<p class="ql-block">新加坡國立大學中文EMBA碩士 學位課程(AI服務革命對戰略服務營銷的影響 )主講導師 ：武耀恆院長 </p><p class="ql-block"><br></p> <p class="ql-block">新加坡國立大學EMBA通向世界的窗口 !</p><p class="ql-block">武耀恆副院長 ：……Welcome to our session here on service roberts intelligent auto van and what the future will bring to the service sector here so i hope you enjoy the session and i very much look forward to the qa after the session i see you again ！</p> <p class="ql-block">……I come to my master class on the service revolution and its implications for strategic services marketing So this master class will be two parts the first part i will talk about all of that technology that is happening right now with change how we deliver and consume services and the second part we focused so what is the implication for service businesses in the service revolution so one of the strategic implications for you all the senior managers running these companies my name is john willi professor of marketing and vine MBA program At the end s business school and national university of singapore Now why am i……</p> <p class="ql-block">……Am i so excited about the service revolution and it's precisely because what i believe is that everything is coming together now our economies had an inflection point All of the technologies and whether you think about biometric cloud technologies mobile technologies robotic service robots intelligent automation machine learning natural language processing autonomous driving and all of these things they're getting what powerful Better cheaper smaller almost by the month and i truly believe if you look back fifty years from now That it would say wow in the two thousand twenties that is really when the service revolution Gathered pace so what we had we had ……</p> <p class="ql-block">……The a culture revolution that gave us food at very affordable prices so in most developing and developed countries what you will see is that people can work lesson lesson less to buy the basic food they need The industrial revolution brought us a mass manufactured goods to the masses ……</p> <p class="ql-block">……So in most middle classes around the world they can afford all the goods they need for their daily lives and what we are having now is the same for the service sector We have an insatiable demand in the health care in education in leisure hospitality tourism but these services have in common but they're actually quite expensive not often very affordable you think about healthcare you think about education there are needs all over the world And i believe that the next fifty years will make these services very affordable for most people on this planet and i will share with you in the first part of the section why i believe this to be the case Now of course such dramatic changes in the service sector would have equally dramatic implications ……</p> <p class="ql-block">……For service strategy before the industrial revolution we didn't have modern marketing So all of the stuff you're doing today in our economies that is for example branding Advertising packaging distribution pricing strategies that didn't exist before the industrial revolution So what will the service revolution break and this is whatever share with you here today So let me go to the first part which is really about the technology and how that affects the service sector service delivery service products so let me look at the first thing is the term to call all of this technology is really intelligent automation That includes all of the technology i just mentioned rpaipa ……</p> <p class="ql-block">……Intelligent automation and they are really four capabilities that this automation will bring us and there's a bit like the sensors of humans So we have vision so somehow you have to get the environment and things into digital format into our computers and systems so that is character recognition it is biometric it is facial recognition so anything you see where a camera picks up things and then the system translates that into bits and bites So the vision of capability the next is execution so we have to execute and do stuff so for example if i'm a FinTech And i want to issue a digital credit card to one of my customers I have to do the credit ……</p> <p class="ql-block">……Wealthy assessment and all of those things that at the end i have to issue a legally binding contract and a credit card you can put onto a smartphone and then pay So this has to be executed this robotic process automation is workflow automation so that's the execution of doing bit Then the next capability is language the system has to understand the spoken word the written word you as a customer you don't essa type you want to talk to an AI please i would like to have credit card with an eight thousand dollar limit on it and so the national language processing chip that's all under the language bit here And the last capabilities thinking and learning ……</p> <p class="ql-block">……This is analytics machine learning so how do i improve algorithms on let's take credit worthy as assessment i can automate this so the AI can teach the ai says machine autonomous machine learning so obviously we we we are getting here we are not talking about a single technology here but we are talking about integrating all of these capabilities Add the customer interface to deliver fully automated processes and services to our customer base Now let me sort of pain a bit of a picture where this automation will lead to where we can use this automation And there are really three dimensions here the first one is that service tangible physical drive to move ……</p> <p class="ql-block">……Or touch things or people or is it intangible is it information processing type services that's the first one the second one what is the call value proposition of that Is it emotional and social