonomous vehicles

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Weekend read: 350 slides Mary Meeker’s 2017 internet trends report - eCommerce is killing traditional retail #1

Weekend read: 350 slides Mary Meeker’s 2017 internet trends report - eCommerce is killing traditional retail #1 | WHY IT MATTERS: Digital Transformation | Scoop.it

The most anticipated slide deck of the year is here. Key takeaways:

  • Global smartphone growth is slowing: Smartphone shipments grew 3 percent year over year last year, versus 10 percent the year before. This is in addition to continued slowing internet growth, which Meeker discussed last year.
  • Voice is beginning to replace typing in online queries. Twenty percent of mobile queries were made via voice in 2016, while accuracy is now about 95 percent.
  • In 10 years, Netflix went from 0 to more than 30 percent of home entertainment revenue in the U.S. This is happening while TV viewership continues to decline.
  • Entrepreneurs are often fans of gaming, Meeker said, quoting Elon Musk, Reid Hoffman and Mark Zuckerberg. Global interactive gaming is becoming mainstream, with 2.6 billion gamers in 2017 versus 100 million in 1995. Global gaming revenue is estimated to be around $100 billion in 2016, and China is now the top market for interactive gaming.
  • China remains a fascinating market, with huge growth in mobile services and payments and services like on-demand bike sharing. (More here: The highlights of Meeker's China slides.)
  • While internet growth is slowing globally, that’s not the case in India, the fastest growing large economy. The number of internet users in India grew more than 28 percent in 2016. That’s only 27 percent online penetration, which means there’s lots of room for internet usership to grow. Mobile internet usage is growing as the cost of bandwidth declines. (More here: The highlights of Meeker's India slides.)
  • In the U.S. in 2016, 60 percent of the most highly valued tech companies were founded by first- or second-generation Americans and are responsible for 1.5 million employees. Those companies include tech titans Apple, Alphabet, Amazon and Facebook.
  • Healthcare: Wearables are gaining adoption with about 25 percent of Americans owning one, up 12 percent from 2016. Leading tech brands are well-positioned in the digital health market, with 60 percent of consumers willing to share their health data with the likes of Google in 2016.
Farid Mheirs insight:

WHY THIS IS IMPORTANT

This is an annual bag of goodies.

Highlight #1: retail stores are closing at record pace while Amazon opens stores. This is such a huge trend because it transforms stores from a mini-warehouse into something else: a destination for experience, service, and training. Think Apple store with the highest sales per square foot, genius bar, classes and a showroom. Amazon has pushed its Amazon GO, no lines, no registers concept and it is rolling it out slowly. This is just the beginning...

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Editing the Uneditable Blockchain - Accenture

Editing the Uneditable Blockchain - Accenture | WHY IT MATTERS: Digital Transformation | Scoop.it
Accenture examines the challenges of immutability to permissioned blockchain and distributed ledger technology (DLT) systems and explores a solution.
Farid Mheirs insight:

A report by Accenture that presents use cases where editing the blockchain may prove to be required, which goes against the blockchain fundamental principles.

 

WHY THIS IS IMPORTANT

Reading the report you realize how the blockchain can be used for non monetary transactions and proposes reasons why editing it may be good. If you are considering - as I am - to leverage blockchain in your projects and strategy, then this is a must read paper.

Nerea Ráez Morales's curator insight, November 6, 2016 1:18 PM

#SCEUNED16

Craig Broadbent's curator insight, November 6, 2016 4:37 PM
THis is an interesting development. Agree with the premise that we should be open to changes!
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A #startup expriment in #transparency shares reasons, financial details and nextsteps when laying off 10 people

A #startup expriment in #transparency shares reasons, financial details and nextsteps when laying off 10 people | WHY IT MATTERS: Digital Transformation | Scoop.it
Some tough news: Buffer has made 10 layoffs, 11% of the team. We want to share openly how we got here, the financial details and how we’re moving forward.
Farid Mheirs insight:

A great read on how digital economy startups are doing things differently by sharing everything from revenues to salaries to how they are hiring and firing people. A great source of inspiration for anyone that ever had a startup and needed to take tough decisions.

