Category Archives: Technology

The Bank for International Settlements released a working paper this week to discuss the range of central bank digital currencies, including addressing their architectures, how they could complement existing payment options and what they imply for the financial system and central banks in the future. According to BIS, almost 50 central banks have launched designs or prototypes for CBDCs.

The paper advocates for and outlines requirements for a minimally invasive CBDC design that, according to its authors, upgrades money to current needs without disrupting the proven two-tier architecture of the monetary system, which involves both the private and public sectors. The technological developments inspired by popular cryptocurrency systems (based on anonymity and lacking a central authority) do not meet the requirements for a retail CBDC, according to BIS. Digital banknotes that run on intermediated or hybrid CBDC architectures show promise, the paper claims. Supported with technology to facilitate record keeping by private-sector entities of direct claims on the central bank, their economic design should emphasize the use of the CBDC as medium of exchange, the papers authors note. The paper also acknowledges the risk to bank deposits, noting that it will need to limit its appeal as a savings vehicle.

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BIS Working Paper Examines Architecture and Rationale of CBDC Technology | ABA Banking Journal - ABA Banking Journal

Like a puppy chasing its tail, some new investors often chase 'the next big thing', even if that means buying 'story stocks' without revenue, let alone profit. But as Peter Lynch said in One Up On Wall Street, 'Long shots almost never pay off.'

If, on the other hand, you like companies that have revenue, and even earn profits, then you may well be interested in Amkor Technology (NASDAQ:AMKR). Even if the shares are fully valued today, most capitalists would recognize its profits as the demonstration of steady value generation. In comparison, loss making companies act like a sponge for capital - but unlike such a sponge they do not always produce something when squeezed.

Check out our latest analysis for Amkor Technology

If you believe that markets are even vaguely efficient, then over the long term you'd expect a company's share price to follow its earnings per share (EPS). Therefore, there are plenty of investors who like to buy shares in companies that are growing EPS. Over the last three years, Amkor Technology has grown EPS by 11% per year. That growth rate is fairly good, assuming the company can keep it up.

I like to see top-line growth as an indication that growth is sustainable, and I look for a high earnings before interest and taxation (EBIT) margin to point to a competitive moat (though some companies with low margins also have moats). The good news is that Amkor Technology is growing revenues, and EBIT margins improved by 3.1 percentage points to 10%, over the last year. That's great to see, on both counts.

You can take a look at the company's revenue and earnings growth trend, in the chart below. For finer detail, click on the image.

While profitability drives the upside, prudent investors always check the balance sheet, too.

Many consider high insider ownership to be a strong sign of alignment between the leaders of a company and the ordinary shareholders. So we're pleased to report that Amkor Technology insiders own a meaningful share of the business. Actually, with 46% of the company to their names, insiders are profoundly invested in the business. I'm always comforted by solid insider ownership like this, as it implies that those running the business are genuinely motivated to create shareholder value. At the current share price, that insider holding is worth a whopping US$2.6b. Now that's what I call some serious skin in the game!

One important encouraging feature of Amkor Technology is that it is growing profits. If that's not enough on its own, there is also the rather notable levels of insider ownership. The combination sparks joy for me, so I'd consider keeping the company on a watchlist. We don't want to rain on the parade too much, but we did also find 2 warning signs for Amkor Technology that you need to be mindful of.

You can invest in any company you want. But if you prefer to focus on stocks that have demonstrated insider buying, here is a list of companies with insider buying in the last three months.

Please note the insider transactions discussed in this article refer to reportable transactions in the relevant jurisdiction.

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This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. *Interactive Brokers Rated Lowest Cost Broker by StockBrokers.com Annual Online Review 2020

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

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Should You Be Adding Amkor Technology (NASDAQ:AMKR) To Your Watchlist Today? - Simply Wall St

DUBLIN--(BUSINESS WIRE)--The "Rubber Gloves Global Market Insights 2021, Analysis and Forecast to 2026, by Manufacturers, Regions, Technology, Product Type" report has been added to ResearchAndMarkets.com's offering.

This report describes the global market size of Rubber Gloves from 2016 to 2020 and its CAGR from 2016 to 2020, and also forecasts its market size to the end of 2026 and its CAGR from 2021 to 2026.

For the geography segment, regional supply, demand, major players, price is presented from 2016 to 2026.

This report covers the following regions:

The key countries for each region are also included such as United States, China, Japan, India, Korea, ASEAN, Germany, France, UK, Italy, Spain, CIS, and Brazil etc.

Companies Covered:

For the competitor segment, the report includes global key players involved in Rubber Gloves as well as some small players.

