A smartwatch becomes a payment terminal, signaling a shift toward frictionless, card-free commerce powered by open banking.

Turning Wearables Into Payment Terminals

In a move that pushes the boundaries of both fintech and wearable technology, Huawei has partnered with Luxembourg-based fintech Yowpay to launch what is being described as the world’s first Open Banking smartwatch POS application.

The solution enables a Huawei smartwatch to function as a fully operational point-of-sale (POS) terminal—no additional hardware required.

By leveraging SEPA instant payments and account-to-account (A2A) infrastructure, merchants can now accept payments directly from their wrist. Instead of relying on card networks or physical terminals, the system generates a dynamic QR code on the watch face, which customers scan using their smartphones.

How the Technology Works

Huawei smartwatch displaying a dynamic QR code for SEPA-based payments via Yowpay

At the core of the solution is Yowpay’s orchestration layer, which connects merchants directly to bank-based payment rails.

Here’s how a typical transaction works:

• The merchant opens the Yowpay app on a Huawei smartwatch

• A dynamic QR code is generated on the watch face

• The customer scans the code using their smartphone

• Payment is initiated via SEPA instant transfer

• Funds are received in real time into the merchant’s account

This approach removes intermediaries, bypassing traditional card schemes and their associated fees.

For small businesses, freelancers, and mobile vendors, this could represent a significant shift in both cost structure and operational flexibility.

Why This Matters for Merchants

The implications extend beyond novelty. This is a clear signal of where payments infrastructure is heading.

Key advantages include:

• Lower transaction costs
  By bypassing card networks, merchants avoid interchange and processing fees

• True mobility
  No need for card readers, terminals, or smartphones—just a smartwatch

• Instant settlement
  Payments arrive in real time via SEPA instant transfers

• Simplified setup
  Ideal for micro-merchants, freelancers, and on-the-go businesses

• Financial sovereignty
  Direct bank-to-bank transactions reduce dependency on intermediaries

In effect, the smartwatch becomes both a payment acceptance device and a gateway to open banking.

The Rise of QR and A2A Payments

This launch aligns with a broader shift toward QR-based and account-to-account payments globally.

While card payments still dominate in many Western markets, open banking frameworks—particularly in Europe—are accelerating alternatives that prioritize:

• Speed

• Cost efficiency

• Transparency

• Control over payment flows

Yowpay’s platform is designed to optimize payment routing across multiple channels, including QR codes and open banking flows, improving conversion rates while maintaining simplicity.

Where Huawei Fits In

Huawei’s role in this partnership highlights a strategic push to expand the capabilities of its wearable ecosystem beyond health and lifestyle tracking.

By integrating fintech functionality directly into devices like the Huawei Watch GT and Watch Ultimate series, the company is positioning wearables as tools for productivity and commerce—not just personal use.

This also reflects a broader industry trend: the convergence of consumer devices and financial infrastructure.

What Comes Next

While still early, smartwatch-based POS systems could open up entirely new use cases:

• Street vendors and pop-up retailers

• Event-based commerce

• Service professionals operating on-site

• Emerging markets with limited POS infrastructure

The success of this model will depend on adoption, regulatory alignment, and user trust—but the direction is clear.

Payments are becoming more embedded, more immediate, and increasingly invisible.

Conclusion

The Huawei–Yowpay collaboration marks a notable step toward wearable-first commerce.

By combining open banking with everyday devices, it removes friction from transactions and challenges the dominance of traditional payment systems.

If adoption scales, the future of payments may not sit in your pocket—or even your phone—but on your wrist.

The post Using Smartwatch POS Payments appeared first on Tech Trends.

Many businesses have been dragged kicking and screaming into the digital era, with some reluctant to accept that their future was always bound to be dictated by how they adapted to things like online payment systems. However, there are some sectors, such as online gaming, that have stayed ahead of the curve when it comes to adopting new fintech.

The rise of in-game payments

Online stores and websites offering services have always relied on some form of online payment system, yet only recently have new payment structures begun to be rolled out by savvy games and fintech developers alike.

A prime example of this is the online Battle Royale sensation Fortnite, which, despite being a free-to-play game both on mobile and PC/console, has found a way to integrate in-game purchases, with players spending big bucks on fancy avatars and skins for their weapons. Such purchases are also known as microtransactions.

Alongside this clever microtransactions business model, Epic Games also offers players a VIP pass of sorts, called BattlePass. This is a monthly subscription that keeps the game running at optimal levels for those who purchase it. There is even an in-game currency called V-bucks, batches of which can be bought in bulk, thus giving a discount to players who use them in the game.

Epic has raked in vast profits from these innovative approaches. So much so, in fact, that they are now doing battle with Apple and Google, as the app store giants vie for a bigger piece of the microtransaction pie. They are also looking to take Apple to court over their monopoly of the App Store, a real-life Battle Royale that should prove interesting to watch over the coming months.

Online casinos and Fintech

One online business that has long been well ahead of the curve when it comes to collaborating with Fintech firms is the online casino industry, with the sector’s competitors vying to provide their customers with fast and stress-free payment options which can be made at the drop of a hat. Players want to be able to keep their slot reels spinning or their blackjack hands flopping without having to constantly worry about whether their funds will be available.

This has meant that the top providers of online casino games work with multiple e-wallets and payment providers, ranging from established names such as PayPal, all the way through to new kids on the block such as Neosurf or MuchBetter, which enable players to easily fund their accounts and keep that hot streak going.

Cryptocurrencies: the new Fintech frontier

While regular currencies are traded and manipulated as they have been for many years, and gaming companies even develop their own in-game currencies, there is widespread agreement that crypto is where the future lies.

Cryptocurrencies such as Bitcoin and Ethereum, are decentralized digital currencies that use blockchain technology to essentially try and democratize the world of finance. Although the strength of their security protocols may not always be quite what they claim them to be, more and more people are now trading cryptocurrencies as well as using them to purchase goods and services.

Many gaming platforms and developers are already making contingencies so that they can harness this new type of currency, a move that will no doubt pay dividends down the line.

The post Online Gaming Innovating With Fintech appeared first on Tech Trends.

As we use our smartphones constantly every day, it is sometimes easy to forget how far we’ve come in just a few short decades. Who would have thought, after all, that it would be possible to walk around with tiny little supercomputers, permanently connected to unfathomable amounts of data, available at a touch? But we’re very far from the end of that journey. In fact, we’re only just getting started. Read on as we discuss the different sectors that have been most changed by technology, from medicine to education.

