 Thanks very much. Great pleasure to be here today. So first of all, I want to say, the future is better than most of us think. And the interesting part, when you're looking at, for example, watching movies from Hollywood, X machine, especially always a robot warfare against the world, that's the biggest topic, and terrorism, and all of the lovely stuff. But when you look around you, actually, there's a lot of hopeful things happen in the world. For example, childbirth rate has dramatically declined. Poverty has declined, even though it doesn't look like it. There's lots and lots of good things happening. Technology is now solving major problems. And of course, technology is also creating major problems. But if you're looking at what's happening, for example, in climate change and solar energy, all of a sudden the oil industry is on its way to what they call a transition plan. It will cost them roughly $6.4 trillion to make that transition. But we'll see what happens there. And for example, solving cancer, diseases, gene editing, right? Gene gnome editing, it looks like a science fiction. But what you see around yourself today is a lot of science fiction is becoming science fact. Think about, for example, automated language translation. There's now four or five apps, including Microsoft Translator, SayHi, Skype, that allow you to have a real-time conversation in 34 languages. That's like Star Trek, right? So three months ago, I was in Japan. I had a half-hour conversation with the sushi chef. I spoke German, not Swiss German, just regular German. I don't speak Swiss German. I just live there. But anyway, we would talk for half an hour. And we didn't talk about really intimate stuff, of course. But food, right? Simple. And things like the self-driving car. I drove the other day. I mean, a friend of mine has a Tesla. We went on the highway, not on the Autobahn, but American highway. We drove for three hours without touching the wheel, eating, having a conversation. You can't turn around the seat and you have to be near the wheel. It drives itself. And think about what that means in five years. Toyota has announced now that by 2035, they will stop making cars with gas engines. I mean, that is science fiction. I mean, the possibilities of technology are mind-boggling. So I contributed to a book that you were, that's your surprise. I'm giving away the surprise. This is a book that's also very good for self-defense. You know, if you, I'm not the publisher. But I told the publisher not to print the book, right? Because anyway, 62 Futureists writing about the future of business. So if you read this book, I guarantee you'll never sleep again. It's a definitely good read. Give it a couple hours. And I wrote one chapter called The Relationship of Man Machine that you can also download for free on my website. But it's definitely a great book to read. You'll get a copy each later. So first of all, what do I do? A futureist, my work is not prediction. There's no such thing. As you know, predictions are kind of mission impossible. There are some people who have done it really well. Big futureist, Alvin Toffler. I like Asimov. Einstein type people. I don't, unfortunately, I can't expire on that level. So I work on insights. And insights are really what you do when you listen. In China, they say, if you want to know about the future, ask your children. And it's so important because children don't have to produce money, right? They don't have a job. So a good thing to be ready for the future is you should spend between three, five, sometimes 10% of your time to looking at what might be rather than what is. And this is a very tough exercise. But I'll show you why that's really important in a minute, because this curve is the most powerful curve we have around us today is exponential technological change. Now what that means is that when we count linear 1, 2, 3, 4, 5, we get to 5. We count five times exponential. We get to 64, 7 times to 128, 30 times to a billion. Technology, as you know, is doubling in power and halving and cost every 18 and 24 months called Moore's Law. So you basically have all these things happening around us like data. The exponential amount of data is just absolutely mind boggling. And many people have said before, data is the new oil. In fact, now the companies that deal with data, Google, Amazon, and of course Facebook and all those usual companies, I call them the data oil companies, they make more money than the oil industry. Last year, they made $7.1 trillion selling data, data mining, more than the oil companies did. That's why they're so powerful. So then we have other things like the man-machine convergence. Things that we used to do are now done by machines. Resturant recommendations, automatic email replies, devices you can talk to. Gmail, Google has an app that replies, uses your email to send automatic replies using artificial intelligence. That's a very big trend. And the other one, of course, security. You're very familiar with this topic, I'm sure. There's lots of predictions saying in 10 years, 80% of the entire military budgets will be spent on cybersecurity, cloud, digital security, cyber warfare, terrorism. All 80%, right? So you can simulate a battle. I didn't say, you won, I lost, without actually having a battle. I mean, these things are becoming really, really powerful scenarios. The number one primary problem is that because we're all connecting at very high speed now, and the internet of things is connecting our cars, our houses, our wristwatches. So the amount of data goes up exponentially. We have to make sure that this environment is secure and safe. And of course, partly regulated, right? We have to have a social contract, what is okay and what's not. There are many things that come with this. So exponential technology is the first thing we have to consider. So what you think today is impossible, is probably not impossible, we'll just take longer. Digital money. How long have we talked about digital money? 