is that what you're looking for from that service or is it more cognitive and analytical And the third one really is i mean how often does a process as service happen and then each time it happens how homo genius or how hydrogen us Is it so let's briefly look at each one of the key dimensions that will……</p> <p class="ql-block">……Come on what type of services will be fully automated So the first one is the tangible intangible kind of matrix here which you can see and of course i mean the tangible actions is what gets the media excited what gets shared on social media as well you see robots from boston dynamics dancing to music robert dock chasing doing things delivering things and that is all terribly exciting But the real changes that are happening right now is really in the space of intangible information process ……</p> <p class="ql-block">……A same type services so you think about anything that can be done on an APP On a website on a college center or simply by talking to someone these are information type processes and these are the services That will be automated the first i mean think about it in the of the fastest shrinking job categories until recently was retail assistance and why E commerce Amazon so a lot of people that they order online that gets delivered they don't ……</p> <p class="ql-block">……Don't go to the shop anymore and that of course that means the shop assistants don't have work anymore but there's more of the tour but if i go to a shop and i have to decide between two computer screens for my own office which one do i buy i actually don't even ask the retail assistant What i do is i ask mr Google so i Google what are the reviews for that screen one of the reviews for the other screen for what kind type of purposes the screen good versus the other screen so even when i am in the shop I'm not necessarily talking to retail systems so you can see how retailer systems here ……</p> <p class="ql-block">……Being displaced by other technologies and we haven't haven't seen the end of it i mean i predict that in a few years we have what you call virtual retail assistance being from the ceiling Samsung for example we have a worldwide delivery of these holographic all the common languages and can tell you all of our Samsung t and went to y which product now……</p> <p class="ql-block">……It's placed and i give you one example we have chunky airport here in singapore airport has one information counter in every terminal at every level now That is actually very expensive retail space i have to I could put a louie top shop there make a bigger shop there instead of having information counter i've expensive headcount there and on top of that it is not terribly convenient for customer ……</p> <p class="ql-block">……So as either why look i may be at one end of the terminal and i would like to ask something but it would have to go all the way to the center of the information calendar to get my answer I promise you in a few years from now what we will have at all the major apart in this world as every fifty meters we beamed down a digital personnel hello graph All in this very cost effective all i need is a bear a speaker and a microphone and this thing is connected ……</p> <p class="ql-block">……To WiFi and it's powered by something like IBM Plus perhaps gp and then this hologram can speak all the common language of chinese japanese korean german french italian you name it and vantage it is very convenient because it is so cheap that i can put it every fifty meters it doesn't take any retail space for soft for example in an emergency you just can push your cuts who's the hollow graphs because it's been from the ceiling It is cheap enough so that i can even put hollow graphs into the……</p> <p class="ql-block">……Copa even even know where your car is because they have the number plate recognition they can even ask where's my car you can see where we are going with this year's cost effective and great service and the nice thing is That the whole thing can still be backed up by humans So i think is very likely that there will be a control center where all of these holographic t back tour and is monitored by two or three people and anytime a hollow graph cannot answer a question it gets escalated to the human team that……</p> <p class="ql-block">……This monitoring all of these holographic l location and they were then through the hollow graph speak to the customer and can answer the question and these kinds of things then also can help to improve and how make the database they have better the whole they handled questions to make it Better ok so you can see whether going here of course the tangible actions we see already baggage robots room service robots bars who will make you a coffee and on so that is happening to the first i mentioned really is a tangible ……</p> <p class="ql-block">……Versus intangible and the intangible part of the service revolution is happening at a rapid speed right now and i can promise you that in a few years most cost center staff will be gone because call center staff is all about information and doing things on a remote basis here and you won't need those anymore In many of my classes there are always participants and students who ask me hey what about the personal touch If all of these things are delivered by roberts and AI don't be missed people to serve us and then i always the cynical here because i say hey you know so you think to you the person ……</p> <p class="ql-block">……Touch is so important and this is very important then i asked them if it's so important when was the last time when you cashed money that you went to a human teller and not to the ATM and say oh yes So why do you go to the ATM why it's twenty four by seven there are many ATM there there is no waiting time there it's very fast and