Every financial institution is looking to digital transformation to meet rising customer expectations for speed and convenience, lower its operating cost, and fend off competition, including from tech companies moving into financial services. Some are spending over 10% of yearly revenue on technology investments, according to Bloomberg. “This is a huge investment and most financial institutions cannot support this for the long term,” says Michael Fei, SME banking CEO at OneConnect Financial Technology, an associate of Ping An Insurance.
The covid-19 pandemic has revealed how even financial institutions that considered themselves digitally advanced are, in reality, still wedded to analog processes along the chain of processing.
“For many financial institutions, this has been a wake-up call,” says Fei. “In the past, many had thought that if they have an online portal and a mobile application then that’s enough. But now they’ve realized it’s not. Some banks have online portals and mobile apps where you can apply for loans, but they still need to send items to the customer and carry out on-site inspection before they can process the loans, which hasn’t been possible during covid. Banks have had to reshape and redesign the whole process of their lending products.”
Banks have also realized their lack of truly deep customer knowledge, which is crucial to inform responsible and flexible decisions during an economic downturn as customer needs rapidly change.
“Now that everything is digital, financial institutions are realizing how little they knew their customers,” says Tan Bin Ru, chief executive officer for Southeast Asia at OneConnect Financial Technology. “Customer hyper-personalization tools, to understand what products to offer, have been acknowledged conceptually for a long time but not implemented—now banks are moving towards it and really getting tools to do it.” Traditional banks that were not previously utilizing alternative datasets now want to integrate them more into secure lending, Tan says.
The power of partnerships
Banks have increasingly understood they need outside help to execute their digital transformation agenda. “Banks usually have very rigid systems and procedures,” says Fei. “For instance, if you want to launch a new product you have to follow the process, and it takes at least six months. In the age of digitalization, this doesn’t work, as customers want things immediately.
By: Martha Leibs
Title: Banks need to strike the right balance for digital transformation
Sourced From: www.technologyreview.com/2021/01/15/1016087/banks-need-to-strike-the-right-balance-for-digital-transformation/
Published Date: Fri, 15 Jan 2021 15:00:00 +0000
How tracking animal movement may save the planet
There was something strange about the way the sharks were moving between the islands of the Bahamas.
Tiger sharks tend to hug the shoreline, explains marine biologist Austin Gallagher, but when he began tagging the 1,000-pound animals with satellite transmitters in 2016, he discovered that these predators turned away from it, toward two ancient underwater hills made of sand and coral fragments that stretch out 300 miles toward Cuba. They were spending a lot of time “crisscrossing, making highly tortuous, convoluted movements” to be near them, Gallagher says.
It wasn’t immediately clear what attracted sharks to the area: while satellite images clearly showed the subsea terrain, they didn’t pick up anything out of the ordinary. It was only when Gallagher and his colleagues attached 360-degree cameras to the animals that they were able to confirm what they were so drawn to: vast, previously unseen seagrass meadows—a biodiverse habitat that offered a smorgasbord of prey.
The discovery did more than solve a minor mystery of animal behavior. Using the data they gathered from the sharks, the researchers were able to map an expanse of seagrass stretching across 93,000 square kilometers of Caribbean seabed—extending the total known global seagrass coverage by more than 40%, according to a study Gallagher’s team published in 2022. This revelation could have huge implications for efforts to protect threatened marine ecosystems—seagrass meadows are a nursery for one-fifth of key fish stocks and habitats for endangered marine species—and also for all of us above the waves, as seagrasses can capture carbon up to 35 times faster than tropical rainforests.
Animals have long been able to offer unique insights about the natural world around us, acting as organic sensors picking up phenomena that remain invisible to humans. More than 100 years ago, leeches signaled storms ahead by slithering out of the water; canaries warned of looming catastrophe in coal mines until the 1980s; and mollusks that close when exposed to toxic substances are still used to trigger alarms in municipal water systems in Minneapolis and Poland.
Attaching 360-degree cameras to tiger sharks helped demystify the
animals’ strange movements around the Bahamas.COURTESY OF BENEATH THE WAVES
These days, we have more insight into animal behavior than ever before thanks to sensor tags, which have helped researchers answer key questions about globe-spanning migrations and the sometimes hard-to-reach places animals visit along the way. In turn, tagged animals have increasingly become partners in scientific discovery and planetary monitoring.