15 years. Finally, it's looking like it's gonna happen just like solar energy and electric self-driving cars. Well, take longer, yes. But digital money is inevitable. It's just exponential curve of technology that will make it happen. And part of that curve is that humanity is gonna change more in the next 20 years than the previous 300. And I mean this quite literally. If you have kids today, let's say you're a millennial around 30, if you have a kid today, they will never know how to drive a car with a clutch. They'll never read a book that's printed. They won't have a driver's license. They will never know a bank that's in a building. Well, some of them maybe. Maybe we're talking about the world changing at mind-boggling pace. And so a lot of these things are quite positive because for example, prices get to be lower when they're more efficient. Like take the music business, I used to be in the music business as a producer and musician. And now the price of music has gone down from about 20 euros per CD, that's 12 songs. Now you have Spotify or YouTube is free. Spotify is eight euros for 18 million songs. Imagine that would happen to banking, right? This kind of margin reduction. Not good. But that's gonna happen to banking, not all of it. But for example, transactions, right? Technology makes transactions essentially not free but very close to free. Music is essentially free now. I mean, eight euros for 18 million songs makes it basically free. Netflix, same thing. Kindle, prices dropping. So technology is really moving at mind-boggling pace. And there's a great book on Hemingway where he talks about how do people change and how do they encounter problems. And he says, well, basically what happens is it's very gradual and then very suddenly. So I'll give you some examples in robotics. If you have this thing called the lipstick robot. It's not very good, right? This is actually very hard to do, right? Then you have robots that are trying to walk. This is the DARPA video, the defense video, right? For years, the robots couldn't walk. It's very hard to walk for a robot or to understand language, right? Same thing, right? It goes on forever, just all failure, right? Now, three months ago, Boston Dynamics, a company owned by Google at this point. I don't think they will divest of it soon. This robot can walk like a person. You can kick him. He gets back up, right? And you feel pity for them. This is like a human, right? And this robot, first I was going to say, her or it, whatever you want to call it, right? They understand language almost fluently. This happened just three months ago. And then right after that, the hardest game in the world, the Chinese game Go, has more combinations than there's atoms in the universe, which means a lot, right? The human champion of Go got defeated by a machine that Google had built, right? Called DeepMind. This happened 15 years before you thought you could. And the key was that this machine, sorry, I'm not going to give away this slide too early here. Sorry about that. This machine essentially has learned how to play Go. It wasn't programmed. This is the important part, right? So the computer wasn't programmed to play chess or play Go. It observed forever. And then it played a million rounds against itself, another 100,000 against others. And after a while, it figured out what the deal was, how you would win. And it actually won the games by doing things that humans don't do. Now imagine you would apply that to bank transactions. That is going to happen. This giant global brain looks at 100 million transactions a day, as many as you can feed it. And then it devises the rules of how you could change it and make it more efficient. That's what IBM Watson is trying to do. I'll show you some examples. So let's go to another example. I'll skip the other ones. You've seen those already. Here's the important point, what happens here, right? If you look at the Tesla example here, Tesla is selling more cars in Western countries, US numbers right now, than any other luxury car company. And now it has actually pre-ordered something like 380,000 cars that don't even exist yet. And nobody knows if they're ever going to exist, really. I mean, I keep my BMW for now. But Tesla is wildly successful doing something completely different. This car is software on wheels, right? It's not actually a car. It's software and mobility. That's how Tesla has changed the game, right? So look at this graph. We have to expect exponential growth surprise factors. And banking and financial transactions, the hard stuff behind the scenes, that will change exponentially in the next five to 10 years. Based on technology, but also based on user behavior. And some of that you will discuss later, I'm sure, is about the blockchain and using technology to make it more efficient. So in this world of transactions of highly computable numbers, there's a couple disruption factors that my friend Rachel Boltzmann has outlined. First, you can be disrupted if you have complex experiences. That is certainly the case with you. Do we have broken trust? Will you be the judge of that? I think some banks do have broken trust, including my own in Switzerland. Won't cover on that. Redundant intermediaries, absolutely. Do we have intermediaries that