Education

Technology is used in education from a young age. It simplifies access to resources and makes education more affordable. Perhaps the biggest change in education has been the advent of online courses. Taking the example of nursing, every nurse in the UD has to become a Registered Nurse (RN) to start with. If they want to progress further in their nursing career, they need more qualifications, but this would have been difficult before online courses were introduced. Working and attending college was not always possible, but now if they want to achieve a nursing MSN online, for example, there are fewer obstacles in the way. Online courses have many advantages, including:

• Flexible hours so that studying can be fitted in around lifestyle and family commitments
• Cheaper fees as the educational facility have lower costs for the courses
• Location is irrelevant as visits to the college or university are not needed – courses are 100% online
• No commuting worries, you work from the comfort of your own home
• You can work at your own pace without any pressure to be faster or slow down

Although nursing was used as an example, online courses are available in all industries and professions. They mean that more people than ever are able to gain degrees and higher qualifications which has had the effect of many people earning better salaries, as well as the shortage of qualified people in the US becoming less of a problem.

The Finance World

Banks now have apps that you can use on your smartphone to make bill payments or transfer money in just a few seconds. You no longer have to wait in long queues at a branch. You have instant access to your accounts, and this makes managing your finances much simpler. There are other things in the world of finance that on easier on your digital device, such as:

• Trading on the stock market. There are software programs you can download to help you with this. Buying stocks and shares was something that used to be out of the reach of most people, but technology has meant that now it is available to everyone
• Lending online. If you need a loan for a new car or some other large item, it is now quick and simple to raise the money, and you generally get a decision in just a few minutes. There are also many more lenders online and borrowing is no longer restricted to banks
• Shopping has become easier too. There is very little you cannot buy online. Without the overheads of a high street store, retailers are often able to sell their products at lower prices. Hopefully, this means more money will stay in your bank account.
• Savings and investing. You can search online for all types of savings and investments and find something that suits you. This has encouraged more people to put money aside for the future, as they are not restricted to saving huge amounts every month but can save what they can afford when they can afford it.

The biggest worry for anyone dealing with their finances online are the security issues involved. However, all financial institutions and online stores have tight security in place. No one can promise that your details will never be compromised, but much of the security lies in your own hands. Never give your information to anyone, not even people you know, and it is far more likely to stay safe and secure.

The World of Medicine

The world of medicine has been changed greatly by technology, including things such as:

• Quicker and more accurate test results
• More precise surgery which means that patients recover quicker
• Better record-keeping
• Record sharing online so that all doctors and nurses treating a patient have access to the same medical records
• Doctors are able to deal with each patient in a shorter time, so they are able to see more people, which has cut waiting times
• New drugs and treatments that work more effectively and have fewer side effects

Innovations in the world of medicine have meant that most people are living longer and healthier lives, as many of the developments are related to the prevention of illnesses and health problems, and that has made a huge difference to the health of the nation.

Leisure Time

At one time, the only entertainment in the home was TVs or music, and perhaps playing board games. Now, the list of ways you can entertain yourself at home is endless. On your digital device you can:

• Play games of all types online, including playing in casinos and playing against other people
• Watch TV programs at a time to suit you and not when the TV company dictate
• Watch films and sports
• The internet is the largest library in the world and many books can be downloaded free of charge
• Interact with other people. Often this is through social media, but you can also connect with people through other platforms such as WhatsApp and Skype

There has always been the worry that digital devices will mean there is less interaction between family members and friends. However, recent research has shown that this is generally not the case. Families and friends watch films and programs together or play online games against each other. They chat on Facebook, LinkedIn, and the many other social media platforms, and it seems more interaction is taking place in this way over face to face.

Just a few years ago, much of the technology we have today was only seen in Sci-fi films and it was hard to imagine that it would ever really happen. But it has, and no doubt in a few years there will be more developments we have not thought of at the present time.

The post From Medicine to Education: How Technology is Changing the World appeared first on Tech Trends.

Let’s start with a bit of jargon busting; in a nutshell, Ominchannel brings together the benefits of e-commerce and physical – what is known as “bricks and mortar” retailers.

Many start-ups and Small and Medium-sized enterprises (SMEs) would do well to incorporate omnichannel thinking in their own roadmaps
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As with many such things this trend was set by Amazon (which started setting up locations to support and extend its online operations) and others (Warby Parker and Shopify to name but a couple) have quickly latched onto its obvious advantages. Now companies such as Wal-Mart are wisely viewing physical stores as places where customers can pick up and return merchandise, a combination of e-commerce and physical retail that makes the purchase experience more convenient than either an e-commerce or retail store alone.

Ominchannel brings together the benefits of e-commerce with bricks and mortar retailers
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But those big names shouldn’t give the impression that this type of strategy only works on a large scale. Start-ups and Small and Medium-sized enterprises (SMEs) would do well to incorporate such thinking in their own roadmaps.

In an age where (not least because of the advent of immersive technologies and spatial computing) the physical and digital worlds are increasingly blending together, as are the shopping experiences that consumers expect. But while we wait for the world of Ready Player One, where haptic suits will routinely enhance Virtual Reality with physical sensations, humans will still get their tactile experiences in a “real world” shop.

In an age where (not least because of the advent of immersive technologies and spatial computing) the physical and digital worlds are increasingly blending together, as are the shopping experiences that consumers expect
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One company leading this trend is StickerYou, which successfully sells custom stickers and decals online, and is now planning to open the world’s largest sticker store in Toronto later this month. Tech Trends talks to their Founder and President, Andrew Witkin, about why they have decided to take the omnichannel approach, and what other digital retailers should take into account before going down that road themselves.

The first step says Witkin, is to do a thorough audit of what your start-up’s goals are, what products you offer and whether or not these products or services are significantly enhanced by an in-person experience
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“For example, at StickerYou, we offer customized, die-cut stickers, but there is a large gap between ordering stickers online and feeling the quality of a sticker, or being inspired by the creativity of sticker designs right in front of you, which is why we are opening a retail space in 2019,” he says. “When customers can experience these products in real time, it can help drive brand awareness in a way that e-commerce simply can’t. Having a brick and mortar location not only allows customers to experience your products in person, it also opens up a host of opportunities for savvy e-commerce retailers.”

These opportunities can range from hosting product and industry-focused workshops and events to gleaning in-person feedback from customers on products and services, a brick and mortar location, properly leveraged, can be a place for a brand to shine.

When evaluating this benefit, Witkin recommends that business owners look at the retail location as a channel that can push online sales rather than a store that is evaluated solely by traditional retail metrics.

