Change is coming faster than most think: AI to impact 40% of jobs worldwide, Banks struggle to get a digital edge, top trends in payments.
We are entering a time of digital "haves" and "have-nots" creating greater inequality
Artwork of the day: Portrait of Madame Matisse. The Green Line, Henri Matisse1905
While Portrait of Madame Matisse. The Green Line has many features that are instantly recognizable from the real world; it is not a naturalistic depiction of the artist’s wife. The green line dividing the face into two halves, cold and warm, contributes to a plane-like effect that makes the portrait mask-like and abstract.
A short note today as I’m on my way to my hometown, Pordenone, Italy. Expect shorter newsletters for the next month.
I picked Matisse’s modernist masterpiece for today’s art as his portrait has many features that are instantly recognizable from the real world, yet it is not a naturalistic depiction of the artist’s wife.
This is what our AI and digital future will look like, with some parts fully recognizable and others overtaken by AI and technology that will contribute something new and disconnected from the old. Like the painting above, a digital green line will divide our future.
Today’s newsletter shows how AI is upon us and will impact our jobs and how we relate to our banks and payments. It also will sadly create more inequality in our world, not less.
Like the green line divides Madame Matisse’s face, AI’s green line will dive our society into the digital “haves” and have-nots.” Two sides are opposing one another and like Mdm. Matisse, one warm, one very cold.
IMF: 60% of Jobs in Advanced Economies Impacted by AI!
The IMF lays out our AI future as one of stark contrasts. A utopian view where AI jumpstarts productivity, boosts global growth, and raises incomes worldwide, and the other dystopian is where it replaces jobs and deepens inequality. The AI era is upon us, and it will be up to policymakers and businesses to work together to form policies that ensure it b…
Bank Digitization is too Little too Late as they Fall Behind and Miss Out on $7 tn in value
BCG lays out one of the hardest-hitting reports yet on why banks are in trouble and how to fix it. I give them credit for their candor. One thing that is inescapable is that banks are losing their relevance and position as apex financial predators.
Payments Top Trends for 2024: Real-time Rules
Capgemini does a great job of laying out ten payment trends for 2024, but in the end, only one matters: real-time payments. Whether these payments are mobile, stablecoin, CBDC, or deposit tokens is immaterial; the only thing that matters is that they are immediate, and no one waits.
Retail Banking Top Trends 2024: Digital is King
Given the bank failures and interest rate rises of 2023, it’s a good bet that 2024 will be a better year for banks. That is, however, a very low bar to clear! Capgemini does a great job of breaking down banks’ 2024 priorities into three major trends: Customer first, Enterprised management and Intelligent industry.
Inequality: A real problem that shouldn't require resorting to Karl Marx to solve.
Inequality is everyone’s problem. You cannot read the statistics below and say that humanity can’t do better. That’s why OXFAM’s report is worth reading, even if their solutions come straight from Karl Marx’s “Das Kapital.” Normally, it would be easy to dismiss OXFAM, but we can't afford to with the coming labor disruption through AI. The IMF estimat…
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