you will see that most of the services we have Will be the same that available all the time they're very fast as no waiting i mean you can see if i have to call to a human person in a coalition ……</p> <p class="ql-block">……I have to wait for an agent to be free they may be office hours and so on and i can tell you in all of my castle always ask so who in the morning weeks up and says hey i'm so excited i call my credit card company today Nobody wants to call it and the interesting thing is also the company also doesn't want you to call Why every call is actually quite expensive so what i've seen what good companies are doing they really analyze why are my customers calling me And then they work on how do i design this cause out from my service system So……</p> <p class="ql-block">……There are some people who say every college of my college center is a service failure and why because my website my APP didn't answer the question or couldn't do what this customer wanted to do so how can we fix this one of the leading banks i've been working with what they did this for example they do a frequency account of all the cause that come in the class center and then they work on how to design this call out and there was one example twenty three percent of all calls were about this ATM aid my credit cut ……</p> <p class="ql-block">……This credit doesn't work at the point of sale anymore there's something wrong with the chip or something wrong with the cart And rea bank Reno the ATM each the credit card we know this so we can say with ninety nine point nine Plus percent of probability this customer will call us in the next Want to see four days and ask for a replacement cart so we know that so why do we wait for the call so what they've done this the minute the system recognizes a cautious faulty a cat was helped by an ATM they send out to push message to that customer the custom we understand Your card was for the hell at the airport ATM what we will do is we was……</p> <p class="ql-block">……Then you a new replacement card within three working days and if you don't want that card please respond with l So with this very simple changing system they're saving thousands and thousands of cause they're saving a lot of money and extra customers like it so much better isn't it so that you can see here it's a mix of very high end technology but also smart thinking on how do you design customer contact and fate points out of our service processes and service products So this was the……</p> <p class="ql-block">……First i mentioned tangible versus intangible the next dimension is sort of what is the call value of the service Is it really emotional and social or is it more cognitive and analytical So what you can see on this chart here is that service processes that are cognitive and analytical of any degree of complexity will be delivered by robots and AI ……</p> <p class="ql-block">……For emotional and social value propositions This is really where people are important some people even talk about what we call this the feelings the economy so future jobs in the service sector would be a lot more about feelings and emotional intelligence and connecting with customers here because i don't want to scream and excited with the robot i need another person to do this with me okay so this is really the forty of the future of the workforce is emotions and feelings and personal connection Now you can see when it becomes convey very complex and emotionally very complex this is……</p> <p class="ql-block">……The space where we will see more and more people robot teams delivering service I can give you one example i believe healthcare of the future will be a mix of people professional healthcare employees and doctors and a lot of AI and technology in the background here and give you an example my daughter was visiting us here in singapore she lives in munich and when she came back to munich She's got a fever very high fever and she went to her doctor and the doctor actually had no idea of what this fever could be but my daughter says look listen i just came from singapore my parents had dengue fever and i think it is dengue can we do a blood test for dengue ……</p> <p class="ql-block">……The doctor said sure but for that doctor and it was angry by the way but for that doctor she had never seen a dengue case before because there is no dengue in music was very interesting she was transferred to the tropical diseases unit of the university hospital in the end because nobody else could treat in germany but i just want to assure you here In the future let's say ten years from law in america if you are a general practitioner and you miss diagnosed something important which in ai could have picked up but you didn't pick up because it's a disease for example i'm sure they can sue you for male practice So in future you will have the doctor at the interface with a patient but……</p> <p class="ql-block">……Then in a eye running on the background that will look at all the patient data and listen to observe even the conversation you have with the patient and pick up the key things there and then we'll develop a hit list of potential diseases for the doctor to check so that AI comes back and says look i really think this is probably danny fever there's a ninety nine point nine percent probability of match with dengue and then there's a ninety seven point eight or something else then the doctor can talk to the patient and say look you know all the symptoms you have their highly congress worth tangy Have you been to the tropics recently and the patient says yes okay let's do a……</p> <p class="ql-block">……Deng test so you can see where we're going here with this so most of the standard stuff will be delivered by robots issuing tickets approving issuing credit cards making reservation some