5 innovation must reads for your weekend

We kept our ear to the ground for the interesting stats, insights and discussion points you need to feel in the know, from Innovation Realized In Focus 2023.?

1. Don’t bore us, get to the chorus?

Music is changing. And we’re not just talking about the industry as whole, we mean individual songs. Right down to the lyrics and how they are structured. Songs have typically been written in the format of VERSE-CHORUS-VERSE. But music streamers may have spotted a recent and subtle change. An increasing amount of new music is being written as CHORUS-VERSE-CHORUS. Why? Driven by today’s extreme abundance of content and choice, artists know that listeners aren’t likely to continue far beyond the first 15 to 30 seconds of a song. So, they are choosing to bring forward the catchiest part of the song to hook the audience - and get paid royalties for the play. As the volume of music - and information in general - grows, it becomes more expensive to sift through it all to find the information you really need. And as we have seen already in the music industry, this friction can reshape markets in unexpected ways. The future of search is on the horizon, after more than 2 decades of minimal change. ?

Nicola Morini Bianzino, EY Global Chief Technology Officer, tells us more. ?

?Generative AI and the future of searching?

2. AI is everywhere?

For the first time in nearly two decades working on data and AI, Dan Diasio, EY Global Artificial Intelligence Leader has found himself in the middle of AI discussions outside of the office. From the school drop off to conversations with his doctor at his annual checkup - AI seems to be everywhere. Without a doubt, generative AI (AI that can generate original content such as text and images based on user prompts) has gone mainstream. But why? While the origins of AI can be traced back to the mid-1950s, Dan states there are three key drivers fueling the current breakthroughs. Take ChatGPT, for example, that has contributed to democratizing AI in several ways; the tool is “available and accessible for free on the internet, which reduces many barriers to entry for those who want to learn about AI ” says Dan. But there’s more. “AI funding in the last few years has skyrocketed - the International Data Corporation (IDC) predicts global spending on AI will surpass US$300 billion in 2026.” And it doesn’t stop there. Dan shares more in his latest article.

From the doctor’s waiting room to the boardroom, AI is everywhere. But what is your company’s AI strategy???

?

3. The metaverse isn’t just for gamers?

The metaverse is not just a technological revolution, but also a social one that empowers people to create, share, transact, and monetize content. Its emergence is a significant shift for the banking and financial payments industry, with massive potential for innovation and growth. Whilst industries such as ecommerce, healthcare and fashion are already exploring this space, banks and other financial institutions also have a big opportunity to invest and participate in it too. But how? Of course, the metaverse isn’t just for gamers. Banks can get in on the action too by building trust between customers and the metaverse through virtual branches. These will allow customers to open bank accounts and access services – saving them a trip to the bank, for example. But whilst there is potential for growth, they will need to remain compliant with global standards that are still unclear and ensure customer data privacy. But with the right laws in place, banks may have an entirely new landscape in which to operate.??

The metaverse revolution: how banks can tap into a 860 billion dollar market??

4. Bringing avatars to life?

The metaverse is blazing a trail around the globe. But it’s not just technology companies that seek to define this alternate reality. Since June 2021, the EY metaverse lab team has been building a virtual world with one goal in mind: applying the diversity of human imagination to make EY’s virtual world, as generous and welcoming as possible. But there are challenges. According to EY metaverse lab Global Lead Domhnaill Hernon, one problem every metaverse builder faces is that we don’t yet have the technology to create truly natural human avatars. While there has been advancement around the depiction of human skin and movement in the metaverse, avatars often miss the mark, something many refer to as the “uncanny valley” phenomenon. “A lot of people develop technology without thinking about the human at all,” Domhnaill explained. With this in mind, the EY metaverse lab team developed a fresh approach to create more life-like avatars through its new artist-in-residence program. Domhnaill shares more in his latest article.?

How artists help EY teams keep humans at the center of the metaverse? ?

5. The greatest business revolution of the 21st century?

Digital transformation is the greatest business - and societal - revolution of the 21st century, radically evolving how we live, driving economic growth and reshaping how society functions. However, unlike the finance, tech and consumer sectors, governments have been slow to adopt transformative tech. So what could help here? Digital Public Goods (DPGs); also known as open-source software. DPGs are freely available for all governments, and others, to use, customize and adapt for their own digital public infrastructure. In India for example, their use of a DPG provided 1.3 billion people with a digital ID. This in turn, allowed many unbanked to open bank accounts. According to a 2019 report by the Bank of International Settlements, it would have taken 47 years for 80% of adults to get a bank account if India had solely relied on traditional growth processes. As is often the case, the collaboration of governments, the private sector and communities is crucial to maximizing the potential of DPGs. But it’s time to seize the moment.?

How can collaboration fulfill the digital public goods ambition?

If you do one thing: ?

In this digital age, don’t lose touch. Send a handwritten letter or note.??