AI’s rapid growth will shape tech in the coming year. AI is changing healthcare, banking, transportation, and retail. As technology advances rapidly, AI will drive innovation and change how we live, work, and interact with machines. From smart houses to driverless vehicles, AI will change our lives, making it the most important tech trend of the future.

AI is crucial to many businesses. Improved diagnostics and treatment strategies could transform healthcare and boost efficiency. In finance, AI can forecast and optimise investment plans using massive data sets. AI-powered chatbots and virtual assistants also improve retail customer service by personalising and answering questions promptly. AI’s numerous applications are altering industries and advancing them technologically.

In the coming year, AI’s influence is projected to grow. AI is expected to transform healthcare, banking, and manufacturing with advances in machine learning and deep learning.

Its potential to automate jobs, improve decision-making, and improve consumer experiences will make organisations more efficient and competitive. AI has limitless potential for innovation and expansion, making it an exciting future prospect.

Definition and explanation of the key trend

AI, which simulates human intelligence in robots that think and learn like people, is the main trend. AI lets machines do speech recognition, problem-solving, and decision-making. Intelligent machines that analyse data, react to new information, and generate predictions or suggestions are the basis of this technology.

AI is currently shaping the tech world by revolutionising various industries. It has enabled the development of self-driving cars, which can navigate and make decisions on the road without human intervention.

Also Read: These Artificial Intelligence startups are proving to be industry game-changers

AI algorithms are also being used in healthcare to analyse large amounts of patient data and provide accurate diagnoses. Additionally, AI-powered virtual assistants like Siri and Alexa have become ubiquitous, making it easier for users to interact with their devices and access information quickly.

Overall, AI is transforming the way we live and work, opening up new possibilities and improving efficiency in numerous sectors.

DeepMind at Google is using AI to diagnose eye and breast cancer. Another example is IBM’s Watson, which can analyse massive amounts of medical data and offer individualised treatments. Amazon and Netflix also use AI algorithms to recommend products and content based on customer preferences and browsing history. These real-world applications show AI’s tremendous industrial potential.

Anticipated influence on the tech industry in the coming year

The anticipated influence of AI on the tech industry in the coming year is expected to bring about significant market disruption. AI technologies are becoming more advanced and accessible, allowing smaller companies to compete with industry giants.

This is causing a shift in market dynamics, where new players with innovative AI-driven solutions are able to challenge established companies and disrupt traditional business models. As AI continues to evolve and mature, we can expect to see further market disruptions across various sectors, forcing companies to adapt and embrace AI in order to stay competitive.

The key trend of AI-driven solutions is expected to disrupt traditional markets by creating a level playing field for smaller companies. With the advancements in AI technology, these companies can now develop innovative solutions that are on par with those offered by industry giants.

This shift in market dynamics challenges the dominance of established companies and their traditional business models. As a result, we can anticipate increased competition, greater innovation, and a need for established companies to adapt and embrace AI in order to maintain their competitiveness in the market.

The rise of AI has lowered the barriers to entry in many industries, allowing new players to emerge and disrupt the market. Startups and small businesses now have the opportunity to leverage AI technologies and compete against established companies, creating a more dynamic and competitive landscape.

Additionally, existing companies must adapt their business models to incorporate AI and stay ahead of the curve. This will require them to invest in AI research and development, hire skilled AI professionals, and restructure their operations to utilise the potential of AI fully.

Overall, the emergence of AI presents both opportunities and challenges for businesses of all sizes, forcing them to constantly innovate and evolve in order to survive and thrive in the market.

Also Read: AI will have more impact on our future than blockchain: Dusan Stojanovic

The impact of AI on customer behaviour and expectations cannot be overlooked. With the integration of AI technology, customers have come to expect personalised experiences, faster response times, and more efficient problem-solving.

AI-powered chatbots and virtual assistants have become increasingly popular, providing customers with 24/7 support and instant solutions. Businesses that fail to meet these evolving expectations may risk losing customers to competitors who have successfully implemented AI into their operations.

Therefore, understanding and adapting to the changing customer behaviour and expectations driven by AI is crucial for businesses to maintain a competitive edge.

Technological advancements

The key trend of AI-driven customer expectations will drive technological advancements in various areas. For instance, businesses must invest in advanced AI algorithms and machine learning technologies to provide personalised customer experiences and predictive analytics.

Additionally, there will be an increased emphasis on developing and integrating chatbot systems that can handle complex customer inquiries more efficiently.

Moreover, AI will also push for advancements in natural language processing and voice recognition technologies to enhance customer interactions through voice assistants and virtual agents.

These advancements in AI technology could potentially lead to breakthroughs and innovations, such as highly intelligent and adaptive chatbots that can engage in realistic and meaningful conversations with customers.