“Your retail location works as both a store and an advertising space for your e-commerce business. As such, weigh the current per-click costs of online advertising against the potential costs of driving individualized shopping experiences through in-store brand interactions, drop-ins and walk-by traffic. If these types of interactions can be considered as impressions, then a physical retail space can break even or operate at a loss and still be ROI positive, as long as it succeeds in driving increases in online sales and overall lowered cost-per-click ad spend.”

“If your retail space breaks even, all marketing value generated by the store could be considered as free. As long as the KPIs of retail marketing campaigns are equal to or less than that of the current online strategies for your business, then the omnichannel strategy pans out for you.”

This alone will make the search experience a more memorable one, kind of like searching through records in a bin and discovering something new you didn’t know you were looking for.

They are getting ready to open a StickerYou store in the next few weeks in Toronto’s hippest quarter at 677-679 Queen Street West, Toronto, Canada, and they are planning to make a splash (this will be, according to the company, the world’s largest sticker store) with a 3-storey tall vinyl graphic in collaboration with applied sciences company 3M.

The trend towards traditional retailers closing has also meant that commercial landlords have become more open to offers of short-term rent deals and pop-up concepts
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The store will be an experiential space, with stickerbombed walls, tangible product, a custom experience space where customers can see others’ designs and kiosks where they can create their own using StickerYou’s online StickerMaker. There will also be a Sticker Museum that details the history of stickers in the basement, and a sticker art exhibition is set to take place in the fall (the first of many), featuring works from sticker artists across the globe such as Shepard Fairey (think the iconic Obama “Hope” illustrations) and Matthew Hoffman (You Are Beautiful).

“Ecommerce retailers need to approach this from an entirely different perspective, and ask themselves what a physical store and buying experience adds to their brand that online channels don’t.”

The trend towards traditional retailers closing has also meant that commercial landlords have become more open to offers of short-term rent deals and pop-up concepts which carry lower risk for e-tailers to dabble in the omnichannel concept, according to Witkin.

“I would first evaluate if the business, merchandise or brand experience can be enhanced by a physical retail location. If the answer is yes, then I would start with a pop-up and test the waters.”

“The ROI on the retail investment can be viewed against the physical store’s sales as well as incremental online sales due to the additional brand awareness that the physical store generates.”

Witkin sees the trend gaining momentum creating a new online/brick and mortar hybrid which is unlike either traditional retailers or online-only stores, but something better than the sum of its parts.

Many online retailers may only open one store, or a handful of stores
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“I believe more online retailers will get into physical retail,” he writes.  “However, I don’t believe the scale of stores will be the same as that of traditional retail chains. Perhaps an online retailer will have a few stores in a city, but I don’t believe many online retailers will go past that. Many online retailers may only open up just one store, or a handful of stores.”

Witkin also sees a paradoxical trend in the opposite direction to some degree with brick-and-mortar stores investing in their online presence. For some time, they focused on omnichannel pick up locations which gave them a good footing. However, he says these traditional brick-and-mortar retailers need to improve the merchandise experience in store so there’s more reason to engage products and not just pick things up from their physical locations.

The StickerYou store will open in mid-August at 677-679 Queen Street West, Toronto, Canada

Alice Bonasio is a VR and Digital Transformation Consultant and Tech Trends’ Editor in Chief. She also regularly writes for Fast Company, Ars Technica, Quartz, Wired and others. Connect with her on LinkedIn and follow @alicebonasio on Twitter.

The post Bringing Digital and Physical Together with an Omnichannel Strategy appeared first on Tech Trends.

Every nation has its quirks, and the U.S. has more than its fair share, but what stands out the most to me – as a tech journalist who recently made the move across the pond – is that in many ways, the nation of Silicon Valley is still stuck in the 90s.

Take cheques (or checks as you Yankees would call them) for example. In England it had been years since I’d last seen one of those things, much less written one. Up until five years ago our in-laws might have used them to give us Christmas or birthday money, but even they switched to Internet banking and just transferred the “green gifts” over to our account when they were feeling in a generous mood.

In many ways, the nation that gave us Silicon Valley is still stuck in the 90s
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But in the U.S. it quickly became apparent that these things were very much still in vogue. A paycheck is, quite literally, a pay check. And if you’re paying for something, the logical thing to do is write out one of these things, address an envelope, put a stamp on it, and trust that it will arrive at its destination between 3 and 30 days, at which point, if it hasn’t, you’ll need to repeat the steps above.

What tickles me the most, though, is that I have quite a nifty little banking app on my smartphone. And that app is really capable of doing all the things you would expect of such an app, such as moving money around without ever having to put pen to paper. Does it have that facility though? Not really.

In the U.S. a paycheck is, quite literally, a pay check
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What it does let me do is pay in my checks via the app. Yes. Once I receive my paper check from the pony express delivery, and sign the back of it with my ink pen, I can finally use my app to take a photo of both sides and pay it into my account. Huzzah!

And at that point, I will then likely have to find an ATM (or actually go to an honest-to-God old fashioned bank counter) and pay a few bucks for the privilege of withdrawing my own money into paper cash form.

I just did a mammoth roadtrip across America, listening to audiobooks I got from my local library… On Cassette
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Because in the good old U.S. of A, money really does make the world go around, and people do like their cash. Sure, most places will take cards, but more often than not it’s just easier to pay cash. In England I’d go for weeks without carrying any cash at all in my wallet, mainly because everybody did contactless payment (and you don’t tend to complicate things by tipping unless you’re at a restaurant) so it took a millisecond to pay and walk out.

Once I receive my paper check from the pony express delivery, and sign the back of it with my ink pen, I can finally use my app to take a photo of both sides and pay it into my account. Huzzah!
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When I opened my American bank account and finally got my bank card (about three weeks later by pony express) they proudly announced that my card contained this amazing chip and pin technology… Contactless is still a bit of a science fiction thing in a lot of places as far as I can tell.

Everywhere I look there are relics of the old world order, and not in a proper vintage sort of way either. Vinyl records, that’s retro cool. DVD machines at Walmart, WTF? But then again, don’t get me started on how expensive and bad the broadband service can be depending on where you live, so maybe Netflix is not as universally accessible as it seemed to me in the UK.

Contactless is still a bit of a science fiction thing in a lot of places
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Everywhere I look there are relics of the old world order
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I just did a mammoth roadtrip across America, listening to audiobooks I got from my local library… On Cassette tapes. I swear that at this point I would not be surprised to be handed a file on a floppy disk.

I also get endless paper catalogs in the mail. I literally cannot think of any circumstance which would tempt me to purchase something from them as opposed to ordering from Amazon. For one, it would probably involve writing a check.