are redundant? Well, part of the discussion I'll have later. Limited access, limited information, ripe for disruption. So when you're looking in this direction, there's some stats from Accenture saying that 72% of millennials, kids are around 30 now. There's 72% are likely to bank with a non-financial services company, and 81% of Indians and Brazilians are ready to buy a car from a tech company, from non-traditional car buyer. That's how the relationships are changing because of technology. So my son, who is a young son, is 22. When he moved out, he had to get a bank account. He didn't get a bank account. He went and downloaded an app to his mobile, and that's the bank. And he's not going to pay the 20 euros to send money to me or vice versa that I pay to send him $100, I pay 20. I'm using credit service. I mean, how old-fashioned can you get? So I call this the end of good enough, and that's happening everywhere. Remember, it used to be good enough that you can buy a DVD of a Hollywood movie, and you watch that. And it was region-encoded. You could not take it to Hong Kong or whatever. That's over. Now it's what, Netflix, Hulu, YouTube, everything on demand, much cheaper, much better. So if you're selling DVDs now, you're just not good enough. And that's happening all across all sectors now. The pharma business. Very soon people say, well, not taking a pill is just not good enough. I want to do some things so I can improve myself without having to take the pill, go beyond the pill. We're talking about a roughly $7 trillion business here as well, revolutionizing how that works. So basically what we're seeing here is, first, it's consumers, and then it's businesses. In fact, now the distance between B2B and B2C is shrinking. When you go online here to look at your Facebook page and send an update or do a tweet or go to LinkedIn, when you go home, you're going to expect the same thing from your service provider, from your bank, from your insurance company, the same level of service. The most brutal part of this is not us that are the problem because we're used to that. It's the millennials that are going to be 75% of the workforce in 10 years. And they'll be the new CEOs. And they will not bank with you or work with you or do whatever with you if you are 10 years behind that curve. Wealth management, for example. Do you really think a 30-year-old guy that has $20 million somewhere in Asia is going to stick with the same kind of wealth management that his father has not going to help? So big change is coming up there. One of that changes is we're going from products to services to experiences. This is a key thing for financial transactions. It's not enough just to have a great product, provide a great service, provide security. It also has to feel great. Has to be an experience. Lots of examples like Tesla, again, when you drive to Tesla, it's an experience. Not just because the way it drives, but you can talk to it. You can say, please order a cappuccino. We'll find a place to do that. I mean, it's mind-boggling the experience you have there as compared to other cars. Experience, for example, is behind this phone in Switzerland called the Black Phone that you may know. It's the world's only secure phone system that you can buy, basically encrypting from A to Z. And they're completely sold out. The number one primary reason is they're using an Android system that's completely set up to be secure in any possible way. Lots of bankers are using this now, by the way. So it's a really interesting experience shift that we see there. I think most companies will shift to provide experiences. And financial, of course, should be such an experience. I mean, when you put your Tesla in the garage and you plug it up to the Wi-Fi, overnight it downloads a software update, and boom, next morning, you have a new car. Literally a new car. You get the autopilot in an update. You don't have to go in some garage somewhere and spend 500 euros getting a software update or a DVD, as we know from some of the brands. I mean, it's basically completely a different lifestyle, different experience. The other thing that you're going to see, I think, for a natural industry, I think you're quite aware of this, right? We're going to have huge food chain conflicts. So all of a sudden, what you do, for example, in transactions and what maybe Swift does and what other companies do, you have business models evolving that say, oh, yeah, all of a sudden, we're closer to you than we used to be, or we're moving to something that we used to do. Like, for example, social networks are getting into banking. And Google gets into everything, like literally everything, including health. There's a Google project that wants to end dying. That's a minor mission. We'll probably take them 18 months or so. But it's about two things, right? The future is about hypercollaboration, especially with those that you compete with. Because the outside guys are coming from the technology sector. They don't compete, they just eradicate. Do you know how many rooms Airbnb, the company that rents rooms like eBay, they're adding 45,000 rooms a week. They're the biggest hotel company in the world while kind of accommodation, whatever I want to call it, right? They don't own any hotels, any property, any real estate. They own a database. So think about something similar for financial transactions. You know, I was in the music business for a long time, and it makes a great example of how to not transform. I mean, the arrogance and the ignorance paired with this cartel-like behavior has led to a complete disaster. But basically, the music industry said in the