It’s been a hectic few weeks; there seem to be events everywhere.
It really does feel like there is a ‘conference season’. As overwhelming as these can feel, by listening, closely, we can often use these to pick out many new ideas, so something to embrace… and for me it started last month.
Coffee, Cake, Repeat
To be honest, I am still feeling somewhat burnt. Generative AI, a topic, in reality, that had been around for a while, only seemed to get attention when ChatGPT burst onto the scene in 2020. Suddenly, because we could all see it, access it, and seemingly do fun stuff with it, did we all become excited.
Before this, it was academic, stuffy and more inaccessible… maybe something for the future, but still a long way off.
I wish we had been able to flag this better the first time around. With this in mind, I have vowed to make sure I double down and look even further ahead…
What are the latest ideas and academic discussions today that could result in the next wave of innovation tomorrow?
The ‘conference season’ is as good a place as any to start… So what is going to be the next big thing? Can we anticipate the future?
Quantum Technology: Exponential Potential?
First off on my slate of events, last week, Quantum Technology. Quantum is one of those ‘sexy’ sounding words that, like AI, is thrown around and added to sentences to make everything sound cutting edge.
Could this be the next ‘Cloud’, ‘Blockchain’, or indeed ‘AI’?
I went to the QuantumTech conference to get a better understanding and find out.
Quantum technology, in reality, is not just software; it is complex hardware, involving sophisticated mathematical algorithms to make it work. There was certainly lot of Big T tech going on, and much of this was hard, not easy – albeit with some hype around the edges… it has not reached the ChatGPT marketing moment yet for sure.
I walked away feeling very informed, and yet with the feeling that implementation for widespread use still appears to be several years away – likely five to ten years – particularly for areas like financial services.
Quantum technology is indeed promising but still relatively nascent, so was still in the watching brief category for me.
Behavioural Science: More Pervasive Than We Realise
The rest of the week involved discussions around behavioural science.
This is another field that has been around for some time, particularly in fast-moving consumer goods; however, in areas like debt collection, we are only just starting to realise the untapped potential by building systems to handle the data and manage the complexities of this in a complex customer journey.
… and, the session clearly got me thinking in new ways!
For example today I bought lunch and noticed I could either buy:
- A ‘Grab Bag’ packet of crisps/chips – 45g for £1.10, or
- A ‘£1.25’ packet of crisps/chips – 75g for £1.25
Same vendor, same shop.
Clearly, the second is more economical, but using my new ‘behavioural mindset’, I realised which one I bought really probably depended on my behavioural archetype. Ie am I in the:
- ‘In a rush, at work, grabbing lunch’ mindset and go for the grab bag (and be less price-sensitive)? Or am I in the,
- ‘Looking for value’ mindset, noticing the price and going for the latter?
Today, it turned out I was the latter, although I also found I am in the ‘finding it impossible to eat only half a bag’ category too – so maybe I need to rethink my choices next time !
All of this to say, behavioural science is not as uncommon as we may think. We see it every day already.
So can we use this to influence positive outcomes, such as guiding people towards better debt solutions in the collections space? It did feel like there is untapped near to medium-term potential here.
NPLs: Looking ahead
Lastly, this week, I have been at the Non-Performing Loans (NPL) Global Conference. NPLs are very much at the back end of the process of lending money. It is after all the process that takes place, when all else has failed, and lenders have largely given up and need to work out the loan.
Yet, despite being at the back of the process, this group also has a unique vantage point… one from which they are used to seeing everything in front of them, especially what is coming down the pipe. This includes a good view about the economy.
The picture painted unfortunately was not very rosy – a downturn in the US and Germany, likely impacting across Europe, increasing volumes and pressures on costs.
Technology and data however offered a bright spot. This is a potential solution and given the timelines something we still have the time to react and adjust for.
Rethinking Efficiency: Working Smarter, Not Harder
All of these discussions got me thinking about our workplace practices.
Can we use technology, data, and new ways of working, not just to be faster, but to also be smarter? Do we have a clear view of future tech?
When facing challenges, our instinct is often to ramp up activity – to push through more volume.
However, as the behavioural science discussion illustrated, we may be able to do things smarter. The quantum tech discussion showed there may also be new things around the corner that could change the game completely.
So as we potentially head into an economic downturn, my takeaway was that we may need to refocus, take a step back, explore new methods and new technology to enhance productivity and effectiveness… and all the while also keep our eyes firmly on the future horizon to anticipate what may arrive.
More ideas and events in November too… should be interesting.
Have a good weekend, everyone.
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