And then, for the love of God, there is the fax. The first time someone suggested I fax over a document to them I laughed out loud and waited patiently for them to join me in the joke. They didn’t. After double checking I hadn’t fallen through a wormhole and come out in 1995, I informed them I did not possess such a machine, but would be happy to send them photographic scans of said documents from my phone (I have an excellent app called Camscanner which accomplishes this brilliantly) but alas, no, for many it is a matter of fax it or mail it. Email is not considered “secure.”

The first time someone suggested I fax over a document to them I laughed out loud and waited patiently for them to join me in the joke - they didn’t
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I can’t help but cast my mind back to the days when I did use fax (yes, I am that old, I just choose not to live in the past most of the time) and it seems to me that people used to send their sensitive documents to the wrong number all the time, specially since what you got at the other end was just a series of bleeps rather than a confirmation of who the fax number actually belonged to. But, sure, it’s safer than email or an app… If you say so.

But they do say so. I lost count of the times over the past few months I found myself bitterly wishing I did own a damned fax machine. And I have finally learned how to fill in a check properly.

I lost count of the times over the past few months I found myself bitterly wishing I did own a damned fax machine
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When in Rome… use contactless. But in America, be sure to carry cash.

Tech Trends offers a broad range of Digital Consultancy services to guide companies, individuals and brands in effectively leveraging existing and emerging technologies in their business strategy.

Alice Bonasio is a VR and Digital Transformation Consultant and Tech Trends’ Editor in Chief. She also regularly writes for Fast Company, Ars Technica, Quartz, Wired and others. You can follow @alicebonasio on Twitter, connect with her on LinkedIn or subscribe to her Inside VR/AR Newletter for all the latest curated immersive news.  

The post What the Fax? appeared first on Tech Trends.

From mundane activities, such as paying bills online, to the more avant-garde ones, like developing blockchain-based cryptocurrencies, the idea of Fintech encompasses all processes that make handling our finances easier by using digital technologies and algorithms.

77% of fintech firms are expected to adopt blockchain by 2020
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It all started back in 1918 when the US Federal Reserve Banks introduced the Fedwire Funds Service, the first electronic fund transfer system, which relied on now-archaic technologies such as the telegraph and Morse code. Then came the creation of the first Diners Club credit card in 1950, by Frank McNamara, and the launch of the first ATM, by Barclays London branch, in 1967.

The most crucial stepping stone in the Fintech Revolution, however, was the advent of the Internet. It quickly led to a myriad of revolutionary inventions, such as online bank accounts and mobile payments. It also sparked the inception of the first cryptocurrency, Bitcoin, in 2009, which led to 2017’s worldwide Cryptomania, during which Coinbase—an online cryptocurrency exchange—exceeded $1.5 billion in value.

We should witness an introduction of advanced authentication methods, such as iris and fingerprint scanners, which will replace the unreliable and cumbersome passwords
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Today, most experts understand that financial institutions will have to invest in Fintech to avoid becoming obsolete. The consumer banking sector is leading the way when it comes to being the most disrupted industry, at 72%. However, some predictions indicate that in the next 3–5 years 84% of insurance corporations will begin to cooperate with Fintech companies, making them the champion of this digital innovation.

Today, around 46% of large fintech companies are powered by AI
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Some of the most significant disruptions originated with the introduction of Artificial Intelligence (AI), blockchain technology, cloud storage, and crowdfunding. Today, around 46% of large Fintech companies are powered by AI. Nevertheless, estimates show that, in addition to its use in the back-end processes, AI will also take part in customer interactions, driving 95% of all communication with users by 2025. There are already very powerful robots capable of chatting with humans, such as Sofia. It’s estimated that their capacities for human interaction will increase, while their prices will decrease, prompting companies to switch to automated clerks to lower costs and improve customer satisfaction.

It’s possible that voice recognition technology will allow you to order things and pay bills just by saying a few words, while micro-embedded wearables will enable you to shop without ever using a cash register
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Using blockchain technology is another way for big banks to cut costs. It’s projected that by deploying the technology, $12.3 billion can be saved each year, reducing the infrastructure by 30%. Ripple, a cryptocurrency designed specifically to be compatible with the existing financial structure, is leading the way by operating with 15 out of 50 global banks, including UBS, Bank of China, and Santander. Given the benefits the technology brings, it comes as no surprise that 77% of fintech firms are expected to adopt blockchain by 2020.

Ripple, a cryptocurrency designed specifically to be compatible with the existing financial structure, is leading the way by operating with 15 out of 50 global banks
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The outlook of the Fintech industry seems very exciting, and one area where we can expect improvement is security. We should witness an introduction of advanced authentication methods, such as iris and fingerprint scanners, which will replace the unreliable and cumbersome passwords.

However, the major improvements lie in making financial services more user friendly and less resource hungry, while at the same time tailoring them to the individual. As Joy Schoffler, the Executive Chair of FinTech Professionals, says: “At the core of everything is simplification and personalization.” It’s possible that voice recognition technology will allow you to order things and pay bills just by saying a few words, while micro-embedded wearables will enable you to shop without ever using a cash register.

Whatever the future brings, one thing is certain: the more you know, the better equipped you’ll be to ride the wave of disruption and stay oahead of the curve in the digital age.

This handy infographic from carsurance.net charts the growth of Fintech from the first wire transfer to blockchain technology & beyond
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Tech Trends offers a broad range of Digital Consultancy services to guide companies, individuals and brands in effectively leveraging existing and emerging technologies in their business strategy.

Alice Bonasio is a VR Consultant and Tech Trends’ Editor in Chief. She also regularly writes for Fast Company, Ars Technica, Quartz, Wired and others. Connect with her on LinkedIn and follow @alicebonasio on Twitter.

The post Infographic: Growth of Fintech appeared first on Tech Trends.

The UK Business Register and Employment Survey (BRES) showed distinct trends in growth for specific sectors in London and in the UK as a whole.

FinTech looks set to keep growing in the coming months, driving the city’s economy forward
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The infographic below by Instant Offices illustrates some of these key areas of growh. Some of the key findings from their research include:

• The number of employees in the UK increased by 1.8%, from 29.5 million to 30.0 million between 2015 and 2016
• The biggest increases in employees were concentrated in London (up 2%) and the East of England (up 3.2%) during the same period
• The largest increase in employees was in the professional, scientific and technical industry, up 4.7%.
• Accommodation and food services also experienced growth of 4.7%.
• Employees in the professional, scientific and technical industry accounted for 21% of the UK’s total increase in employees.
• Employee numbers dropped in the following sectors: retail (by 2.2%), agriculture, forestry and fishing (1.4%), education (0.4%), property (0.6%) and public administration (0.2%).

