HSBC: How Businesses are Responding to Emerging Technologies

The power of human interaction will continue to play a critical role in business over the coming decade – even as technology dramatically reshapes entire sectors and business models.

That’s according to a new report published by HSBC, which examines how emerging tech such as AI, robotics and quantum computing will shape our future. 

Researchers discovered the vast majority (86%) of companies are looking at how emerging technologies can help advance employee skillsets, while 83% are planning to re-train their workforce.

Meanwhile, 82% have opted to invest in new talent in response to rapid advances in technology.

"The fourth industrial revolution will transform businesses as new technology and ever-increasing levels of automation are integrated into the workplace,” comments Barry O’Byrne, CEO for Global Commercial Banking at HSBC.

“What our report makes clear is that successful businesses will not see a diminished role for human skillsets. To remain competitive, businesses will need to harness new technology to empower teams to perform better, more efficiently and more creatively. This agility will require new ways of thinking and working, and different capabilities.”

Collaboration crucial to success

In carrying out its research, HSBC commissioned Toluna to survey 2,900 C-suite or business decision makers based in the US, Mexico, the UK, China, Hong Kong, India, Singapore and the UAE. 

All respondents had banking, finance, insurance or accounting as a job responsibility and were either sole decision-makers or involved in the decision-making process for business banking products and services.

The report, entitled Digital Horizons, unearthed collaboration as being fundamental to business success in the next 10 years, with a large majority of leaders agreeing that more collaboration within their organisation (85%) and with other players in their sector (84%) will drive growth. 

However, most also agree that collaboration outside their own sector (82%), as well as beyond national borders, through international partnerships and networks (83%), is key to success.

Highlighted by the study are leading strategies that businesses most favour to enable this new era of collaboration. The most favoured approaches include a greater focus on technology-driven, agile ways of working (47%), while 36% believe embracing partnerships with smaller and more nimble industry entrants is important.

HSBC unearths four trends driving change

HSBC’s research revealed four top trends which the banking giant says are set to drive fundamental change and bring new opportunities for businesses through digitalisation over the coming decade. 

They are as follows:

• Borderless Business: A new era championing a global outlook and networks where successful businesses adapt to embrace global talent, supply chains and relationships
• FLIT organisations: The rise of organisations which focus on a flexible workforce, lean processes, innovative business models and tech-driven operations
• Inclusive automation: A workplace where businesses focus on the positives and gains of AI and automation, enabling and upskilling talent to embrace this mindset
• Creative edge: Organisations that cultivate a culture that champions open-mindedness, independent thinking and innovation will gain a competitive edge in the market

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