late 90s said, oh, this is really bad. People are getting music for free. And if they do that, then we don't have a business. Well, it turns out people want music cheaper. They want it in the cloud. They want it at their command. They're not willing to go back. If you buy a CD today, I don't know if you buy any CDs today, but don't show your kids. Because they'll call a therapist if you buy a CD. It's over, right? The red line is the CD sales, right? I mean, I have a good collection of vinyl. I love vinyl stuff. But I'm not 15. But if you look no longer, if you look at this slide here, the key message here is the following. The music business will recover. It will make money, but it won't be the old guys making it. The new music industry is YouTube, Baidu, Facebook, Spotify, the tech companies. And the music guys, Emi, Sony, Bertelsmann that I used to work with, they've lost 71% of revenues in 10 years. I mean, that's an accomplishment. You have to try hard for that. Don't let that happen to you. They lost their runway. Their runway ended in 1999 when they didn't realize what people wanted. Or they realized, but they said, not with us. We have different plans. So the disruption of traditional gatekeepers happening everywhere is happening in these waves. And basically, music industry now has displaced, diminished, disintermediated, and done. If you're a musician today, you will not sign up with Sony Music. You go to YouTube. You still need Sony Music for other things, like catalog, copyright. But still. So these waves of disruption are happening all around us. And here's the key learning from this. Whatever you see happening in other industries is flowing down the line in this order. Information, music, media, films, transportation, Uber, and so on. And you're here. You're next in that wave. The good thing is, it's not too late. Unlike the music business, it's completely gone now. You cannot sell music. I mean, music cannot be sold. It can be provided, some sort. So this disruption now, if we can learn from the other guys from the film business, it has made a very good adoption from the book business, which is now digital. Amazon sells three times as many books on the Kindle as it does in print. And Amazon is now the biggest publisher in the world as well. So what we can learn from here, this is a big opportunity. The future belongs to those who can hear it coming. That's what David Bowie said. And he heard it coming. He was a very feature-focused man. So when you're looking at this, you can say, well, really what's happening here is that the playing field is tilted, right? It's completely tilted because the technology companies, they are liquid, they are fast, they're agile, they have money to burn like you would not believe. They're highly unregulated. Unlike the oil companies, the data oil companies can do whatever they want until just now, Google versus the European Commission. So this is all happening now. Basically, this is what I call the unification of everything. If you're looking for disruption, look no further than Silicon Valley and China. Financial is the next wave. I looked up yesterday how many companies are funded to disrupt the financial services business all the way from the back end to the front end and all the steps in between. Take a wild guess. Funded above $5 million, $3,247 companies. And yes, many of them won't survive, obviously. But this is coming in a really quick way. So I think there's a Tesla moment for the financial services business on the back end and the front end. It will take much longer on the back end to be clear because it's very intricate, highly regulated. Obviously not easy to do. So a little bit safer there, in many ways. But of course, the changes on the front also make changes in the back. So think about that. If the German car companies had said six years ago, and we happen to give a workshop to one of those companies, I just say Dieselgate. And you know which one. Six years ago, we said the biggest trends are kids are not getting licenses. They're sharing cars. They want to drive electrically. They want to share. They want to have autonomous driving. We got laughter. That was six years ago. Today, number one initiative, electric autonomous vehicles. Now you have a few years to discover that. Think it's a very good time to discover what the Tesla moment would be. Because as Marshall McLuhan says, a famous futurist said, it is the framework that changes with each technology, not the picture. Remember years ago, we talked about social media? Remember that? What a great headline or big data, one of those artificial intelligence same kind of headline. It's not about those pictures. It's about the whole framework. The way that we do business, who we talk to, how we innovate, that's the framework. So here's a framework for you. There's a lot of stuff here so you can download most of that later. But basically what's happening here is that we have 10 what I call Asians. And you can guess why they're called Asians. They all end with Asian. At least there's actually about 20. But I'm sorry for the rest. This is kind of the roadmap to the future. And basically, you know all this world. Mobilization, for example. 80% of all internet traffic in four years is going to be mobile, not desktop, not computing. And you do it with your voice. It's voice-controlled. Computing moves in the background, and you just say, computer. Get me the latest stock report. Shift those shares. Get this banker off my email list. Whatever. It'll do all those things. 