But the data we gather from these animals still adds up to only a relatively narrow slice of the whole picture. Results are often confined to silos, and for many years tags were big and expensive, suitable only for a handful of animal species—like tiger sharks—that are powerful (or large) enough to transport them.
This is beginning to change. Researchers are asking: What will we find if we follow even the smallest animals? What if we could monitor a sample of all the world’s wildlife to see how different species’ lives intersect? What could we learn from a big-data system of animal movement, continuously monitoring how creatures big and small adapt to the world around us? It may be, some researchers believe, a vital tool in the effort to save our increasingly crisis-plagued planet.
Wearables for the wild
Just a few years ago, a project called ICARUS seemed ready to start answering the big questions about animal movement.
A team led by Martin Wikelski, a director at the Max Planck Institute of Animal Behavior in southern Germany and a pioneer in the field, launched a new generation of affordable and lightweight GPS sensors that could be worn by animals as small as songbirds, fish, and rodents.
By: Matthew Ponsford
Title: How tracking animal movement may save the planet
Sourced From: www.technologyreview.com/2024/02/22/1088116/internet-of-animals-movement-research-earth/
Published Date: Thu, 22 Feb 2024 10:00:00 +0000
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Yes, remote learning can work for preschoolers
The other day some preschoolers were pretending to be one of their favorite Sesame Street characters, a baby goat named Ma’zooza who likes round things. They played with tomatoes—counting up to five, hiding one, and putting it back.
A totally ordinary moment exploring shapes, numbers, and imagination. Except this version of Sesame Street—called Ahlan SimsimWelcome Sesame)—was custom made for children like these: Syrian refugees living in camps in Lebanon who otherwise don’t have access to preschool or, often, enough to eat.
Educational interruptions due to the pandemic, climate disasters, and war have affected nearly every child on Earth since 2020. A record 43.3 million children have been driven from their homes by conflict and disasters, according to UNICEF—a number that doubled over the past decade.
And yet, points out Sherrie Westin, the head of the nonprofit that produces Sesame Street, “less than 2% of humanitarian aid worldwide goes to the early years”—that is, specifically supporting care and education, not just food and medicine.
Sesame Workshop created the TV show Ahlan Simsim (seen on screen) for children who have been displaced from their homes or experienced conflict.RYAN HEFFERNAN/SESAME WORKSHOP
That may be about to change. The Ahlan Simsim program is the largest-ever humanitarian intervention specifically intended for small children’s development. The Sesame Workshop partnered with the International Rescue Committee, a humanitarian-aid nonprofit, to win a $100 million grant competition administered by the MacArthur Foundation. The results, released in May 2023 but not yet peer reviewed, have been startling: they have provided the first evidence that 100% remote learning can help young children in crisis situations. And the format has already been successfully copied and used in other crises.
The program combines video content produced by Sesame with services from the IRC, which employs a combination of volunteers from the affected community and professional teachers and parent educators to work locally with families. Over the past few years, 2 million children and their caregivers watched Ahlan Simsim and received coordinated services, some of which were provided entirely over mobile phones. Another 25 million simply watched the show.
In 2023, Hiro Yoshikawa and his team of researchers at New York University showed in a randomized controlled trial that Syrian refugee children taking part in an 11-week, fully remote learning program, combining Ahlan Simsim videos with live support from local preschool teachers over cell phones, showed progress in learning that was comparable to the results from a year of standard in-person preschool.
And the learning they measured wasn’t just academic. Children made progress in overall development, emerging literacy, emerging numeracy, motor skills, social-emotional skills, and even the quality of play—like pretending to be Ma’zooza the goat.
“I’m pretty impressed,” says Kathy Hirsh-Pasek, an expert in early child development at Temple University, who was not involved with the research. Compared with in-person preschool, “this is probably not the full nutritional value,” she cautions. “But nicely done—to even bring them anything in this setting is kind of amazing.”
Sesame and IRC hope that holistic intervention can help the world’s most vulnerable kids cope with toxic stress—the kind that can, if unchecked, change the architecture of a developing brain. “We see so many children that just because of the circumstances of their birth—born into crisis, into conflict—the odds of them achieving their full potential are reduced,” says Katie Murphy, the director of early-childhood development and strategic initiatives at the IRC, who was closely involved with the project. “Our work tries to reduce that gap.”
With the right support from caregivers and communities, Murphy and her colleagues believe, more children around the world can grow up resilient amid crisis, displacement, and war.