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Digital Transformation Review n° 9: The Digital Strategy Imperative : Steady Long-Term Vision, Nimble Execution | Capgemini Consulting Worldwide

Digital Transformation Review n° 9: The Digital Strategy Imperative : Steady Long-Term Vision, Nimble Execution | Capgemini Consulting Worldwide | WHY IT MATTERS: Digital Transformation | Scoop.it
Farid Mheirs insight:

Always interesting reading on digital transformation by Capgemini which has been at the forefront of defining digital transformation. Read this one, then flip through old ones...

Jean-Marie Grange's curator insight, October 24, 2016 2:02 PM
Very good examples of digital transformation in some industries. The platform strategy developed by Visa could be very successful... if they really open it to developpers. 
There is also a list of 15 startups showing good potential at the end of the document...
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Chain Blog- a blog dedicated to blockchain technology and innovation

Chain Blog- a blog dedicated to blockchain technology and innovation | WHY IT MATTERS: Digital Transformation | Scoop.it
Farid Mheirs insight:

If you are interested in the block chain technology and its applications, this is a great blog to follow!

basedslate's comment, September 14, 2016 1:44 PM
Excellent...!!
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#AI mobile app provides real-time #stock market insights @numenta

#AI mobile app provides real-time #stock market insights @numenta | WHY IT MATTERS: Digital Transformation | Scoop.it

HTM for Stocks monitors financial and social data (specifically stock price, stock volume and Twitter volume) for a couple hundred stocks and alerts you in real-time when a significant anomaly is occurring.

Farid Mheirs insight:

Describes an artificial intelligence solution that monitors stock market and raises notifications when things are different than the predicted behaviour of the stock.

 

WHY THIS IS IMPORTANT

Our brain is a massive prediction engine, based on the work that Jeff Hawkins has presented in his book On Intelligence http://amzn.to/2caWZuk 

 

Applications from this brain architecture theory have started to emerge with this stock market prediction being one of them.

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Hong Kong Bitcoin Exchange BitFinex Loses Nearly 120,000 Bitcoins in Hack

Hong Kong Bitcoin Exchange BitFinex Loses Nearly 120,000 Bitcoins in Hack | WHY IT MATTERS: Digital Transformation | Scoop.it
$72 million-worth stolen, Bitcoin price plummets, individual customer accounts hacked despite multisignature protection
Farid Mheirs insight:

Describes how multisignature transactions can protect digital currencies - and the limitations of that technology.

 

WHY THIS IS IMPORTANT

Blockchain technology that is behind bitcoin currency remains immatures and open to fraud. I expect this to improve in the coming years as large FInancial organizations come to leverage this new tech.

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41% pay Starbucks with mobile app / 1.2B$ in loyalty programme: More Cash Than Many Banks

41% pay Starbucks with mobile app / 1.2B$ in loyalty programme: More Cash Than Many Banks | WHY IT MATTERS: Digital Transformation | Scoop.it

Starbucks customers in the U.S. and Canada are splashing less cash at the coffee chain than ever before. That doesn't mean that they are buying fewer beverages and snacks. Rather, they are embracing the company's loyalty card (which can be loaded with money) and app. The company has 12 million loyalty members in the U.S. alone and that means that Starbucks boasts a serious amount of cash on its customer cards. Wall Street Journal data featured in Market Watch shows that Starbucks has more customer cash than many banks have in deposits.

 

Before long, splashing the cash at your local Starbucks might become a thing of the past. 41 percent of the coffee chain’s customers in the U.S. and Canada now pay for their beverages and snacks after loading money onto their Starbuck’s card. With 12 million loyalty members in the U.S. alone, the coffee chain boasts more customer money on its cards than many banks have in deposits.

According to Wall Street Journal data featured in Market Watch, Starbuck’s customers in the U.S. have loaded at least $1.2 billion onto the company’s cards and app. That’s higher than the deposits held by Customers Bank ($780m) and the Green Dot Corporation ($560m). Starbucks still has a long way to go to catch Paypal which boasts a whopping $13 billion on its customer accounts across the world.

Farid Mheirs insight:

Chart shows amount of money held in cash by institutions. 41% of Starbucks customers pay using the mobile app.

 

WHY IS THIS IMPORTANT

Mobile payment is a great thing when done right. Moreover, coupled with loyalty programme, this becomes a huge profit generating machine (some of this cash never gets spent + payment fees to credit and debit card companies are lowered). So why has mobile payment adoption been so slow? Why are not more companies jumping into this bandwagon? Should credit card companies and Apple Pay / Google Pay / etc products be worried?