in all of that you don't need people and customers would prefer just like they prefer the ATM today really emotions and social type of services they still will be people and then of course people robot teams for other cop really complex stuff The public includes education where many things students will learn along with hollow graph with online system but still is nice to then have a human who accompanies you on your learning journey Now this was the second dimension the……</p> <p class="ql-block">……A dimension is really how often does it happen and each time how similar or different is the process and you can see on this chart if something happens a lot and each time is the same this will be robert delivered services like room service like a barrister in a coffee like carrying your baggage at the airport and so on this will all be robots On the other hand if each time the process is different and there's not a lot of volume This would really be people roberts are at least for the next ten fifteen years not sophisticated enough to do that and i give you one example here if you're the handyman in the hotel You have to be able to unlock closed doors unlock saves fix a car ……</p> <p class="ql-block">……Upper fix a drawer do something on the set a change a light bub so it's so varied that for the foreseeable future we were neat people to do that But then you see in between again happens regularly but not that often for this piece again we'll have service robot teams and this will be a little bit in the industrial revolution we first started these are the very difficult dangerous jobs people don't like to do so they are motivated to actually Do use automation to help improve life for your people and here in japan is actually most advanced in the healthcare system japan is rapidly aging as a society Nurses and doctors also getting older yes and i mean it is……</p> <p class="ql-block">……Very heavy lifting literally heavy lifting to move patients from beds into your chairs and in japan more and more and more hospitals they have the nurse working with robert the robot does the heavy lifting and lift the patient out from the bed into the wheelchair from the wheelchair into the bus tup you can see how this would come together and what we discussing our sort of Physical processes working with a patient of fixing a light bulb but we also have information tried processes and this whole line at what time robert AI will be more effective actually comes down for intangible processes and why Because let's say if i need a reservation system for a spy in a hotel chain there are many other spots that have……</p> <p class="ql-block">……The same problem the hotel has many many hotels across the world and many many sparks there are so much volume that are can design a solution that can be then modularization adapted for a particular hotel but the technology is developed for the whole train Then the individual tells specifies how many spoons how many therapists do i have what are my opening hours and connected to pricing and reservation system and so then it works so even though they only have thirty forty bookings a day i still fully automated because across my whole hotel chain i've tens of thousands of bookings a day So we discussed the three dimensions that determine whether or not you should automate the process ……</p> <p class="ql-block">……They also say what we were most excited about is really what we call end to end automation customer service processes that the technology to deliver this interestingly is becoming more and more flexible And since check pt was launched can see now people actually getting very excited what technology can do chi is very new and already people are so impressed you a little bit long in a year in two years and three years you can see where we are going with this technology how flexible customer service interfaces can be Let me share with you what we call digital person this is done by a company called soil machines and soil machines they say the end the business of developing digital people that……</p> <p class="ql-block">……It means you as a bank as an insurance company as a telecom as a university you can design your own people you can take the ethnic group your life you can take the gender you like you can take the air so you can put them into your uniforms you can never hold team of customer service agency so customers can pick who they would like to be serviced so you can see this is becoming very exciting so i'm sharing with you Jamie jamie is a digital agent serving and z customers in new zealand and she was launched three years ago and already three years ago i will show a short video can see ……</p> <p class="ql-block">……Paul jamie serviced customers so let's have a quick look at jamie i'm really pleased to have helped so many people but i've only just started my banking journey i still have so much to learn we can't believe that it's been three months since we launched jane……</p><p class="ql-block">……Banks financial institutions insurance companies universities they will deliver service through the meter was so you put on your meet of goggles and you go in and you have a meeting with you and your husband or your wife and talked to a financial consultant in the meet of us e in a real meeting room and they can even show you why they talk to you and the meat of us look these are the statistics and the……</p> <p class="ql-block">……These are the features and the works i think you can get the picture where we are going with all of their technology right now What be excited about as scalable scalable means incremental cost are close to zero so it almost doesn't cost me very much to serve another customer this costs a solo that i can give the service away for free and it's basically only advertising finance i can