Digital technology continues to grow and thrive, with £28 billion invested in the sector since 2011
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Where are London’s Top Sectors Based?

According to the Greater London Authority, London’s biggest sectors are concentrated as follows:

Inner London: Employment in London’s three key industries is largely concentrated in the inner London sub-region. Inner London also has a large entertainment and hospitality industry, employing people in accommodation, food, arts, entertainment, and retail services.

Outer London: Employment in the outer London sub-region is typically more concentrated in sectors that serve the local population. These include healthcare, education, business administration, and retail services.

In some parts of the city’s outer reaches, the most prominent sectors are more industrial, in areas such as transport and storage, wholesale, manufacturing and utilities. In outer west London in particular, there is a high concentration of jobs in the transport and storage sector around Heathrow airport.

The Creative Industries are driving economic growth across the UK
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Top London Sectors to Watch    

There are a few sectors that are expected to see especially rapid growth in 2018 and beyond. These include:

Tech: Digital technology continues to grow and thrive, with £28 billion invested in the sector since 2011. In fact, the digital economy is growing faster than the UK economy as a whole, as reported by Tech Nation.

FinTech: The financial technology sector in the UK and London had a record year for investment in 2017, with more than $1 billion in investments with over 90% of which were made in London-based firms. FinTech looks set to keep growing in the coming months, driving the city’s economy forward.

Design and creative industries: Research from Nesta and the Creative Industries Council recently revealed that creative industries are driving economic growth across the UK. Local economies have grown their employment rates in creative industries by an average of 11%, growing at twice the rate of other sectors.

The financial technology sector in the UK and London had a record year for investment in 2017
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Alice Bonasio is a VR and Digital Transformation Consultant and Tech Trends’ Editor in Chief. She also regularly writes for Fast Company, Ars Technica, Quartz, Wired and others. Connect with her on LinkedIn and follow @alicebonasio on Twitter.

The post Infographic: London Fastest Growing Sectors appeared first on Tech Trends.

Retailers need a robust tech strategy to confront the rising cost of fraud.

Digital technology has brought a relentless wave of innovation, making it easier for customers all over the world to purchase what they want with a variety of payment methods – from credit cards to mobile wallets and even cryptocurrencies such as Bitcoin. While these innovations bring welcome convenience for the consumer and broaden the market for retailers, they have also driven sharp increases in the volume of fraudulent transactions merchants and issuers are subject to.

Retail fraud is a growing issue for merchants, who are increasingly looking for solutions that will help them deal with the problem in the long-term
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As more consumers opt to do their shopping online, accurately tracking purchases, verifying identity, and matching transaction data to customer information has become a great challenge. This is especially true for companies that do not have robust procedures in place for collecting and cross-referencing such data.

Retailers are keen to find solutions that tackle fraud without being too aggressive and putting customers off
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According to a recent CNBC article, retailers list fraudulent returns as a top concern, especially around the holiday season. Retail fraud is a growing issue for merchants, who are increasingly looking for solutions that will help them deal effectively with the problem in the long-term.

Loss Prevention Magazine estimates that return fraud has proved a significant drain for retailer profits this past holiday season. Of the $9 billion in losses attributable to return fraud last year, $2 billion took place during the holiday season, with more than 5 percent of holiday returns in 2017 expected to be fraudulent.

Due to the lack of visibility and direct customer engagement in online transactions, retailers are challenged to verify a shopper’s identity. Furthermore, there is often a lag between the time an order is placed and when that transaction is confirmed, opening the door for more errors or fraudulent activity.

“The larger volume of sales in the November and December months, especially around peak dates such as Black Friday and Cyber Monday, is invariably followed by a spike in cardholder disputes and chargebacks,” says Matthew Katz, CEO of Verifi, a leading global provider of end-to-end payment and risk management and card not present fraud and chargeback solutions.

Due to the lack of visibility and direct customer engagement in online transactions, retailers are challenged to verify a shopper's identity
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“For retailers,” Katz explains, “these chargebacks mean not only incurring fees from card networks and acquirers, but also losing holiday stock, absorbing additional shipping costs, and losing customer trust and future sales.

Of the $9 billion in losses attributable to return fraud last year, $2 billion took place during the holiday season
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“As consumers analyze the debt they’ve incurred during the holiday period, billing confusion and so-called ‘friendly fraud’ – where customers experience buyer’s remorse and dispute a legitimate transaction by going directly to the card issuer to obtain a refund – become an increasingly costly problem for both merchants and issuers,” he adds.

This issue continues to get worse. According to a 2017 report by Appriss Retail, total merchandise returns accounted for more than $351 billion in lost sales for U.S. retailers. To put that revenue in some perspective, the number comes close to the estimated 2017 federal budget deficit of $400 billion. Retail fraud and abuse accounted for a substantial share of these transactions – $17.6 to $22.8 billion in the United States.

This brings inevitable, and undesirable, consequences to consumers and the economy in general, as retailers are ultimately forced to offset losses by raising prices or reducing costs. This can in turn cause economic slowdown or stagnation, and ultimately lead to job losses. Last year alone, per the Appriss Retail report, return fraud cost U.S. retailers and workers between 596,000 and 775,000 jobs. Additionally, these fraudulent activities also have a significant negative impact in government tax revenues, with retail revenue losses costing states a total of $1.1 billion to $1.4 billion in lost sales taxes.

As more consumers opt to do their shopping online, accurately tracking purchases, verifying identity, and matching transaction data to customer information has become a great challenge
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Atlanta-based data analytics provider, LexisNexis Risk Solutions, recently surveyed over 650 risk and fraud executives from retail organizations. Their findings indicated that the level of fraud as a percentage of retailers’ revenue rose from 1.47 to 1.58 percent in the last year alone. It is little wonder that retailers recognize this problem as one they need to address with dedicated resources and a consistent integrated strategy.

Safeguarding the customer experience is a crucial consideration for retailers looking to implement fraud-tackling technology
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The LexisNexis study found that, although many retailers were investing in fraud monitoring, the results weren’t always effective. Companies found it difficult to strike a balance between being protective and turning away genuine customers and transactions. Retailers are keen to strike a balance between these two priorities, and to find solutions that tackle fraud without being too aggressive and putting customers off.

According to Kimberly Sutherland – a senior director of LexisNexis’ fraud and identity management strategy – many merchants don’t quite know how to achieve this balance. The problem she sees is that businesses often resort to a one-size-fits-all approach to fighting fraud, and they end up by deploying a limited set of solutions that are not up to the challenge. “These less advanced and less sophisticated legacy solutions do not appear to be working, given the sharp rise in costs and volume of successful fraud attempts,” she remarks.

