It’s 2030 and blockchain technology is commonplace, and the use of voice enabled technology has increased. Back in 2020, people were using technologies like Amazon Alexa or the iPhone Siri, but mostly for personal use. In 2030, this technology has increased in the work environment. The traditional office/desk scenario is something we look back at with incredulous laughter: all that slavery to email, constantly typing replies to clients and manual preparation is truly old-fashioned.
In 2030 the advancement in voice enabled technology gets the Alexa equivalent to do the heavy lifting and prepare the relevant response or document for amendment. While instructing with our voice, we’re no longer tied to a desk: instead, we can multitask to meet work and home demands.
In 2030 the need for instant responses, get access to your data and obtain the answers independently has been amplified. The NHS is an example where document sharing has been transformed: no more waiting for doctors to come and talk to us. Instead, records are made available electronically with appropriate updates added.
Embracing significant technological change is scary but ignore advancements at your peril. Speaking from 2030 to the CEO of 2020, I would encourage them simply to start somewhere. By digitising records and simplifying processes, you can dip your toe into the areas that are essential for future sustainability as a business.
By 2030, ZEDRA has introduced its own voice-activated app used by employees and clients. An employee can say ‘Hey ZEDRA, prepare me a standard corporate resolution, include the property purchase paragraph, state the value as X before sending for authorisation.’ Likewise, a client can ask a question to their ZEDRA contacts and expect an immediate answer. Improving client experience and giving timely access to secure data is key.
To be able to launch this app, the CEO of 2020 had to have the vision to standardise processes, write the code to cover all voice enabled scenarios and build collaborations to establish connections that will be embedded by blockchain technology. Recruiting employees that can multitask, work on demand, and be paid for actual work rather than under traditional employment contracts was a transition we saw in the last decade. In 2020 the conflict between the 24-hour demands of clients and the need for employees to be able to switch off had started to bite, and there was a lot of focus on mental health. Companies that supported employees learning how to effectively switch off when client demand lessened was crucial to a successful work-life balance by 2030.
Language barriers have disappeared as technology now provides sophisticated real-time translation for speech and writing. For the Isle of Man, that has opened more opportunities: the jurisdiction is a low-cost base with good quality staff. The lack of language capabilities and the extra travel used to be a barrier, but these are now removed as being based in the same country as your colleagues is no longer the norm.
Large institutions such as banks have found it difficult to adjust over the last decade because adapting to new technology was costly and complex for larger institutions. Some high street banks have been replaced by the smaller, nimble firms that have started afresh and created a product and service using the latest technology.
The balance between security and efficiency was a challenge in the early days of 2020 when using email was the primary method of data communication and transfer. This threat and inefficiency has been reduced with new technologies based on blockchain. Coupling financial transactions and electronic signatures provides the comprehensive security approach required in today’s world and negates the need for wet signatures. Process simplicity at its finest!
In summary, the CEO of 2020 has to be brave and start preparing processes and employees for the changes to come.