The future is digital first. And in 2024, businesses at the forefront of the market are already thinking digitally on every new development in their organisations.
At the centre of this focus on digital for many is generative artificial intelligence, or genAI. Used as part of a co-pilot model, genAI will help significantly increase productivity across businesses, helping deliver highly customised products and solutions with very short development periods.
Another theme that will continue through 2024 is rising interest in tokenisation. This will occur alongside the ongoing development of regulatory frameworks that cover the tokenisation of real-world assets.
This all comes as central banks around the world, particularly in the United Kingdom, Europe and parts of Asia, explore the application of digital currencies, and the shape of the financial-market infrastructure of the future.
Of course, all of these themes will be underpinned by data. Data is essential for genAI, for tokenisation, and creating a digital-first business.
The coming year won’t be one without challenges. There is still much uncertainty in the regulatory space around emerging digital tech and that’s expected to continue in 2024. It’s critical large businesses investing in these technologies ensure they’re in sync with regulators and have a firm grasp of any associated risks.
Ongoing macroeconomic challenges are also likely to keep the cost environment constrained in 2024, particularly in the fintech space. High interest rates are already forcing many in the space to reassess business priorities.
Finally, it’s critical to remember the speed at which these technologies develop. What is true today may not be in three months as capability advances based on the tools available. For businesses, striking a fine balance between innovation and risk management is crucial.
After another transformative year across markets and the economy, businesses in the Asia-Pacific region are beginning to turn their minds to their priorities for 2024.
The ongoing speed of digitisation, shifting supply chains, and continued geopolitical uncertainty will all play a role in the macroeconomic environment in the New Year.
Over the coming weeks, ANZ Institutional will bring you select insights from our broad range of subject-matter experts, helping your business better prepare for 2024 and beyond.
Hariramchakraborthy Janakiraman is Head of Industry & Innovation, Transaction Banking, ANZ
This publication is published by Australia and New Zealand Banking Group Limited ABN 11 005 357 522 (“ANZBGL”) in Australia. This publication is intended as thought-leadership material. It is not published with the intention of providing any direct or indirect recommendations relating to any financial product, asset class or trading strategy. The information in this publication is not intended to influence any person to make a decision in relation to a financial product or class of financial products. It is general in nature and does not take account of the circumstances of any individual or class of individuals. Nothing in this publication constitutes a recommendation, solicitation or offer by ANZBGL or its branches or subsidiaries (collectively “ANZ”) to you to acquire a product or service, or an offer by ANZ to provide you with other products or services. All information contained in this publication is based on information available at the time of publication. While this publication has been prepared in good faith, no representation, warranty, assurance or undertaking is or will be made, and no responsibility or liability is or will be accepted by ANZ in relation to the accuracy or completeness of this publication or the use of information contained in this publication. ANZ does not provide any financial, investment, legal or taxation advice in connection with this publication.