According to Katz, retailing needs more effective data-sharing solutions in order to prevent such large-scale fraud without denting customer relations. “By leveraging emerging technologies, we can equip merchants and issuers with the right information, at the right place, and at the right time. This helps protect hard-earned revenue for merchants, and also helps them provide better service to consumers – allowing genuine fraud to be addressed quickly and more effectively, thus improving customer trust, retention, and loyalty.”

By providing the issuer with merchant information and robust order data – featuring customer identity and intent of sale – early on in the dispute process, it is possible to significantly help prevent such losses, argues Katz. He adds that issuing banks that neglect to include merchants early in the dispute process generate an unnecessarily high chargeback volume. Yet there is still a lack of awareness in the industry about which solutions are readily available to help them mitigate that problem.

Connecting the merchant and the issuer early in the dispute process can prevent the loss of millions of dollars in sales
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Integrating the sort of technology that companies like Verifi provide as a tailored service to merchants and issuers can help to dramatically reduce instances of fraud – and indeed help identify friendly fraud, thus saving the sale – while also improving customer relations. Through leveraging and cross-referencing of robust data, customers can enjoy a better overall experience of quick and hassle-free returns and claim legitimate refunds without ever feeling as if they’re being unfairly questioned or targeted.

Integrating the sort of technology that companies like Verifi provide as a tailored service to merchants and issuers can help to dramatically reduce instances of fraud
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Safeguarding the customer experience is a crucial consideration for retailers looking to implement fraud-tackling technology into their processes, as modern shoppers view flexible return policies as a right rather than a privilege. Customers might refuse to shop with retailers that choose to implement restrictions and checks on returns. Draconian policies could permanently cost a merchant legitimate customers, and therefore prove to be just as damaging as the mounting cost of retail fraud.

“Consumer awareness of their chargeback rights has increased,” says Julie Conroy, research director for Boston-based analyst firm Aite Group. “We’ve seen a doubling of the term ‘chargeback’ on Google for the past five years.”

In their research, Aite Group found that card issuers often give customers varying degrees of leeway when it comes to accepting evidence for granting a chargeback. Retailers complained to the firm that this lack of consistency led to mixed results from issuer to issuer. Chargebacks protect cardholders from fraud and give them recourse if goods are not as advertised, but the fact that this process is now easier for consumers also means that it is increasingly being abused.

“No one likes getting on a 13-minute call with their bank to dispute a charge,” Conroy says. “If you can allow them to do this digitally, you’re providing a better customer experience.” The other issue is cost: the average call is 13 minutes. “For some of these disputes, the consumer could be on the phone for 30 minutes,” she says. “That’s really expensive. The aggregate cost for U.S. issuers alone for call centers to field these calls is $2 billion a year.”

This is one of the reasons why so many merchants are now incorporating Software as a Services (SaaS) into their existing systems. Verifi’s Cardholder Dispute Resolution Network (CDRN), for example, is an innovative platform that enables issuers at the initiation of a dispute to redirect customer disputes to the merchant. In doing so, the chargeback process is paused up to 72 hours, allowing the merchant time to assess and resolve the dispute directly with their customer before it becomes a chargeback. In 2017, CDRN handled over 19 million disputes with an average 88% successful resolution rate on actionable disputes.

Yet even as retailers move towards embracing these comprehensive, high-tech fraud-prevention systems, offenders will inevitably continue to devise ways of taking advantage of any available loopholes. This is why it is important for SaaS providers such as Verifi to constantly improve their systems to stay ahead of the game. According to Katz, to address such needs, Verifi launched Order Insight in 2017 – an advanced collaboration platform that further applies this principle of intelligently connecting data from merchants to issuers and cardholders to access accurate and timely purchase data.

“Order Insight is the next phase in the evolution of our services, where all parties are connected to work together for mutual benefit. By being able to share and access data – such as purchase item description (size, color, style), date of purchase, merchant’s name and contact information, customer’s device used, IP address, etc. – the volume of chargebacks can be significantly reduced. This results in fewer fees and penalties imposed on merchants – but most importantly in the retention of sales and improved customer relations, all of which translate into increased profits.”

fraudulent activities also have a significant negative impact in government tax revenues, with retail revenue losses costing states a total of $1.1 billion to $1.4 billion in lost sales taxes
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Katz explains that “Order Insight enables issuers to access shared merchant data in near real-time at the initiation of a customer dispute. In addition to the goods or services in dispute, detailed information on the cardholder’s transaction history, previous disputes filed, refunds issued, and account delinquency are also instantly available, allowing each issue that arises to be efficiently dealt with to the benefit of all parties.”

The device (and type) that was used to make the purchase can be identified, in addition to the name, username, IP address, location, as well as phone number and email address included in the merchant’s customer profile to match the unique cardholder information with the bank’s system. Customers, too, have access to their order details through the issuer-hosted mobile or online banking application, providing immediate answers to a transaction query for a quick and painless resolution. If a transaction isn’t recognized, then the merchant name, address, customer service number and email address – as well as terms and conditions, warranty information and return policies – will be provided to resolve confusion created by vague descriptions on a statement. Whenever a dispute arises, each party will have access to the information to determine the legitimacy of the sale, thus reducing the impact of issues such as friendly fraud.

“Shared data can be beneficial in multiple fraud scenarios, and friendly fraud is no exception,” says Conroy, who believes that collaboration solutions, such as Verifi’s, are a crucial part of the industry’s fraud-fighting toolkit. “Connecting the merchant and the issuer early in the dispute process can prevent the loss of millions of dollars in sales,” agrees Katz, and that’s certainly something that merchants and issuers in an increasingly competitive and technology-driven retail landscape will need.

This article was originally published on World Commerce Review

Alice Bonasio is a VR Consultant and Tech Trends’ Editor in Chief. She also regularly writes for Fast Company, Ars Technica, Quartz, Wired and others. Connect with her on LinkedIn and follow @alicebonasio on Twitter

The post Tackling Retail Fraud with Technology appeared first on Tech Trends.

In a digital world, is there still room for good old-fashioned shops? Or are we moving towards a hybrid model?

While struggling brick-and-mortar retailers are often quick to blame the Internet for their problems, there’s clearly more to it. Why else would successful online retailers like Amazon, Warby Parker and Bonobos be hopping the digital fence to engage with shoppers in their preferred environment – the physical store?

