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There is no better example of evolution than what we have seen in the financial world. From traditional in-person banking to internet banking which eventually moved from your desktop to the comforts of your palms through mobile banking. The strides that technology has taken have further changed the way we bank today introducing us to digital banking.
The events of 2020 have turned most predictions for 2021 on their head. Top trends such as artificial intelligence (AI) and the internet of things (IoT) will still define the ways in which tech reshapes our lives in the next year. However, the most significant use cases now involve helping us to adapt and survive in the changing times we are living through.
In October 2020 the US House Antitrust Subcommittee, chaired by Congressman David Cicilline, published its report on competition in digital markets. It conducted a full review of the market from top to bottom, focusing on the dominance of the giants in the industry: Facebook, Amazon, Apple and Google. The report zeroes in on their business practices, and how these could potentially amount to monopolies.
The Internet of Things (IoT) is one of the most prominent tech trends to have emerged in recent years. In simple terms, it refers to the fact that while the word “internet” initially referred to the wide-scale networking of computers, today, devices of every size and shape – from cars to kitchen appliances to industrial machinery – are connected and sharing information digitally, on a global scale.
When you say the words “artificial intelligence,” what comes to mind for many is some sort of super intelligent machine life-form we’ve all seen in sci-fi movies, a being that knows more than we do and can do more than we can. Complete awareness and interpretation of its environment, rapid learning and adaptation, and incomprehensibly fast cycling through the orient-observe-decide-act loop are implied AI characteristics in most films.
When AI was first launched, it was perceived as a technology that could revolutionize business models by creating a full understanding of a clients’ profile and their needs. It would be a must-have technology for large businesses to boost their balances and a magic tool for small business owners to remove barriers between their product or service and the final user — using the right data, of course.
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