Asia’s Tech Leap: Cashless Payments, GenAI at Work, and its Real Impact on Employees
GenAI's dual role as friend and foe at work is in focus.
Today’s art: Wheatfield with crows, Vincent van Gogh, July 1890 - 1890
Wheatfield with crows is one of Van Gogh’s most famous paintings and probably the one most subject to speculation. It was executed in July 1890, in the last weeks of Van Gogh’s life.
Beneath the surface beauty of “Wheat Field with Crows” lies a wealth of symbolism that adds depth and complexity to the painting. The most striking element is, of course, the crows. A flock of dark, foreboding birds fills the sky, their presence looming ominously. For many art historians and enthusiasts, these crows represent van Gogh’s inner torment and despair, serving as harbingers of death and the darkness that plagued his thoughts.
The long and short of last week’s vote!
The votes tallied were 45% in favor of the longer format and 55% for the shorter format. In my view, that’s close enough to a tie.
The survey showed that the short format I tried last week didn’t solve any major readability problems for readers. So today, we’re returning to the larger picture format you know and love. Why? Because I like the way it shows the graphs I worked so hard to put in the title art!
I write for you. So I would appreciate any suggestions on how to improve this newsletter’s readability or simply how to make it better. Replying to this email is the easiest way to reach me.
Why today’s stories matter:
Today’s stories matter because the first three show how Asia continues to leapfrog the West.
From cashless payments to the application of GenAI at work, Asia and China are implementing tech faster than anywhere else.
While the first two stories solidify Asia’s lead in going cashless, the results of AI implementation in China show how AI is not creating a “workers’ paradise.”
This shouldn’t surprise you, as AI applications are all about improving efficiency. But at what cost to employees?
Next, we have two other stories on AI that further show its good and bad sides. Employees now view AI as more friend than foe, and that is good, but one has to wonder if China’s application of AI has something to teach us.
Now, if that wasn’t enough to make you question Silicon Valley's picture of our coming AI paradise, look at the next story highlighting AI’s growing use in fraud.
Finally, check out today’s 🔥MUST READ🔥 report from the Financial Times on Generative AI. It’s a solid read and does a fair job of showing AI’s dual nature.
APAC’s Cashless Society: The Future of Digital Payments
The Asia Pacific region accounted for nearly two-thirds of the global digital wallet spending at a combined $9.8 trillion and has digital wallet penetration rates of 70% compared to 50% globally. Deloitte boldly proclaims, “The APAC region is spearheading the world’s shift to a cashless society.”
Worldpay Report: Global Shift To Digital Wallets Triggers Decline of Cash and Cards
Worldpay’s Global Payment Report shows just how quickly the world is giving up cash and cards to switch to digital wallets.
AI in the Workplace: From Promise to Peril in China and The West
While the West argues about whose AI is smarter, companies in China have been applying AI in the workplace, and the results are anything but a workers’ paradise.
From Fear to Friend: How Workers Now See GenAI as a Workplace Ally
LexisNexis's latest survey on GenAI’s impact on the workplace is a real shocker with great news that shows how humans are adjusting to genAI at work! Now that 83% of workers are familiar with genAI tools, their fear of the technology is subsiding, and most see it improving their job satisfaction!
Corporate Vulnerability to AI Scams: Lessons from a $25 Million Deepfake Heist
AI-generated fraud is society’s worst nightmare come true as you can no longer believe what you see and hear. If that doesn’t scare you it should.
Special Report: The Future of AI
The Financial Times produced seven punchy articles on AI that are great reads and cover the gamut of industries all rushing to put AI to work.
My favorites were the chapters on healthcare, which is described as "AI Immune" due to the slow adoption, and the curiously ignored soon-to-come revolution in humanoid robots.
I think the robot revolution is being "undersold" with all the AI hype. Robots will have far more profound implications for jobs and society than my bank using an AI chatbot!
The FT saves the best for last, and the final chapter on responsible AI in business is excellent!
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Great stories, thanks Rich! 👍