With improved natural language processing and voice recognition capabilities, customers may experience more seamless and personalised interactions with voice assistants and virtual agents. In the tech industry, these developments could have implications across various sectors, such as customer service, e-commerce, healthcare, and finance, where AI-powered chatbots can greatly enhance user experiences and streamline processes.

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Indonesia-based healthtech startup Klinik Pintar has secured US$5 million in an oversubscribed Series A extension funding round led by Altara Ventures.

Infocom, Golden Gate Ventures, Skystar Capital, and Venturra participated.

With the new funds, Klinik Pintar aims to expand its network and product offerings. 

Founded by serial entrepreneur Harya Bimo in 2018, Klinik Pintar employs technology to integrate clinics into a holistic health ecosystem, providing a broad array of healthcare services such as doctor consultations, nursing, medicine, laboratory tests, and vaccinations for all ages. These services are available through walk-ins, virtual clinics via teleconsultation, and home services.

Also Read: Healthtech data: The race for new oil in Southeast Asia

Its software platform, Aplikasi Klinik Pintar (AKP), is connected to Indonesia’s Ministry of Health (SatuSehat), the National Health Insurance program (PCare BPJS), and private insurance networks. 

As of November 2023, Klinik Pintar operates 22 tech-enabled clinics in Greater Jakarta and provides clinic management software, accreditation, and training to over 1,500 third-party clinics across Indonesia.

The company plans to expand into corporate care. It has launched over a dozen on-site clinics with a leading local automotive manufacturer; more are in the works. The firm is also in the process of launching a second neurology specialist clinic in Greater Jakarta.

Klinik Pintar claims that its technology is used by over five per cent of all clinics in the country, reflecting a more than threefold increase in network size since the start of 2023.

Indonesia holds a US$68 billion annual healthcare market for its 280 million residents, yet the ratio of doctors per 1,000 population is 0.5, compared to Singapore’s 2.5. Klinik Pintar addresses this need by leveraging digital health technology to improve accessibility and enhance medical outcomes.

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Image credit: Klinik Pintar

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In the dynamic landscape of the e27 community, diverse voices contribute to shaping the discourse on emerging technologies and innovation. As we showcase the top 10 contributors, their insights cover a range of industries, displaying the diverse ideas within the community.

Kailash Madan

Madan serves as the Global Head of Sales at Primer. With extensive experience facilitating streamlined and integrated commerce for traditional and internet-first enterprises in the Asia Pacific region, he shares insights across e-commerce, fintech, digital payments, and beyond.

“The payments industry has witnessed transformative growth through 2023, and we should expect it to continue to move towards more open and scalable models as businesses demand greater flexibility in their payments stack and consumer experience. We will see even more collaboration across infrastructures, providers, merchants, and systems.

We will also see the continued expansion of AI applications in payments, as well as the continued growth of embedded payments and the rise of contextual commerce, as e-commerce becomes an activity that people want to have at their fingertips, embedded into their everyday activities. The importance of payments will continue to be recognised across businesses, as all business functions — from marketing to engineering and finance — recognise payments as an opportunity to grow the business and build customer loyalty.”

Luke Fitzpatrick

Fitzpatrick, a contributor since 2018, has authored seven articles this year. With 45,000 content views in total, his writing primarily focuses on emerging tech and Web3. He is a guest lecturer at Sydney University, lecturing in cross-cultural management and the Pre-MBA Programme.

Pierrick Bouffaron

As a CXO and financier, Bouffaron has been operating at the tech-innovation interface across the US, Europe, and Asia Pacific since the 2010s. Presently the Director of Development and New Ventures at the National University of Singapore (NUS), his focus areas encompass education, energy and climate, fintech and crypto, and economics.

This year, he has published four articles and allocated considerable time to aiding early-stage tech founders where feasible.

Also Read: Navigating the AI landscape in 2024: Why there is an urgency for enhanced governance

Antoine Martin

Martin is a business coach and entrepreneur who co-founded Impactified, an online coaching and self-coaching platform. He is known for assisting entrepreneurs in developing improved business models, focusing on creating a meaningful impact.

“As far as I’m concerned and based on what I see, a key trend shaping the tech world in the coming year(s) will be the humanisation of the user experience beyond just tech. Companies I work with are shifting their pitches from pure tech to experience because selling tech does not create value for the consumers.

Take OpenAI, for instance — the massive success of ChatGPT does not just come from their AI capacity-building. It comes from their talent in making the AI experience palpable and approachable for people. Look also at crypto, ICO, and NFT trends over the past years- they all went up quickly, but they were also replaced by other trends very rapidly because normal people could not interact; hence, they turned into buzzwords.

Said differently, the stake for tech businesses in the next year will be to scale their business models and organisations outside of AI and tech buzzwords by creating real value propositions people can recognise (and buy!) because they can experience them. Those who can do that will be different!”