Coping with discrimination, conflict, and hunger
At a refugee camp in the agricultural Beqaa Valley in eastern Lebanon, Amal, Hana, and Mariam, three Syrian refugee mothers who participated in the
By: Anya Kamenetz
Title: Yes, remote learning can work for preschoolers
Sourced From: www.technologyreview.com/2024/02/23/1088127/remote-learning-preschoolers-early-childhood-education-teaching/
Published Date: Fri, 23 Feb 2024 10:00:00 +0000
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Tackling long-haul diseases
MIT immunoengineer Michal “Mikki” Tal remembers the exact moment she had an insight that would change the trajectory of her research, getting her hooked on studying a long-neglected disease that leaves millions of Americans suffering without treatment.
It was 2017, and she was a Stanford postdoc exploring connections between her immune regulation research and immuno-
oncology, which harnesses the body’s immune system to combat cancer. Her work focused on how healthy cells broadcast “Don’t eat me” messages while cells that are cancerous or infected with a pathogen send self-sacrificing “Eat me” messages. Immune cells, in turn, receive these missives in pocket-like receptors. The receptor that receives the healthy cells’ signal, Tal read as she was poring over the literature that day, is the third most diverse protein in the human population, meaning that it varies a lot from one person to the next. It was a fact that struck her as “very odd.”
Tal, who has been obsessed with infectious disease since losing an uncle to HIV/AIDS and a cousin to meningococcal meningitis, wondered what this striking diversity could reveal about our immune response to infection. According to one hypothesis, the wide array of these receptors is the result of an evolutionary arms race between disease-causing microbes and the immune system. Think of the receptor as a lock, and the “Nothing to see here” message as a key. Pathogens might evolve to produce their own chemical mimics of this key, effectively hiding from the immune system in plain sight. In response, the human population has developed a wide range of locks to frustrate any given impostor key.
Wanting to test this hypothesis, Tal found herself walking the halls of Stanford, asking colleagues, “Who’s got a cool bug?” Someone gave her Borrelia burgdorferi, the bacterium that causes Lyme disease. Previous research from Tal’s collaborator Jenifer Coburn, a microbiologist now at the Medical College of Wisconsin, had established that Lyme bacteria sport a special protein crucial for establishing a lasting infection. Knock this protein out, and the immune system swiftly overwhelms the bugs. The big question, however, was what made this protein so essential. So Tal used what’s known as a high-affinity probe as bait—and caught the Borrelia’s mimic of our “Don’t eat me” signal binding to it. In other words, she confirmed that the bacteria’s sneakyprotein was, as predicted, a close match for a healthy cell’s signal.
Sex differences in Lyme infection
Until then, Tal says, she had never given Lyme disease much thought. But the more she learned, the more disturbed she grew. Even after timely antibiotic treatment, roughly 10% of all Lyme patients go on to develop chronic symptoms that can include crushing pain, debilitating fatigue, and cognitive changes that make basic tasks a struggle.
This confocal micrograph depicts Borrelia burgdorferi bacteria, which cause Lyme disease when transmitted to humans by ticks. These Borrelia were genetically engineered to produce a green fluorescent protein.COURTESY OF THE TAL RESEARCH GROUP
Perhaps even more alarming than the disease has been the medical community’s response to it. “I realized that there’s this public health debacle around Lyme, and it’s, for lack of a better word, obscene,” Tal says. Chronic Lyme patients skew female, and for decades, clinicians have dismissed their symptoms as signs of mental illness. The medical establishment has “done nothing but call them crazy,” Tal says, “instead of admitting that they just don’t understand what’s going on.”
Today, there is no objective way to diagnose chronic Lyme, and no medically accepted therapy. For some patients, lengthy treatments with high doses of antibiotics can ease symptoms, but these come with their own serious risks. (They can, for example, damage the microbiome, leading to significant negative effects on health.) And because the antibiotic used currently only prevents bacteria from replicating, Tal notes, it’s up to the immune system to actually kill off the invaders. If immune cells can’t tell friend from foe, the utility of antibiotics may be limited.
Chronic Lyme patients skew female, and for decades, the medical establishment has “done nothing but call them crazy,” Tal says, “instead of admitting that they just
By: Allison Guy, SM ’23
Title: Tackling long-haul diseases
Sourced From: www.technologyreview.com/2024/02/23/1087617/tackling-long-haul-diseases/
Published Date: Fri, 23 Feb 2024 17:05:11 +0000
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