The information for each competitor includes:

Types Segment:

Key Topics Covered:

Chapter 1 Executive Summary

Chapter 2 Abbreviation and Acronyms

Chapter 3 Preface

3.1 Research Scope

3.2 Research Sources

3.2.1 Data Sources

3.2.2 Assumptions

3.3 Research Method

Chapter 4 Market Landscape

4.1 Market Overview

4.2 Classification/Types

4.3 Application/End Users

Chapter 5 Markets Trend Analysis

5.1 Introduction

5.2 Drivers

5.3 Restraints

5.4 Opportunities

5.5 Threats

Chapter 6 Industry Chain Analysis

6.1 Upstream/Suppliers Analysis

6.2 Rubber Gloves Analysis

6.2.1 Technology Analysis

6.2.2 Cost Analysis

6.2.3 Market Channel Analysis

6.3 Downstream Buyers/End Users

Chapter 7 Latest Market Dynamics

7.1 Latest News

7.2 Merger and Acquisition

7.3 Planned/Future Project

7.4 Policy Dynamics

Chapter 8 Trading Analysis

8.1 Export OF Rubber Gloves By Region

8.2 Import OF Rubber Gloves By Region

8.3 Balance of Trade

Chapter 9 Historical and Forecast Rubber Gloves Market In North America (2016-2026)

Chapter 10 Historical and Forecast Rubber Gloves Market In South America (2016-2026)

Chapter 11 Historical and Forecast Rubber Gloves Market In Asia & Pacific (2016-2026)

Chapter 12 Historical and Forecast Rubber Gloves Market In Europe (2016-2026)

Chapter 13 Historical and Forecast Rubber Gloves Market In MEA (2016-2026)

13.1 Rubber Gloves Market Size

13.2 Rubber Gloves Demand By End Use

13.3 Competition By Players/Suppliers

13.4 Type Segmentation and Price

13.5 Key Countries Analysis

13.5.1 Egypt

13.5.2 Israel

13.5.3 South Africa

13.5.4 GCC

13.5.5 Turkey

Chapter 14 Summary For Global Rubber Gloves Market (2016-2021)

14.1 Rubber Gloves Market Size

14.2 Rubber Gloves Demand By End Use

14.3 Competition By Players/Suppliers

14.4 Type Segmentation and Price

Chapter 15 Global Rubber Gloves Market Forecast (2021-2026)

15.1 Rubber Gloves Market Size Forecast

15.2 Rubber Gloves Demand Forecast

15.3 Competition By Players/Suppliers

15.4 Type Segmentation and Price Forecast

Chapter 16 Analysis OF Global Key Vendors

For more information about this report visit https://www.researchandmarkets.com/r/tj72lt

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Worldwide Rubber Gloves Industry to 2026 - by Manufacturers, Regions, Technology and Product Type - ResearchAndMarkets.com - Business Wire

According to statistics, about 1 in every 8 U.S. women will get a breast cancer diagnosis during their lifetime.As technology improves people can catch their cancer earlier than before.

Lorie Wade took advantage of those medical advancements.

Wade survived an aggressive breast cancer diagnosis back in 2017. She said she owes her life to the newer cancer detecting technology.

"If I didn't have that genetic testing, would I have done the 3D mammogram, and would I be sitting here today? Can't answer that question," Wade said.

Wade knew she'd be likely to get a breast cancer diagnosis after her father was diagnosed. Her first step was to get a genetic test to see how high that risk would be.

"He had the BRCA gene, then I had the testing myself and it came back that I had the BRCA gene," Wade said. "Having that knowledge of my BRCA gene and seeking out those professionals to see what is available to be proactive."

Even though her annual mammogram came back clear in 2017, because she had the breast cancer gene Wade told doctors she wanted to try out the 3D mammogram.

"The 3D mammogram is what picked up on my cancer," she said.

"Right at the smallest stage where you can ever find breast cancer on a mammogram. That's super important with her because her cancer was a particularly aggressive cancer, Dr. William Dooley said.

Dooley is a professor of surgical breast oncology with OU Health. He was also Wade's doctor throughout her battle with breast cancer.

Dooley said the 3D mammograms allows physicians to see the smallest details in the breast tissue.

"You're able to look through the denser areas of the breast and see if there's something a little denser than the surrounding areas," Dooley said. "[It's] kind of like flipping through spiral sliced ham and looking for the patterns or the fat."

Dooley said genetic testing is not just for women who have a history of breast cancer in their family. Men with close relatives who've had a breast cancer diagnosis can benefit from it as well.

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Survivor Credits Cutting Edge Technology For Best Chance In Fight Against Aggressive Breast Cancer - news9.com KWTV

The redesigned 2022 Audi A3 compact luxury sedan and S3 sport variant arrive in the U.S. with more potent turbo-4 engines, a mild-hybrid system, a refreshed look outside, and upgraded convenience and safety technology. The 2022 Audi A3 and S3 can be ordered now at a starting price of $34,945 and $45,945 respectively, Audi announced on Thursday.

Audi skipped the 2021 model year of the A3 and S3 due to pandemic-related constraints, same as the 2022 Nissan Pathfinder, 2022 Infiniti QX60, 2022 Acura MDX and other redesigned volume models.

The 2022 Audi A3 five-seat compact appears wider and more muscular due to pronounced sculpting on the rocker panels and with bulging fenders. The mesh grille gets wider as well, and narrower LED headlights with teardrop elements drip over more pronounced lower air intakes. LED head- and taillights are standard, or available matrix LED headlights and LED taillights with an "available animation" can be added, Audi said. We'll update that when we see it.

