Omdia’s Financial Services team shares the key takeaways from DTW23 – Ignite, an annual event held in Copenhagen that took place on September 18–21, 2023.

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Summary

The Digital Transformation World 2023 (DTW23) – Ignite event in Copenhagen, which commenced on September 18 for four days, was most notable for what it said about the state of the technology and telecom industry as a whole, rather than any specific product, company, or technology. The prevailing economic outlook impacts everyone and there is a palpable softness to confidence across the sector. Nonetheless, many companies are using this as a time to gestate new ideas and strategies for when they are in a position to commit to new capital projects, and getting ahead of those trends is vital.

AI will accelerate technological convergence

The commanding topic of the conference was generative AI (Gen-AI), with AI in general also on everyone’s lips. Across the telco and broad tech space, the focus was on the possibilities for using Gen-AI, and AI more generally, to automate business processes and thereby lower costs, as well as reducing capital and working capital requirements for new business areas. This confirms some of Omdia’s more recent research output focusing on the ways in which telco companies have started to move into financial services because they want to be at the epicenter of a technological ecosystem that dominates consumers’ lives. Therefore, controlling how they pay for things is a strategic objective. According to Omdia’s Telco Services Innovation Radar, there were 107 new money services launched or announced by service providers in 2022 alone, and AI is one of the ways in which this technological convergence will be accelerated.

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