90% of that is really good. We're really excited. And there's another one that's not so good, like disintermediation. Right now, we're at the point where most technologies are extremely hopeful if we only understood them. If we don't let the other companies that come from technology come into the backdoor, like Airbnb came into the backdoor. And now, if you're in New York City hotel, 28% of your bookings go to Airbnb. If I go to New York with my team, we rent a penthouse, a beautiful place on Park Avenue, for like $1,500 that would be, I don't know, $20,000 at the Mandarin or something. It's like, that's the backdoor. So you have to look at those trends. These are all interfacing. The interesting part is that they're not just individual trends. They're also overlapping. For example, if you have lots of data in your system called big data, can you use that data to derive decisions? Well, yes, only if you have intelligence. If you have software that discovers the data for you. If you can actually link it, if you can use the cloud, these things are all interplaying. And that is, I think, the challenge, ultimately, when you're looking at this rather convoluted slide. This is from a friend of mine, Frank Diana, from Tata Consulting. This is a real consultant slide, but I'll show it to you anyway. You can download it later. But if you look at this slide and say, holy, this is basically like, all these things are now happening at the same time. Machines that can think, the internet of things, nanotechnology, robotics, the blockchain, genomics, drones. It's like, hard to keep up with this. Well, I didn't tell you right now, these are the key trends that you have to be aware of to define your future. They're all interconnected. But the good news is, it kind of seems like it's all about technology now. Because most of it is so new. But the reality is that most of us can master technology and become a lot more efficient. In the end, the big thing is about what you do with it. There's a great philosopher who said, technology should not be what we seek, but how we seek. So I'll talk more about that in a second, the meaning of humanity here. In the meantime, one of the key Asians is mobilization. You've noticed probably that our mobile phones are becoming our external brain. We keep things in there. Not just phone numbers and bank records and PDFs and Dropbox and music and books, but we actually keep it as a memory. We make notes with it. And this mobile phone world is expanding. Now very soon, we're speaking to our mobile phones. Many of you may already use Siri or Cortana, those assisted machines. And we can use that to do things for us. And now the next thing after mobile phones, of course, is that we have intelligence that lives in the cloud that comes to the mobile phone. I'll show you an example how that is working. Basically, everything around us is connecting to the same cloud. I mean, I always joke that today, you just talk to any business and then you just put the word smart in front of us. And then you have the future. So smart cities, smart ports, smart farming, smart logistics, smart banking. That's because of connectivity. The cloud, some businesses can be 95% more efficient using cloud computing. There's lots of debates about why we should do that and how it could be quite dangerous. The medical records in the cloud without security, that's a bad idea. I mean, the cloud in the US is by nature insecure because it's governed under emergency regulation. They're paid to add the fees according to the NSA. Still is, all these years later, governed under this regulation. Lots of ethical issues about the cloud who's allowed to go in it. But I'll tell you one thing. Until a couple of years ago, many companies said, now we don't want to use the cloud. It should really be right here and stuff. But the reality is that that's just not going to work. You want to be fast and agile and competitive. You are going to use the cloud. And we have to solve those problems of governance, of regulation, of social contract, and of security, of course. Keep in mind that security is not just a tech issue. A supercomputer, which is currently being invented, of course, who else, by Google. This machine is a computer that can actually have computations a million times as fast as any existing machine, called the quantum computer, the D-Wave, they call it. This computer can crack any encryption, including RSA encryption, in 14 seconds. Because it runs all 40 trillion possibilities. So what's going to happen with security then? Who's going to be allowed to do this? So that really creates huge issues about this. And once we have this kind of power, right now the D-Wave takes the power of the city of Zurich to run. So it's not exactly like we can just get one. We talked about the millennials before. The millennials will expect this stuff to just work. They expect everything that they can do on the social networks and on the internet from their service providers. The telecoms, the banks, everyone. Never offline, always available. Voice control, we're only two or three years away from everybody talking to their computer. That sounds like a strange thing, doesn't it? But many of you as households now have this box called the Echo, it's from Amazon. You put it in your living room, and you can speak to it and say, tell me about the weather. Or how do I get divorced? Whatever, it will answer any question, right? In fact, there is about 40 apps on the app store that you can download to get divorced. It's too late for me, but you may want to try it. But I already divorced my American wife. In any case, this is a really mind-boggling trend, right? I mean, I was at the Intel facility the other day, looking at the future of TV. I sit