do this Google has been to me the world champion in this game Google has a lot of products and you look at Google search as one of costs their most important ……</p> <p class="ql-block">……Products because it generates the most advertising revenue and billions of customers use Google everyday Many many advertisers and also publish us and content creator as intact with Google every day and Google makes tens of billions of dollars of revenue every year and then you probably an army of service employees to service customers and no actually it is very few operational account Google has an energy against operation had count if you are a manager in Google and you think you need to hire someone to deliver customer service You face an upper battle Google doesn't like to hire operation people the crashes hey can you design a self service technology ……</p> <p class="ql-block">……A scalable it doesn't cost anything you need a few million dollars to do that is fine so if you can see again where we are going with the city we want solutions that don't need people to serve customers people interact with the technology and to self service And go actually is the championship so now i shared with you the first part of my presentation that's the big picture where does customer service service service from goal with the technology but a service revolution we see today here now let's focus on the second part of my presentation which really looks at hey what are the strategic implications of all of that What we do all of that do for us ……</p> <p class="ql-block">……As a service firm i mean many of you are senior managers your captains of industry what does that mean for your business so i miss my thoughts with this and a few insights here so let me first say we are looking at services being automated and to end automated And my first prediction is just like in the industrial revolution we will see a massive concentration of service markets I mean before the industrial revolution we had thousands of manufactures millions of crafts men doing leather handbags for example after the industrial revolution there was a massive concentration because now it's……</p> <p class="ql-block">……Services being automated and to end automated and my first prediction is just like in the industrial revolution we will see a massive concentration of service markets I mean before the industrial revolution we had thousands of car manufactures millions of crafts when doing leather handbags for example After the industrial revolution there was a massive concentration because now it's a few companies that deliver great masses of goods and we don't need the individual craftsmen anymore So the same consolidation will happen the most service markets ……</p> <p class="ql-block">……You think about it Google Maps there's one Google Maps that delivers the world So i tell you give them that Google Maps is available for free i is advertising funded in the future there might be a maps APP that can be delivered to you at a very small feet but without advertising i mean all of the business models here and the value capture ideas they change But fact is one maps can serve the word that means if you want to enter that business you have to be differentiated you have to do something else so we had Facebook as a social media network and Facebook covered the world here ……</p> <p class="ql-block">……So if you want to be in social media you can't do me to on Facebook you have to have a very differentiated offering for example like linked n for professional services like YouTube for video so everyone has their own sort of niece and value proposition but for a specific application that is not room for many competitors so we really see a massive consolidation of all our industries the same is true you think of About it How many companies do we need to do to develop digital people how many retail solutions do we need ……</p> <p class="ql-block">……How many counter staff and solutions for airports do we need so my prediction is that every market will have one two three four vendors and that is it Everyone will go out of business Like credit cards like core i mean for example telecommunications communications zoom we got what's APP there are few of these APP that cover the word if you want to enter this market is going to be very difficult you have to be differentiated again which is getting harder and harder so for intangible services If rockets are open meaning regulation allow……</p> <p class="ql-block">……That save for credit cards for core for insurance products Every regulated market you will have only one two or three vendors and that is it That's for intangible some services are sort of mixed tangible intangible like Uber Airbnb yes the booking is the reservation the payment all intangible but then they sort of appear provided physical aspect is the somebody picks you up somebody gives you a room And these services are mixed but you can see the platform itself again how many air bb type or did ……</p> <p class="ql-block">……The type or type platforms do i need is very very few so even for physical services like bars like taxing like room service robots There will be a few vendors only so we will see a massive concentration consolidation of the entire service sector Just like we saw in the industrial revolution i mean even i keep joking with my students i say i even if i had address us i promise at least the guys in a few years we go to addressing salon there would be a smart mirror we look into the mirror the AI would analyze your hair analyze your hat and then show you overlay on the smart mirror what you could look like with a different haircut ……</p> <p class="ql-block">……And you can then swipe and click what you like and then roberts would come and do your haircut but again you know the whole