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Predictions for 2022: Workplace, Tech, and ESG Points

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Calendar


If business leaders have the fortitude to act, this year is ripe with possibilities. To clarify, there is no workplace crystal ball.

We have arrived at the time of year when we are nearly ready to start the second quarter. We have attempted to make sense of the last two years and how we have adapted to those changes in this first quarter.

The fact is that there are still a lot of unknowns in this strange new world. Sure, the epidemic is far from ended; yes, the globe still confronts many of the same issues that it did in 2021, but with additional twists. And now we have started into something worse than the pandemic — the Ukraine war.

Nonetheless, some individuals see a lot of possibilities for the rest of this year.

1. The digital revolution will continue.

Covid-19 has been on the scene for a couple of years — yet, organizations continue to show resiliency and innovation, thanks mainly to their embrace of digitalization.

However, there is room for improvement everywhere and this is a positive thing for the workplace. To combat a significant increase in threats, areas like cybersecurity can—and should—be automated. Other tasks need a more personal touch. As we go toward hyper-automation, for example, my hope is that company leaders would approach automation with a people-first perspective — automating their most employee-centric operations carefully and purposefully.

While putting people first is a technique that slows down certain aspects of automation, it ensures that the appropriate processes are automated correctly from the start.

2. Humans and AI will work together more.

Many people are still amazed, perplexed, and concerned about artificial intelligence. Individuals became even more worried when Google’s AlphaStar algorithm defeated 99.8 percent of the world’s best players in the complicated strategic game StarCraft II. An AI game garnering a winning had the experts perplexed.  (Congratulations to the 0.2 percent of those who defeated the bots!)

Meanwhile, commentators provide a steady stream of “robots are stealing your jobs” articles. Calm down, people. Artificial intelligence isn’t going to take over the planet. In truth, AI is only as good as the data that people provide it, no matter how powerful or quick it is. This year, some people believe we’ll see a more robust adoption of AI inside the company as more business executives know the value of human-AI cooperation.

Employees will eventually profit from this collaboration since, after all, we humans will be the ones who decide when and how managers may utilize AI to improve our jobs.

3. Employees will want — and rightfully so — more.

With the Great Resignation and the ongoing demand for improved workplace conditions, 2022 will be a year of “power to the people.” Organizations must strengthen the emotional component of the digital work experience to compete in this heated talent market. People will vote with their feet if they fail to connect with and encourage their employees — after all, why stay in a position that doesn’t enable you to reach your full potential?

That’s why, beyond decent UI and consumerization, businesses should move today to make the digital experience more coherent with their businesses — with a feeling of belonging and purpose. On the other hand, corporate leaders should empower their employees to increase productivity.

Low-code solutions enable employees to solve their issues and enhance their work processes, making them essential for future employee experience.

4. We’ll be hyper-aware of our surroundings in every workplace.

The previous several years have taught us that the more we immerse ourselves in the digital world, the more attention we must pay to our actual surroundings. Do you believe the present supply chain is now strained? Wait as we proceed further into 2022 to see what happens. The possibilities are endless. We’re pushed thinner than ever before regarding inventory and logistics, and things are only getting worse as labor shortages persist.

We speak a lot about digital transformation, which is critical, but we must remember that we live in a concrete and valuable world. The continuous climate chaos reminds us that our actions have far-reaching implications and must endeavor to improve the planet. The last and most crucial prediction for possibilities.

5. ESG will be the topic of conversation in the C-suite workplace.

Environmental, social, and governance (ESG) concerns are becoming more critical in the corporate sector. In 2022, the C-suite will prioritize the need to safeguard and maintain our planet and its people above giving PR-driven lip service to ESG. We may have complete control over the digital world we’ve built — but it won’t mean anything until we have a healthy planet and a fully functioning civilization to sustain it.

People change because of factors other than compassion — sometimes change has to be demanded for people to finally do what’s right. The need for a well-considered ESG strategy is becoming apparent as a crucial business requirement. Boards, consumers, and a new generation of employees are increasingly scrutinizing leaders and their enterprises. All are acutely aware that we are at a social and environmental crossroads.

Gen Z is particularly interested in where prospective employers stand on environmental, social, and governance (ESG) problems. Which makes it all the more vital for companies competing for talent to pay attention. While corporations will have to rise to the occasion, we can lower our carbon footprint by committing to a net-zero carbon footprint.

That’s all there is to it

The world has changed a lot in the last few years and it’s optimistic to say that 2022 will mark a turning point in our attitudes about labor, technology, and the environment as a whole.

While it may seem frightening to face the rest of 2022 with the Russian/Ukraine issues surrounding our thoughts — it seems that the best potential of possibilities will be in looking forward.

Image Credit: Pexels; Thank you!

 

This article was originally published here.

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Fintech Kennek raises $12.5M seed round to digitize lending

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Google eyed for $2 billion Anthropic deal after major Amazon play


London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from Kennek.io; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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Fortune 500’s race for generative AI breakthroughs

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Deanna Ritchie


As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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UK seizes web3 opportunity simplifying crypto regulations

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Deanna Ritchie


As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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