on the couch, and I just say, I want to watch Colombo in 1974, the scene where his wheel falls off the old pigot, right? Boom in place. No buttons, no searching, nothing. That already works, it's complicated. But in the future, you can sit down and say, let me see the wire transfer from XYZ, and it's just like, you know, minority report where you go with your hands into the data. It works. So that's mind-boggling what we're seeing in technology, and this is primarily based on artificial intelligence. Now again, future is better than we think. It will be a long time before a computer has human-level intelligence, right? Thinking machines, they can think, but not like us, right? Because no matter how fancy a computer, they may be able to simulate thinking, but they can't be, right? Well, they also don't have a body as a minor issue, but as you know from the movie Her. But the strolling of dollars now invested in artificial intelligence, that will learn the rules of markets, and here, keyword is actually learn markets. Learn markets, not like your old computers that can do what you tell them to do, right? That's a few years away. It's coming, you know, there's lots of money invested in this. So there's two things I want to alert you to. One is artificial intelligence. That's like this, right? The self-driving car. This will not happen for a long time in the way that it's being pictured right now. This car needs one terabyte of data a minute on a wireless connection. It needs to constantly maintain to do this. It needs to make ethical decisions that we make in the split of a second. These cars will drive from the hotel to the airport on dedicated lanes. They'll take you around the casinos in Las Vegas. And they'll do those kind of things, right? But driving up on the Swiss mountains with a car like this, and that's a long time away. And I'm not sure we would want that because the next thing the car would do it would say, you know, I'm pretty intelligent and people really shouldn't drive, right? No, that's a fact. We are lousy drivers in general, right? Just like we're lousy pilots compared to a computer pilot but still, you know, who would want to go in a plane without a pilot. And then we have intelligent assistants and that is where you should put your money. That's called IA, that's the reverse basically. And those are systems that allow you to be infinitely smarter and quicker in your operations. Just like when you use Google Maps, that's intelligent assistants. They know where you are, who you are, where you want to go to, what the latest construction is, if cars have slowed down or sped up. That's intelligent assistants. The map does not know, for example, that you intend to buy a new car next week. Not yet. I'm sure Google is working on that. So IA is really where the sweet spot is right now and I've talked about this already, we skipped this. So my friend Kevin Kelly, who works at Wired Magazine, he said something really important. He said that basically the business plan of the next startups, 10,000 startups, are all about X and add AI, right? Add artificial intelligence to everything and that includes, of course, banking. It's really interesting, this startup in Los Angeles, their headline is, intelligence becomes a utility. I would say this is because you're dealing with lots of data information and lots of rules and lots of what ifs, right? This is clearly the key to the future. You need that data and you need intelligence. You need both. Intelligent becomes a utility and that is the place to invest because then you can change how you do things and sometimes they're called as the global brain of how this data comes together. In many ways, transactions have already formed a global brain, right? But is it really smart enough to go to the next level? Here's a really amazing brain called Slack. You may know Slack as a collaboration tool, right? Slack is a tool that's used by lots of geeks for development and what this tool does, for example, it schedules automatically your meetings without phone calls or emails, right? If everybody's on the system, it will invite people and coordinate independently. It's a bot, right? It's a robot. It's mind-boggling how that works and how much time it saves. And now there's dozens of those, including bots for booking flights and all kinds of things. And here's a bot that does financial investing. Hello, I am technology that is changing investing forever. I am a fully automated investment advisory service. I can help you choose the right portfolio, monitor it and even rebalance it. I've been called innovative, revolutionary, and just being smart. I'd blusher the compliment if I could, but I can't, so I won't. It's Charles Schwab's intelligent portfolio. You know how many banks are investing hundreds of millions, you probably know, in intelligent robots that replace low-level banking, low-level banking, right? Simple advice. This was said by Mark Andries in the years ago. You know, the founder of Netscape and Silicon Valley Investor software is eating the world. Basically allows you to see all the way through, look at everything. And I'd sometimes turn this around and say, well, maybe sometimes software is cheating the world. Because it's telling us things that are not actually complete. It's telling us important things, but if we rely on them too much, then we get cheated. I take TripAdvisor, you guys know TripAdvisor. If you only go to eat, where TripAdvisor tells you, you are in deep trouble. It's useful to use TripAdvisor, but it's not the reality, right? It's a mirror of reality. It's a slice of the reality. So when you use data, the most