thing will be so technology heavy that the independent small addressing solos will not be there anymore this would be a bit like mcdonald's or any of these big chains here you have one big company they do franchise and so on but all the systems and all the technology Is going to be centrally developed and centrally produced and rolled out globally and so massive concentration many small businesses will go out with completely ……</p> <p class="ql-block">……You can't do anything beyond those options you will not be able to do that much customization and think about what we see in the App Store today these apps usually address a particular problem in settings you can customize a little bit but that is it you think of today Google Maps Google Scholar Google mail Google……</p> <p class="ql-block">……To a specific need and that would also be the future of the service sector so product tizzy you really specify all the options or the personalization that is possible as completely developed on what it can do so it can be specified Cost branding will be very important here and that also pricing will be standardized so we will have a very highly designed solution for each of these services I teach my NBA program services marketing and give a whole section on managing people for service success And the challenge for the last fifty years almost has……</p> <p class="ql-block">……How do i motivate thousands and thousands of front line employees to deliver the brand promise to our customers in these millions and millions movements of truths we have so you could carve out a competitive advantage by being better ada hiring employees so you better at attracting and selecting the right employees you're better training them you're better at organizing them into Performance teams you're better at motivating them In developing them now in the future a lot of customer service will be fully automated delivered by technology that means……</p> <p class="ql-block">……So if customers make mistakes these services still deliver because we don't have people to back up customers have to self service so you can see the skill set you need completely shifts to a few highly professional very smart very creative employees ……</p> <p class="ql-block">……And the way from running thousands and thousands of front line people so service itself will not be a differentiating factor anymore The next implication really is that we develop low cost high quality mass markets for services today you look at Google Maps as an excellent service it does exactly what i need when i drive from where i find what i do so it's really top quality you look at era you look at YouTube i mean my kids at now ……</p> <p class="ql-block">……They didn't know how to run a washing machine so you go to YouTube watch a three minute video exactly on the washing machine you have and it teaches you what to do so there is a mass market that is very cheap Free in many cases and so the people delivered service in a way will become a handcrafted luxury segment of the market And this is the same that happened in the goods industry what the industrial revolution that you think about it before the industrial revolution if a lady wanted to buy a hand back left hand back she had to save for months not years to buy their head ……</p> <p class="ql-block">……In fact and then this one handbag was used for a lifetime after the industrial revolution today a middle class all over the world can buy every month in your hand back there is fine whatever the heart desires here why because the real price of a handbag has completely collapsed with the real price i mean how many minutes or alice someone has to work to pay for their handbag And that has happened for almost all physical goods prices collapsed For the mass manufactured segment but of course we still have handcrafted handbags yourself a mass top ……</p> <p class="ql-block">……And you still have to work many many hours or months to pay for handbags like this so what happened is that the e twice becomes so much more expensive in real time in real dollars it probably hasn't become more expensive today you have to work as many hours to buy toy handbag as he had to work before the industrial revolution phenomena handbag So that means the mass manufactured goods real prices collapsed whereas the handcrafted the price moved up with labor costs together so i think for service if we will see the same thing that cost differential between mass manufacture……</p> <p class="ql-block">……Certain handcrafted will just explode simply because the mass manufactured will come down i mean i am in the university we deliver very personalized High cost NBA transformation experiences But i promise you in five years in ten years you will have top notch quality NBA programs that are probably completely delivered Online in the meat of us may be partially online with local discussion groups where you meet face to face and they can be a fraction of the cost of our MBA program So as a business you really have to say where is my position ……</p> <p class="ql-block">……Do i go into the online automated scalable part of the business Which as we said before is likely to concentrate have so many universities now that deliver MBA programs my prediction most of them will go out of business We don't need so many anymore so this is for the mass market the automated market would have a fuel top novena and why the economies of scale are just fantastic i mean the cost of developing a high quality module Can run into a million dollars Plus that means automatically the more students i have to use that the lower the unit cost ……</p> <p class="ql-block">……That means there will be some big players that on that market we don't know yet who that will be we have the publishers like pearson education pushing in habit business