Technology: The new golden age?

Technology is the big winner. It will continue its rise within all aspects of our lives (e.g. education, health, retail, communication, payment and signature). Benefits of Digital are much better perceived: usages have been widely deployed to all sectors & populations. Digitalization will for sure accelerate — companies that are late on the digitalization of their activity & processes will perceive this as a new operational risk, and some will die due to their lack of investments in digital before the crisis. Contactless behavior, services, processes and robotization will accelerate.

This crisis will accelerate the leadership from digital giants. Hopefully the newcomers in which we believe (mostly B2B FinTech with a smart market approach on trade finance) will be cautious as they may face strong difficulties. Due to their size, they are not systematic yet.

Evolution of our rights, privacy and security: the balance between privacy and security is evolving, but when you reduce privacy it is never easy to come back to previous rights. Governments such as Taiwan and Israel have already deployed geolocation of sick people and increased health data sharing. Europe is planning to do the same, with several ongoing debates on privacy. After the crisis, the question is will individuals and companies be willing to share more data in return for more security but less privacy?

The digitization of payments will accelerate as paper money will be less and less trusted, which will also create new opportunities for scamming and fraud. Contactless payment will become a license to operate. However, this could be counterbalanced by a search for safe havens (eg. in the form of gold) if inflation increases.

The need for face-to-face relationships will be replaced by a significant preference for digital relationships, forcing high-context countries to reinvent how they create trust in a digitalfirst world. Covid-19 has created distrust between humans in streets, shops and queues as they fear contamination in these areas. This physical distrust will remain. The use of masks will increase after the Crisis and we will see a strong decrease in large social events. Trust has always been the key to durable business and the digital world needs more of it thanothers, as humans can lose a sense of who they’re dealing with. Digital certification and insurance have a key role to play as a catalyst in establishing trust. Projects such as digital KYC and individuals identification operated at global scale will be crucial in the coming years.