important point about data is to use as much and as good as you can, but then add the human element to it because that is the actual human reality. When I meet you in the hallway, it takes 1.4 seconds for us to decide if we could talk further of the interest, if there's interest, who we are. It takes 1.4 seconds without speaking. Find a computer that can do that without input. Yes, the computer knows I'm angry, it can look at my face or something. Yes, but that's quite a different level. So it's really important to think about what technology does learning machines, for example, are a certainty. But they will not take our jobs as long as our jobs are actually human. If your job is to work like a machine, and the key word is routine, machines will take it. The key word is not job, it's routine. And of course, machines are very good with routine because they don't have unions, they can work all day long, right? It's a very big difference. The rule of the digital age really is this, anything that can be digitized or automated will be. Like years ago, it was music, and it was films, and it was books. Now it's banking being digitized. That sounds kind of like bad news, but it's actually not because the flip side is also true. Anything that cannot be digitized will increase in value. And what is that that can not be digitized? Well, relationships, negotiation, understanding, emotional intelligence, political intelligence, social intelligence, context, design, creativity, all that stuff that we didn't want to actually be a big part of what we do. Emotions in other words. I think the future of what we see in the industry is really this, us riding on top of really and powerful machines and adding those elements to it. There is no business without relationships. You could foresee a world where machines do business with each other, right? But what's the point of that? I mean, ultimately it's about human happiness. It's about those things that are provided by us. And this is the most powerful investment you can make is A, in great technology to help you achieve this. And B, in great people that can achieve this. And we should not separate them. And we should not put too little resources in just one of them and not the other. Think about this kind of scary idea that we would have intelligent agents doing our transactions for us. That is a certainty as much as Tesla is a certainty that BW has to put up with. So we need to figure out what that means for us and how we can add value in the future. And Kevin Kelly again says computers are for answers. People are for questions. You know, when you work lots of companies that I've worked with to help them figure out the future, they want me to give them answers. How can I give answers from the outside to something that's really complex like the pharma business or something, right? You have to ask the right questions. That's how you get to the answers. So if you take one thing away from the day is that to determine our future, you have to ask the right questions. The skills we need, the World Economic Forum has a great slide on this. You can download from their website. It's talking about the skills that we need to be successful in the future. And it's really interesting, 2015 and 2020 are the same top one complex problem solving, right? Same skill and that's what you do. It's complex solving problems. But the other ones, critical thinking and the best one is this one, right? Number six, wasn't even on this year's flight, emotional intelligence. So that is kind of the key for technology and humanity because some technology will kind of make us super human. Like self-driving cars, like robots, like devices, health devices, like this, right? It's interesting to see lots of companies that are in the business and it doesn't go anywhere, it just bloops, right? So there's nothing else happening. But it's really, I mean, we feel like supermen, right? And the U.S. sometimes say becoming as God, right? Because now you can actually do things that used to take 100 people to do. And in five years, one of you can do things that used to take 10,000 people. That's bad for the people who may have left then, right? But those are different discussions about how that will shake out. But with great power comes great responsibility. The whole Apple FBI debate, right? You followed that, I'm sure, right? Not sure what to think about this, what's right or wrong, but it's suffice to say, if you have a lot of power, you have a lot of responsibility. And you have to be aware of unintended consequences. And you have to be aware of machines becoming extremely powerful. Does that mean we shouldn't be using machines? Well, there's no way around that, right? That's like saying, I don't have a telephone. Yeah, you can do that, but maybe Richard Branson can afford to be removed from reality in such a way if he desires to, but really hard to do, right? So what is everybody's responsibility? It's basically this, right? I had this graph I just created a few days ago. Technology is now leading us on this right, right? First technology is magic, right? We can share a dinner bill through an app, right? Fantastic, right? We can pay and do all these mobile things. And then it becomes kind of manic, like there's too many things happening all the time. And the third step, it's toxic, right? Toxic, for example, imagine a world without cash. As much as I would propose that a world without cash would be extremely efficient and cheaper and faster, it's probably not a good idea. And why is that? Because we will be entirely naked in that world. And until it's clear that we're not, I don't think it's such