Before starting his “Is Today’s Deep Tech Tomorrow’s Fintech?” talk on the Fintech stage in the afternoon of 23 June 2018 at Techsauce Summit 2018, Paul – Polapat Arkkrapridi, Managing Director of Corporate Venture Capital of Digital Ventures, cited Swati Chaturvedi, an Indian journalist on the future of the corporate world;
“Companies founded on a scientific discovery or meaningful engineering innovation…These are transformative companies that will change the face of the planet in coming decades”
“Surviving now depends on moving with the technologies,” Paul said, “Not on process or business model innovation”
And what kind of changes can we expect from Deep Tech in the financial world? Paul took us on a sneak peek of “The Future of the Invisibles” where lives are no longer attached to the tangibles; from Invisible Commerce, Invisible Banking, to Invisible Assets
“The usual?,” said a voice, before a cup of specially-made coffee was served before you. Most of us would think of this situation as a normal occurrence in an otherwise a very attentive café, but in the near future, you may hear that voice from an AI, who knew that you were walking up to the café from your Geolocation, remembered your face and your drink preferences from Facial Recognition and Big Data, talked to you in a normal, conversational flow with its Natural Language Processing (NLP), and as soon as you receive the coffee, deducted your payment from your account with Cashless Transaction.
“The implication of the future with AI in commerce is not just having a cashless society”, said Paul, “But it also means the more personalized productions and services with the combining technologies such as Biometrics, Digital Identity, Geolocation, Facial Recognition, AI, and Machine Learning, that will collect, analyze, and build personalized profile with deep insights to offer the more targeted products, services, or even advertisements”
Though we have been seeing more Automation trend being implemented in Thailand, such as the SCB Express model at CentralWorld, where customers are empowered to complete their own transactions, when it comes to financial and business advice, or even some specific banking activities, physical bank space and employees are still needed. However, Paul saw the future differently.
“The future is Banking anywhere, anytime,” Said Paul, “If we can combine AR/VR technology to Authentication, as well as AI to Big Data, we may never need a physical branch again”
Paul told the room about what could happen at “The Invisible Bank”: “When a customer puts on a headset, it identifies and authenticates the person through the system, and take them to the virtual bank. An AI will act as the financial and investment consultant that provides recommendations based on financial and professional status, as well as personal and lifestyle situation”
“In the future, houses will turn into intangible coins” – this may sound ridiculous, but surprisingly not too far from reality, with technology like Blockchain that is becoming investor’s household word. Even in its infancy, Blockchain, Cryptocurrency, and Tokenization are the things that are disrupting many businesses and industries.
“Blockchain-driven capital markets drive efficiency and transparency across the entire securities value chain from trading to settlement,” Said Paul, “By turning assets into tokens, it allows for trading of any asset of value, with market makers using cryptocurrencies as medium liquidity”
“Furthermore, ICO (Initial Coin Offering) is also evolving into fundraising mechanism that fully disrupts and displaces traditional capital markets and corporate finance”
The Future of the Invisibles
Before the talk ended, Paul pulled up a short clip from a 2002’s blockbuster, “Minority Report” – then-outlandish prediction of the year 2054 with technologies such as 3D street advertisement that can identify the passersby, service AU in retails that can recognize and remember individual’s personal details, or even its plot point on future crime prediction. Paul then pulled us back to 2018, with the story of a Chinese police force that identified and arrest a criminal in the crowd of 60,000 concert-goers, using Facial Recognition. Other examples include 3D printing technology beyond its use in manufacturing, such as on-demand clothing production for travelers, which allows you to customize the design and function that suit the weather of your destination at the time, reducing the luggage cost for transcontinental travel.
While this may still be in the pipeline for the future, we can already see some impact in the healthcare industry. “Meticuly” – Thailand’s very own startup has been developing a system for 3D-printed, artificial bone, which will help reduce the logistics cost once the system is implemented globally.
“Today’s Deep Tech is not Tomorrow’s Fintech,” He concluded, “It’s tomorrow’s Everything Tech”