Nick Abbatiello

As a Senior Distinguished Engineer at Dell Technologies, Abbatiello focuses on implementing solutions for Dell’s 2030 sustainability goals, particularly in the Circular Economy. Passionate about advancing sustainability in material and process development, he wrote an article for our Contributor Programme, highlighting the impact of sustainable design on tackling e-waste through responsible product lifecycles and recycling for a greener future.

Velid Begovic

Begovic serves as the Vice President of Revenue APAC at Infobip and aims to steer Infobip’s business teams toward constructing a diverse range of customer experiences and engagements across the APAC region. This year, he extensively explored the potential of conversational commerce in the Asia Pacific region through his articles.

Bernadetta Septarini

Septarini is the Content and Social Media Marketer at ArmourZero, a B2B SaaS company. She loves creating creative and analytical content while gaining cybersecurity experience and always looks for new ways to grow and improve.

“As AI gets sharper, so do cyber threats. Get ready! Using AI isn’t a choice — it’s a game-changer. Success is in mixing machine smarts with human creativity, making a powerful team against tricky digital bad guys.”

Also Read: Startups in SEA secure millions in funding this week, redefining industries

David Isaac Mathews

Mathews is currently involved in the digital transformation of innovation and corporate venture building at Causality Co, a group of businesses specialising in building and launching digital ventures, as well as providing pre-testing services for product-market fit.

“Companies are facing a pivotal decision in their growth strategies. There will be pressure on more deeply defining positioning and value for more segmented audiences to achieve more cost-effective growth when balancing between product-led and sales-led approaches. This is particularly true for companies outside their industry’s top 20 per cent.

To be competitive, the design of more finely-tuned customer experiences will require this more explicit strategy and positioning to optimise product development investment and go-to-market investment. The goal should be improving at the end of the funnel to improve retention for better customer lifetime value. This will require deeper alignment and real-time data-guided collaboration between the Chief Marketing Officer and Chief Product Officer to execute the strategy set by the C-Suite.

Both roles must align on where the most significant marginal impact will come from across:

• Product journey
• Marketing funnel
• Sales motion.

Ultimately, companies that can effectively define and execute this shared strategy will be better positioned to grow market share more reliably.”

Henry Ly

Ly, CTO and Co-Founder at Adamo Software, believes in technology’s pivotal role in shaping the future. With extensive experience in project and strategic management, he aspires to contribute to products that enhance lives, having been fortunate to be part of ventures in environmental improvement, e-commerce, travel and hospitality.

Yiqing Wang

Wang, the Program Associate at StartupX, is dedicated to exploring and promoting ideas in the business world, with a particular focus on sustainability, startups, and technology. She authored a three-part article series titled Life in Plastic, it’s not Fantastic, delving into the causes and solutions for a sustainable green future.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

Join our e27 Telegram group, FB community, or like the e27 Facebook page

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China’s entertainment giant TikTok is set to invest US$1.5 billion to secure a controlling stake in Tokopedia, the e-commerce arm of Indonesia’s GoTo Group.

Under the terms of the agreement, TikTok will acquire a 75.01 per cent stake in Tokopedia, Indonesia’s largest e-commerce platform, for US$840 million. Additionally, TikTok Shop’s Indonesian operations will be integrated into the expanded Tokopedia unit.

This move comes as TikTok aims to revive its online shopping services, which were halted by regulators in Indonesia following a ban on social media-based online shopping to safeguard smaller merchants and user data.

Also Read: Merchants selling via TikTok could be harming Indonesian economy: AC Ventures

The Chinese tech giant’s problems started when President Joko Widodo called for stricter social media regulations in October this year, saying that the influx of such platforms has contributed to declining domestic business sales by flooding the market with foreign imports. Trade Minister Zulkifli Hasan also said firms that do not comply with the ban on goods transactions would first be warned and then lose their license to operate in Indonesia if they fail to comply.

Following the ban, TikTok was compelled to shut down the e-commerce platform. Despite challenges, TikTok Shop had been introduced earlier in the year in the country, targeting the vast user base to compete with rapidly growing online retailers like Shein and PDD Holdings’ Temu, whose presence on TikTok had contributed to their swift expansion.

In a joint statement, the two companies outlined that the strategic partnership would initiate a pilot period, conducted in close consultation with and supervision by relevant regulators. The move reflects TikTok’s strategic manoeuvring to navigate regulatory challenges and reestablish its foothold in the Indonesian e-commerce landscape.

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In the dynamic landscape of digital finance, audax stands out as a B2B platform with a mission to empower banks and financial institutions in their digital transformation journey.

At the heart of its offering are two pivotal use cases: digital banking and banking-as-a-service (BaaS).

“In recent years, it’s only become more evident than ever that digital transformation is no longer a luxury for traditional institutions. Today, banks are no longer competing against fellow financial institutions but also challenger banks, neobanks, and fintech [companies] in verticals spanning e-wallets to digital payments. In many ways, everyone is now playing in the same digital financial services sandbox,” explains audax CEO Kelvin Tan in an email interview with e27.