school publishing pushing in we have some universities that push like harvard for example like arizona state university but you also have new entrance in the education tea business here like sierra academy ex so he said some of the weather we don't know yet who will win that market is a bit like Industrial revolution we did not know there were thousands and thousands of car companies we didn't know who would survive and who in the end would be back ……</p> <p class="ql-block">……So same here but on the other hand we said the craft luxury segment so here the question as the university you can ask yourself or any service business you can ask yourself is the value still in personal face to face delivery of that service Even if that costs many time the mass manufactured service so if yes you can position on that too but there will be again the market will be small the luxury end will be small compared to the mass market So the markets will develop very much like the goods industry you mass manufacture .……</p> <p class="ql-block">……Fetus then also a few spokesman luxury manufacturers everyone in the middle I think we have a very hard time so we discussed that people and service delivery is not going to be a competitive advantage anymore because it will all be delivered by technology And then the bad news is that even technology is not going to be a differentiating factor anymore so you can position on technology and why because technology will just be like today's ATM for banks No bank produces its own ATM or no retailer produced their own point of sale systems they buy from the same companies from any sea and other technology provide ……</p> <p class="ql-block">……And that means automatically as a bank you can have better ATM it doesn't work Yeah we all have the same ATM so we can't rede on it and the same what happened to all of the customer service technology developing here now i mentioned one company called soil machines and what they call in the business of digital people So you design your digital online stuff and you buy it and your competitors buy it so you can't really differentiate it on it And you can see for you as a service business what then will be the call of your own strategy and that's really going to be on ……</p> <p class="ql-block">……Your value proposition of frictional less customer service your brand you know these are the things you focus on but not people anymore and not technology anymore that will be fully commodities in a sense if you have it you in the game you don't have it out anyway you have it you in the game but you're not yet differentiated So you have to hunt for other things to really capture the market and my prediction is that branding will be very important first mover advantage will be very important because once you have an APP you have a service why do you switch ……</p> <p class="ql-block">……I mean for example i use a FinTech college wise out of the uk as a unique conn so they have a market cap of a few billion dollars here And i mean the second or third FinTech comes out unless they have a differentiated value proposition why do i switch Interestingly wise is an interesting company vice cut my finance costs by over ninety eight percent compared to my online bank i use it for international payments for receiving money internationally and odd bank also online but they charged with money for every non euro that comes into my account ……</p> <p class="ql-block">……They have bad exchange rates they charge commission on top of these exchange rates now wise and revolution that the two main players in this market here they give you fair exchange rates and there's almost no no fee attached to it so the cost is a fraction It's interesting you talking about automation i have been using this company maybe for two years now I get money out of Hong Kong i pay my development india i get some payments out of the us so i've been using it for not so simple stuff for all my financial needs here and guess what And all of the……</p> <p class="ql-block">……Using it for not so simple stuff was for my financial needs here and guess what And all of this time even when opening the account i've never emailed and i've never spoken to a human employee all i did this work with the APP and the website This is when we talk with enter and automated services but the thing is you can see that all of the technology used by this service company here is available to every single competitor So to differentiate you have to think of something else and i think customers centric frictional journeys customer era tolerant apps and so on ……</p> <p class="ql-block">……An extremely good implication of the source service revolution is that our standards of living will increase Currently services like healthcare and education are scarce and expensive and they will be widely available almost two zero incremental cost globally And let me give you one example the way out of poverty in most countries is for education Help people make a living and currently this is affordable But you think about technology academy era ethics YouTube these are all already available all you need is have internet And some terminal excess of foreign or tablet ……</p> <p class="ql-block">……Got something to connect and you can already today learn almost anything without spending money so it's quite amazing what you can do and this at the moment is still very what i would call primitive technology we have This technology i promise you for example language education so if you want to learn english so you want to learn dream you want to learn french if you go to a tutor this causes cost thousands and thousands of dollars I promise you could give us three years and you will have a completely immersive language training on the meat of us you put on your goggles you……</p>