Hardy Jonck's curator insight, August 5, 2016 3:36 AM
Simple loyalty programme but well executed
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IBM has just open-sourced 44,000 lines of blockchain code on GitHub

IBM has just open-sourced 44,000 lines of blockchain code on GitHub | WHY IT MATTERS: Digital Transformation | Scoop.it
IBM has created a 'consensus algorithm' to help with decision-making, as well as smart contracts templates that can be coded in Java or Gola.
Farid Mheirs insight:

More information about blockchain, which now appears to be a revolution in many fields including Finance. With IBM open sourcing code that provides the raw ingredient for any company to create its own solution. This is something we should all become aware of and know as it will most likely be at the heart of many transactions in the future, not just monetary ones.

Olivier Domy's curator insight, March 24, 2016 7:30 AM

More information about blockchain, which now appears to be a revolution in many fields including Finance. With IBM open sourcing code that provides the raw ingredient for any company to create its own solution. This is something we should all become aware of and know as it will most likely be at the heart of many transactions in the future, not just monetary ones.

Buzzy Bee's curator insight, March 31, 2016 4:32 PM

More information about blockchain, which now appears to be a revolution in many fields including Finance. With IBM open sourcing code that provides the raw ingredient for any company to create its own solution. This is something we should all become aware of and know as it will most likely be at the heart of many transactions in the future, not just monetary ones.

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Banks still push 1940s technologies onto their clients #fail #digitalTransformation

Banks still push 1940s technologies onto their clients #fail #digitalTransformation | WHY IT MATTERS: Digital Transformation | Scoop.it
But my brand spanking new chip card from a UK issuer not only arrived with a 2000s app of a 1990s implementation of a 1980s product (debit) on 1970s chip, it also came with a 1960s magnetic stripe on it and a 1950s PAN with a 1940s signature panel on the back. It’s no wonder it seems a little out of place in the modern world. 
Farid Mheirs insight:

A rant on the failure of banks to push into the digital world when it comes to payments systems, and in particular credit cards. Funny article.

Paulose Babu Poovathukaran's curator insight, March 25, 2016 8:45 AM

A rant on the failure of banks to push into the digital world when it comes to payments systems, and in particular credit cards. Funny article.

Björn Pirrwitz's curator insight, April 11, 2016 6:46 AM

Entertaining article on banks' failure to adopt digitization and technology...

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#Video: Bitcoin's blockchain technology explained in 2 minutes

#Video: Bitcoin's blockchain technology explained in 2 minutes | WHY IT MATTERS: Digital Transformation | Scoop.it
Bitcoin continues to be a controversial digital currency. But the financial world is buzzing about new applications for the blockchain, the underlying technology that makes Bitcoin possible. Here's how it works.
Farid Mheirs insight:

Everyone is talking about blockchain, the technology underlying the bitcoin currency.This short video explains in layman's terms what the technology is all about.

 

For a more detailed explanation, see the following:

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Don’t Be a Victim of Tax Refund Fraud in ’16 via @Krebs #mustRead

Don’t Be a Victim of Tax Refund Fraud in ’16 via @Krebs #mustRead | WHY IT MATTERS: Digital Transformation | Scoop.it

With little more than a month to go before the start of the 2016 tax filing season, the IRS and the states are hunkering down for an expected slugfest with identity thieves who make a living requesting fraudulent tax refunds on behalf of victims. Here’s what you need to know going into January to protect you and your family.

Farid Mheirs insight:

A very detailed post about potential identity theft and how to prevent it. Must read for any american. Not sure what to do in Canada or in Quebec though?

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How the payments industry is being disrupted- and banks will have to follow

How the payments industry is being disrupted- and banks will have to follow | WHY IT MATTERS: Digital Transformation | Scoop.it
While we expect the payments industry to keep growing at a healthy rate, powerful disruptive forces will begin to reshape the global landscape. A McKinsey & Company article.
Farid Mheirs insight:

Banks already have noticed but now they must make digital transformation a reality otherwise they'll get disrupted by newcomers in the payment area.