Online retailers like Amazon, Warby Parker and Bonobos are hopping the digital fence to engage with shoppers in their preferred environment - the physical store
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Amazon’s acquisition of Whole Foods Market for the princely sum of $13.7 billion and announced plans to open 450 physical stores demonstrate how online and offline are coming together faster than many would imagine. Few retailers have truly taken advantage of the data from their stores, but the burgeoning online retail landscape is poised to pressure traditional brick and mortar brands to reinvent themselves and develop a robust omni-channel presence which in time may give them higher levels of customer loyalty and a competitive edge over purely e-Commerce competitors.

Some retailers are beginning to embrace technology by adopting a more data-centric approach to energizing their businesses
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In a customer-led retail landscape, consumers expect retailers to seamlessly adapt to the technologies they use every day, and retailers who fail to do so risk getting left behind. Some retailers are therefore beginning to embrace technology by adopting a more data-centric approach to energizing their businesses and helping their customer base thrive. And many are finding out that it is possible to do so without losing their brand identity or compromising the “personal touch”.

While struggling brick-and-mortar retailers are often quick to blame the Internet for their problems, there’s clearly more to it
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Bricks and mortar businesses do have the advantages of face to face interaction, immediate gratification and a palpable sensory experience, yet online retailers have been making hay in another area: analytics. Collecting data and mining it for gold – in the form of shopping habits and demographics – they can generate customer profiles to help them reach customers with personalised content and suggestions. With 90% of consumers stating that they use their smartphone whilst shopping in high street stores opportunity has never been greater for retailers to leverage technology to build additional in-store engagement and personalisation through analytics.

Bricks and mortar businesses do have the advantages of face to face interaction, immediate gratification and a palpable sensory experience
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While this approach is in its early stages, it has certainly picked up considerable momentum in recent years, Despite a difficult retail climate, the John Lewis partnership announced a 22.6% leap in online sales as they celebrated their 150th anniversary as a high street retailer in 2014, with more than three quarters of its site traffic on Christmas day coming via mobile devices. With profits looking healthy and mobile increasingly part of those sales, John Lewis has been developing its ‘Click & Collect’ service to further merge the online and offline customer experience and make the purchasing process frictionless for their customers.

Consumer research consistently reveals that customers are not looking for overly complicated responsive design. They’re looking for simplicity, speed and consistency
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The John Lewis app features a barcode scanner, allowing users to easily check online stock levels of items they’ve seen in store, as well as a simple straightforward way to contact customer services directly (whether checking an order enquiry or request a price match), making customer contact as convenient as possible. As a result of this unified approach, a further 60% increase in sales via their click and collect system was reported.

As a result of its unified approach John Lewis reported a 60% increase in sales via their click and collect system
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Consumer research consistently reveals that customers are not looking for overly complicated responsive design or differentiation between a retailers apps, website or high street stores. They’re looking for simplicity, speed and consistency, and retailers need to address this in whatever way makes most sense for their business and their customers.

These trends, championed by the most successful brands in both online and offline retailing, suggest that achieving success in future retail is an “and” not an “or” proposition
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Directing resources towards mobile marketing is clearly an investment, yet as the success of the John Lewis strategies clearly demonstrate, it can bear significant dividends. Embracing tailored, data-driven technology in a strategic way can rapidly foster and improve customer interaction, and this translates in better sales and higher returns.

Directing resources towards mobile marketing is clearly an investment, yet as the success of the John Lewis strategies demonstrate, it can bear significant dividends
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These trends, championed by the most successful brands in both online and offline retailing, suggest that achieving success in future retail is an “and” not an “or” proposition. Rather than squandering the advantage they have over Internet retailers, brick-and-mortar businesses of all shapes and sizes need to be willing to leverage it with an updated, real-time approach to consumer engagement via mobile and tailored apps. Where there’s data and technology, there’s opportunity, and it’s a more complex picture out there than it might seem at first, as the handy infographic below from Shopping.fm shows:

The post Infographic: Will E-Commerce Replace Bricks and Mortar Retailers? appeared first on Tech Trends.

What will be the biggest and most disruptive technology trends of 2018? We talk to industry experts to find out.

Bias-check will become the new spell-check
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Expanding the Immersive Spectrum

We expect 2018 to be a big year for the development and roll-out of second generation hardware for VR/AR such as the Oculus Go and Magic Leap’s Mixed Reality headset – set to be better, lighter and cheaper than ever before,” says Aurelien Simon, Head of Immersive, Digital Catapult.

Just as importantly, however, there will also be increased buy-in from the creative industries in terms of immersive content production: “We’ve seen huge strides in creative content over 2017 and I expect this push for quality over quantity to continue next year. Big production studios are likely to increase their interest and presence in the VR space, while VR games production looks to take a step forward with hotly anticipated games like Doom and Fallout 4 released in VR.”

Trisa Thompson, Chief Responsibility Officer at Dell Technologies also believes that we’ll be donning our AR headsets in 2018 as the technology becomes ubiquitous and increasingly integrates with our daily routines.

“It’s happening in pockets today. But over the next year, VR and AR will cogently bring world issues into our personal reality. Time, money, and geography will no longer be inhibitors to experiencing a different environment, community or perspective.”

Global analyst firm CCS Insight says these technologies are likely to blur and become different dimensions of the “extended reality” spectrum, and the hardware releases of 2018 will reflect that trend: “We expect to see many early examples of augmented reality glasses but also several stand-alone virtual reality headsets.”

2018 will be a big year for the development and roll-out of second-generation hardware for VR and AR
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The Next Era of Human-Machine Partnership report published by Dell and the Institute for the Future (IFTF) also predicts that immersive technologies will increasingly be used to counterbalance our inherent human prejudices. ‘Bias check,’ according to Brian Reaves, Chief Diversity & Inclusion Officer at Dell, will become the next spell check as we’ll start applying VR in job interview settings to remove identifying traits, leveraging machine learning and AI to indicate key points of discrimination and program positive bias into our processes.

Immersive technologies will increasingly be used to counterbalance our inherent human prejudices
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Data-Centric Society

According to Nesta’s latest survey, 39 percent of adults say they do not mind sharing their personal information with companies, but 60 percent say they are frustrated by how much of their information has become public. 76 percent of adults around the world say they find it creepy when companies know too much about them.

“Big Data claims to be able to interpret our behaviours, which in theory should help consumers. But with Big Data can come Big Bias, and once personal information is relinquished, all consumers can do is hope companies use it responsibly,” they conclude.

Yet data experts predict that 2018 will mark the year when data starts to become a powerful tool for consumers, as regulators catch up with the data revolution and citizens are put in charge of their data. Accenture’s Fjord Trends 2018 also outlines how technologies such as Blockchain will potentially play a part in creating greater data transparency.