What sets audax apart is the provision of a comprehensive plug-and-play digital platform, offering a full retail digital banking stack. This all-encompassing solution covers front-end channels, security, identity management, and back-end reporting functionalities, presenting a breadth unmatched by competitors. Its key differentiating attributes lie in the comprehensiveness of its platform, allowing clients to swiftly go to market without piecing together various solutions.

The team behind audax distinguishes itself not only by technical expertise but also by leadership with a track record of implementing a functional BaaS business model. This wealth of experience positions audax to guide customers in exploring Embedded Finance (EmFi) for exponential growth in the digital age.

Also Read: Gen AI in banking: How to ensure a successful transformation for an age-old industry

audax’s roots trace back to the conceptualisation of Standard Chartered nexus (SC nexus), a white-label plug-and-play BaaS offering. The idea originated from the need for traditional banks to grow their retail and SME segments without significant upfront investments.

Developed within the bank’s ecosystem with the support of SC Ventures, SC nexus eventually became the earliest global bank to provide BaaS in Asia. As the landscape evolves, audax emerges as a solution that offers a plug-and-play infrastructure to modernise tech stacks without incurring technical debt or costly overhauls, all while ensuring compliance by design.

Empowering banks into a new era

When asked about their customer acquisition strategy, Tan answers that the company uses a multifaceted one, built on a nuanced approach that combines strategic relationship-building with an in-depth understanding of the traditional finance landscape.

“A crucial element of our strategy lies in the successful collaboration with institutions like Standard Chartered, showcasing our proven track record and providing a solid reference for incumbent banks considering investments in digital solutions. These successes demonstrate our capabilities and establish a solid foundation for incumbent banks considering investments in digital banking technologies,” he says.

audax also tries to proactively harness strategic partnerships with complementary organisations to extend its reach.

“We also understand the importance of offering a comprehensive solution to our clients by collaborating with complementary solution providers to present a holistic solution. This strengthens our value proposition and positions us as a trusted and versatile partner in the eyes of financial institutions seeking a more comprehensive approach to digital transformation. Working closely with these experienced partners ensures a more streamlined and effective user acquisition process, facilitating connections with a broader network of institutions eager to embrace technological advancements in banking,” Tan explains.

Also Read: Digital banking in Indonesia: Growing importance and future trends

What important lesson can audax share about its target audience today? Tan explains that in the current financial landscape, banks are grappling with a confluence of pressures and motivations that underscore the urgency of incorporating BaaS into their digital transformation strategy. This is a situation where both banks and fintech companies play a role.

“For traditional banks, the prospect of an estimated US$1.3 trillion global banking revenue growth between 2021 and 2025 is a compelling motivator. However, achieving this growth requires a strategic response to the changing dynamics of customer expectations. There is a palpable shift in customer demands, with an increasing appetite for seamless, digital-first experiences. This change in mindset is further underscored by the evolving role of fintechs,” he says.

“Initially disruptors that posed a threat to traditional banking models, fintechs have transformed into enablers. Rather than eating into banks’ market share, fintech companies are now sought after as partners or acquisition targets by banks looking to expand their offerings and enter new markets. Banks are also navigating the challenges the demand for rapid technological innovation poses. The need for tech and core modernisation has become imperative.”

This is especially true as bank customers are becoming more demanding, and fintech companies have found themselves reliant on BaaS as the only means to offer customers EmFi.

“With a myriad of fintechs emerging, these entities require banking partners to facilitate access to essential services such as bank accounts, payments, and lending. Notably, the regulatory barriers to becoming full-fledged banks are high, making collaboration with traditional banks a strategic necessity for fintechs.”

Coming up next

In a strategic move that underscores audax’s commitment to growth and innovation, the company, incubated within Standard Chartered Bank’s ecosystem via SC Ventures, is gearing up for substantial expansion in 2024.

Also Read: Banks must solve their core banking conundrum – or fail

With Standard Chartered Bank serving as an investor, audax is poised to embark on subsequent funding rounds to refine its existing tech stack, enter new markets, and tap into diverse client segments. The company, which has approximately 180 employees worldwide, particularly targets Southeast Asia (SEA) and Middle East regions for increased presence and talent acquisition.

audax has already made significant strides in powering Standard Chartered’s successful BaaS partnerships, notably with Indonesian e-commerce giants such as Bukalapak and Sociolla.

In 2024, audax aims to begin the introduction of a public sandbox environment for controlled exploration and experimentation. It also aims to streamline reporting processes and expand offerings, such as seamless integration with third-party card processors.

“This adaptability ensures a wide-reaching applicability across diverse banking infrastructures.”

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Image Credit: audax

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