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Transitioning to standard software: 5 key lessons from ERP pioneers via @McKinsey

Transitioning to standard software: 5 key lessons from ERP pioneers via @McKinsey | WHY IT MATTERS: Digital Transformation | Scoop.it
Standard software would appear to be an imperative for insurers, but the time and money required to make the change are limited. The software-vendor market is emerging, but the track record is scanty. Standardization is not a panacea, of course, and every insurer has to find its own way through this rocky terrain, but core-system-replacement lessons from the manufacturing and production industries could make the journey shorter and significantly reduce the risks.
Farid Mheirs insight:

For my friends in the insurance industry that are making the transition to packaged software, they may find confort in the following paper from McKinsey. The lessons learned and the 5 principles they highlight are good but do not provide a silver bullet or quick fix: you are in for a long and difficult transformation. Sorry...

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Strategic choices for banks in the digital age via @McKinsey

Strategic choices for banks in the digital age via @McKinsey | WHY IT MATTERS: Digital Transformation | Scoop.it
Consumers around the world are quickly adopting digital banking. Incumbents only have a short period to adjust to this new reality or risk becoming obsolete. A McKinsey & Company article.
Farid Mheirs insight:

Interesting how McKinsey presents digital innovation as both a threat and opportunity. In particular look at 7 traits of effective digital enterprises: it applies not only to banking.

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    How Insurers Can Seize the Opportunities Offered by Digital - Accenture

    How Insurers Can Seize the Opportunities Offered by Digital - Accenture | WHY IT MATTERS: Digital Transformation | Scoop.it
    Research shows how insurers are rising to the digital innovation challenge—and how to improve their performance.
    Farid Mheirs insight:

    Tons of data gathered from chief digital officers in the insurance sector.

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    The future of global payments via @McKinsey

    The future of global payments via @McKinsey | WHY IT MATTERS: Digital Transformation | Scoop.it
    While strong growth has returned to the payments industry, disruptive forces will continue to reshape the competitive landscape. A McKinsey & Company article.
    Farid Mheirs insight:

    Opportunities and challenges for financial institutions and retailers alike.

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    C-suite must switch over and start being data driven instead of intuition driven to stay relevant via @McKinsey

    C-suite must switch over and start being data driven instead of intuition driven to stay relevant via @McKinsey | WHY IT MATTERS: Digital Transformation | Scoop.it
    Technology is getting smarter, faster. Are you? Experts including the authors of The Second Machine Age, Erik Brynjolfsson and Andrew McAfee, examine the impact that “thinking” machines may have on top-management roles. A McKinsey Quarterly article.
    Farid Mheirs insight:

    A bit long winded for those that follow the topic, this article nevertheless brings forward essential strategic thinking the C-suite executives should ask themselves today. Most important thinking comes at the end, so stick through it.


    Think of banking, which essentially a data-driven business, and ask yourself if their leaders have read papers like this one... Or retailers, which often sit on millions of transaction data from their POS and websites without using it to drive their business decisions. 

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    3 strategies for developing the data-driven store brings amazing examples of omni-channel via @gigaom @sanguit

    3 strategies for developing the data-driven store brings amazing examples of omni-channel via @gigaom @sanguit | WHY IT MATTERS: Digital Transformation | Scoop.it
    Tracking customers through today’s data-driven shopping journey provides retailers a fresh take on doing business and the chance to deliver the best customer experience and build loyalty.
    Farid Mheirs insight:

    Most overused these days, omni-channel is often a concept that is difficult to understand. This paper sheds some lights onto the concept as well as provides very useful concrete examples that describe how companies put omni-channel through its paces. 


    Moreover, the paper delivers the concept with a focus on data, which indeed appears to be the glue that ties omni-channel together very well. Even though the focus is on retail, I believe this may also apply to banks and other physical locations where customers interact with businesses.

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    Stripe is a new payment processing solution that you should know about @TechCrunch

    Stripe is a new payment processing solution that you should know about @TechCrunch | WHY IT MATTERS: Digital Transformation | Scoop.it
    The payments industry has a new billion dollar company. Online payments company Stripe is announcing more than $80 million in Series C funding, at a $1.75..
    Farid Mheirs insight:

    You know of paypal, right? Well Stripe is another amazingly simple payment solution for eCommerce sites that is attracting a lot of attention. You should know about them too.

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