39 percent of adults say they do not mind sharing their personal information with companies, but 60 percent are frustrated by how much of that information becomes public
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In its latest report, the National Infrastructure Commission (NIC) indicates that data is a vital component for innovation and stresses the importance of building a broader data infrastructure and managing it responsibly for the greater good.

“Greater access to open data enables greater innovation,” according to the Open Data Institute (ODI) which predicts that over time we will see data helping to create ever greater social and economic value in sectors such as public services, retail and banking.

Vicki Cantrell, Retail Transformation Officer, at Aptos says that retailers will need to leverage data to become more customer-centric. “Analysis tools that deliver actionable data and enable organisations to correctly respond to changing conditions with actionable and repeatable processes at the point of service – whether in-store or online – will be key,” she says.

Banks are recognizing the value of collaboration and outsourcing risk solutions to companies such as Verifi to prevent fraud and improve customer experience
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According to Market Intelligence agency IDC, banks are also increasingly partnering with financial technology companies via open APIs, driven partly by new banking regulations such as PSD2, which involve sharing of customer data.

Retailers will need to leverage data to become more customer-centric
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In 2018 the EU will also begin to fine midmarket firms that violate General Data Protection Regulations (GDPR). According to Bill Weber, Principal Security Strategist at eSentire, with the influx of data breaches over the past two years, businesses will have to take the necessary steps to meet the increasing number of cybersecurity requirements set forth by regulatory bodies.

“Regulators are encouraging open banking initiatives, and banks are having to open up their systems via APIs to third parties in providing access to account information and to initiate payments,” a report by consulting firm Capgemini concludes, adding that this will increasingly facilitate collaboration between banks and FinTech companies bringing innovation to industry.

Banks, the report concludes, have a burning need to innovate in this fast-evolving landscape, but have traditionally not been very successful in fostering digital innovation through in-house efforts.

With the influx of data breaches over the past two years, businesses will have to take steps to meet increased cybersecurity requirements set by regulatory bodies
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Matthew Katz, CEO of Verifi – a FinTech company providing payment and risk management solutions to banks and merchants – agrees that factors such as the regulatory impacts of PSD2 and strong customer authentication put an increased onus on issuers and acquirers to better manage risk. He believes, however, that banks are increasingly recognizing the value of collaboration, and outsourcing those solutions to companies such as Verifi to not only prevent issues such as fraud and chargebacks, but to deliver a better overall customer experience.

Banks need to innovate but have traditionally not been very successful in fostering digital innovation in-house
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Smart Cities and Borderless Living

In 2018, we could also start seeing drones delivering not only parcels, but broader societal benefits
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Smart Mobility and automation have been big trends in 2017 as societies continued to cope with the rising demands of urbanization. This is set to continue in the coming year as 87 percent of consumers believe cities need better transportation options according to a recent survey conducted by Ford.

87 percent of consumers believe cities need better transportation options
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In 2018, we could also start seeing drones delivering not only parcels, but broader societal benefits. A report by innovation foundation Nesta predicts “cities in Britain will make the laws, rules and infrastructure decisions for drones to take off, creating an airborne version of the Highway Code.”

Smart Mobility and automation have been big trends in 2017 as societies continued to cope with the rising demands of urbanization
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Simulation tools will also enable governments to test out their policies in virtual environments before rolling them out in the real world according to Nesta’s report, which outlines a broader trend towards borderless identity and citizenship.

“We will see the rise of experiments in e-Residency as governments begin to make the nation state virtual. Citizens may be able to choose to educate their children in Finland, access healthcare from South Korea and run businesses in New Zealand, without leaving the comfort of their homes.”

IIoT and the Next Industrial Revolution

As digital fades from being stand-alone to being embedded in our physical world, our relationships with everything around us will be redefined
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In November 2017 the UK government concluded a review addressing how the country could leverage innovation to revitalise business and industry. It outlined how emergent technologies like IoT, Machine Learning and AI have made the transition away from being hypothesized innovations to practical solutions across a broad range of sectors.

“The next step for manufacturers will be to interconnect every step of the manufacturing process to create seamless and more efficient systems by utilising IoT technology to sharpen their competitive edge and better meet customer demands,” explains Richard Bradbury, UK&I Managing Director at Hitachi Vantara.

This trend is broadly defined under the umbrella of Industrial Internet of Things (IIoT) or Industry 4.0 and its transformative potential for the global economy and society is just as great – if not greater – than that of previous industrial revolutions. Definitely one to watch in 2018.

The transformative potential of Industry 4.0 for the global economy and society is just as great – if not greater – than that of previous industrial revolutions
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Symbiotic Tech

“The more our devices and voice-assistants are ingrained in our daily lives, the more we will turn to them as our moral compass — for advice. As our technology blends into our habits and is able to read and learn our emotions, fears and anxieties, it will tell us to stop wasting less food or remind us to call mom more often. We can expect to see a rise of people objecting to the moral judgments imposed by the likes of Alexa,” reads the Sparks&Honey 2018 Trends Brief, which goes even further, predicting that we’ll soon connect our bodies using technology in increasingly visceral ways.

“We’ve grown comfortable enough with the pervasive use of technology to let it become part of us via implants, such as bio-tattoos or microchip implants for banking and biometrics. Elon Musk’s Neuralink is on a mission to connect our brains to the cloud and Emily Borghard is now recognized as one of the world’s first true cyborgs, thanks to a Neuropace chip implanted in her brain,” it concludes

The more our devices and voice-assistants are ingrained in our daily lives, the more we will turn to them as our moral compass
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“As digital fades from being stand-alone to being embedded in our physical world, our relationships with everything around us will be redefined,” agrees Baiju Shah, global co-lead, Fjord and managing director, Accenture Interactive.

Nesta’s research also backs up this view, pointing to the fact that AI is already showing impressive healthcare capabilities such as diagnosing Parkinson’s via audio recordings and cancer via molecules in breath. It predicts that in 2018 one or more of the major technology companies will buy a healthcare provider to turbocharge their efforts in that space. “In combination with new forms of facial recognition, AI is being trained to read minds and moods with increasing accuracy,” is says, adding that we will increasingly see it being used to predict and manage both physical and mental health outcomes.

Tech Trends’  Virtual Reality Consultancy services offers support for companies looking to get a foothold in the growing Mixed Reality spectrum and enhance their brand strategy with immersive technologies.

Alice Bonasio is a VR Consultant and Tech Trends’ Editor in Chief. She also regularly writes for Fast Company, Ars Technica, Quartz, Wired and others. Connect with her on LinkedIn and follow @alicebonasio on Twitter.

The post Looking Forward to 2018 Tech Trends appeared first on Tech Trends.