a great idea. That would be possibly toxic, right? If your insurance company knows every drink you've had, how many, at what time, at what time you get up using your Fitbit, I mean, this is George Orwell, right? That's something that we wouldn't want. And money is very much rate. So we'll be all about striking that balance, right? Security, privacy, anonymity is a fantastic business, right? Paying for privacy is a business model, as I'm sure you know. But it should not lead to the simple conclusion that you have to be rich to be private. That would be also quite bad. The internet of things, for example, allows all the information to flow. Now, we really have to think about standards, ethics, social contracts. We have to make those companies responsible for what they are doing with it. This is why we have a debate about the big internet companies and all these things, right? So we're entering the age of digital ethics. Digital ethics means what we do in a digital world has large consequences because it impacts everything around us. I don't mean how we share stuff on Facebook and those kind of things, right? But the rules of engagement, who owns the data? Who controls it? Who is in charge of my identity? What are the ground rules? I mean, we have those rules for nuclear arms. We don't have them for artificial intelligence. We don't have them for data. And that just is bad. I tell you, we're going to see in the near future what are called data Fukushima's. A hundred million health records exposed. I mean, it's unthinkable right now that on the scale that we're seeing is, right? We have to think about how technology can harm us or be good for us, what the balance between freedom and security is. That's your job in this business, right? Everything you do in the future will be largely about ethics, right? But what is right? What is wrong? What serves the customer? What serves yourself, right? As I was saying, the end of good enough, that's one of those things, right? You can't just be good enough. You have to be brilliant. Thought leadership. I'll skip this, because I have to come to the end and do a summary. This kind of stewardship, right? Who will do what? Should there be some jobs that shouldn't be automated? Should we pay an automation tax if we fire 90% of our people? And I'll tell you the most obvious candidate at Fukushima is call centers, right? It was 25 million people working in call centers. All of them will get fired, except for 5,000, because software can do that. Not the really intricate stuff, but the simple stuff, right? Should they pay a tax to do that? Those are all debates that we're going to have in the near future. So let me summarize this, right? Our future is going in this direction. Three different points. Data. Data is a new oil. Clearly that has become the most powerful driver. Second one is intelligence. Using technology to actually figure out what the data says and what we could be doing with it. For example, intelligent data would be able to save a lot of money in transfers and logistics and those kind of things and possibly solve global warming, possibly. And the last one is human purpose. Adding things that creates relationships that we build with each other, things that we're going to see in the future become much more powerful. So it's a quick summary and takeaways and point number one, exponential. If you're still sitting here and saying, well, it will take a long time for that to happen, think again, because in most cases it's not. I mean, it's funny people go backwards and say, wow, remember the paperless office never happened, right? It took longer, but it's here now. All the stuff you think of science fiction is a lot closer except for very top level like colonizing Mars or something, right? But in business, very quickly. It's the framework that changes. You shouldn't just change one thing in the company to make it work better. You have to do that anyway. But think about what would you do if you started today? I mean, I asked myself the other question the other day. What would I do as a futurist if I started work today? Well, for me, the answer was, I would focus on saying things that computers can't say. So I would focus on not being smarter, but being more human. Because being smarter is a losing battle. Computers can be smarter. So think about what that means. Ecosystems, platforms, banking is a primary target for disruption. I mean, across all of the pieces of what you do and the back end even more than in the front and just takes longer. And there's a protection of regulation and those kinds of things. We talked about this already. Balancing technology with humanity, I always like to say we should embrace technology, but not become technology. I think that's where the value of us, people goes in the future. Digital ethics. You know, years ago, when I talk about ethics, companies used to yawn and say that's just like CSR, like sustainability, right? Nice to have if we had time. And you wouldn't believe how many tech companies I talked to, they say, well, ethics, what do you mean? That's not business, that's another department, right? It's losing money. If you're not good on ethics and you can't figure out where we're going with this, you will not win in the future, right? Because everything is now about decision making that impacts people. Business models evolving to experiences. How would that look like for you? I think that is one of the key questions. That's the final quote. I think I would wish that for you and that you can hear it coming because the future belongs to those that can. David Bowie, rest in peace. Thanks very much and thank you.