2022 Audi S3

2022 Audi S3

2022 Audi S3

The S3 flexes its muscle even more, and is 0.8 inches wider and 1.6 inches longer, though the wheelbase remains the same. Larger quad exhaust tips define the rear, and an available black-out treatment adds some more sinister elements. Audi says design changes to both models improve aerodynamics.

Parent company Volkswagen updated the A3's MQB global platform with adaptive damping, adaptive steering, and a mild-hybrid powertrain.The 2022 A3's 2.0-liter turbo-4 pairs to a mild-hybrid system that increases output to 201 hp and 236 lb-ft of torque (from 186 hp and 221 lb-ft in the 2020 Audi A3). The 48-volt mild-hybrid system helps take off and adds torque at low engine speeds, but can also shut off the engine while coasting to improve fuel economy. The engine teams with a7-speed dual-clutch transmission in front-wheel drive, but all-wheel drive is available for an extra $2,000.

For a greater punch (and greater price) the 2022 Audi S3's 2.0-liter turbo-4 makes 306 hp and 295 lb-ft, improvements of 18 hp and 15 lb-ft. The S3 also comes with the 7-speed dual-clutch and standard all-wheel drive. Audi says it hits 60 mph in 4.5 seconds, which is a few tenths quicker than the 2020 S3. The suspension sits 0.6 inches lower than the A3, and shoppers can add adjustable dampers and upgrade to 19-inch wheels instead of 18s.

Inside the 2022 A3, front passengers get standard heated eight-way power seats shod in leather, panoramic sunroof, three-zone climate control, and a 10.1-inch touchscreen with Audi's latest MIB 3 operating system and a 10.3-inch digital cluster. Wireless Apple CarPlay and Android Auto come standard.

Options include a 12.3-inch instrument cluster, or virtual cockpit, that is one of the best on the market; wireless smartphone charging; enhanced navigation and more.

The 2022 Audi A3 and S3 come standard with automatic emergency braking with pedestrian detection, active lane control, and automatic high beams. Blind-spot monitors and adaptive cruise control are optional.

The A3 comes in Premium trim for $34,945 (an increase of $600 from 2020), Premium Plus for $38,245, and Prestige for $42,245. The 2020 had S line packaging, but no Prestige trim. All-wheel drive is $2,000 extra on any trim.

The S3 comes standard with all-wheel drive and costs $45,945 for Premium, $48,745 for Premium Plus, and $52,545 for Prestige.

Hatchback and performance-oriented RS models have not been announced.

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2022 Audi A3 and S3 return with improved engines and technology - The Car Connection

Over the last centuries, society witnessed technological advancements gradually making everyday lives easier, more convenient, and well, more interesting. In the 21st century, however, technology made a true quantum leap, with augmented reality, blockchain, artificial intelligence, and 3D printing being just a few examples of the most recent inventions.

Though we are getting used to advancements of any kind, is the development of technology really good for society?

Advancements in technology have already tapped into every area of life, with its impact particularly notable in these segments:

It is indisputable that thanks to technology, we get a chance to live a life our predecessors could not even dream about. But do all tech advancements bring sole good to our lives? Or, maybe, the impact of tech innovations is quite ambiguous.

When all areas of human activity get rapidly digitized, its easy to become desensitized to the importance of innovations and advancements for the overall progress of society. But technology helps us immensely, for instance:

How to Get the Most out of Technologyo remain empowered, not distressed, by the modern technological advancements, everyone should use them where and when needed.

For instance, you can make use of productivity and time-tracking apps available for smartphones or PCs when feeling a lack of concentration or self-discipline. Similarly, if you are concerned with your health and lifestyle, you can choose from a wide range of wearable devices and fitness apps.

Most of the digital tools can be downloaded free of charge, which makes it even easier to use them.

On the downside, some technological developments prove to be a curse rather than a blessing. Here are a few examples:

How to Reduce Negative Effects of TechnologyExcessive use of technology can do more harm than good, and we should bear this in mind before we rush into digitizing our lives.

It is important to monitor the use of tech in every aspect of daily routine and, while it is not too late, limit the time spent in front of the smartphone screen.

Also, it's a good idea to use all-in-one apps to manage a complex of tasks (e.g., having all your email accounts and messengers integrated in one place) rather than switching between a dozen of smaller apps for each activity.

As an alternative to playing a video game or scrolling through social media, find a paper book that would interest you and spend time outdoors regularly. Instead of watching another Netflix episode in front of a TV set, talk to your family or take up gardening.

Spending more time outdoors, without electronic devices, promotes life-work balance and is generally good for a healthy lifestyle.

Though it may be tough to predict which advancements technology would bring next, some innovations are already changing our beliefs about the world around us.

For instance, augmented reality (AR) and virtual reality (VR). Something that people would have considered magic just a few decades ago is now gaining popularity in business, gaming, and team building.

Wearable screens and gesture-based computing, other recent innovations, are predicted to soon substitute the usual PC and phone screens.

Robots, another buzzword in todays business world, have already replaced humans in some workplaces robotic arms work at assembly or packing lines. Flying cars will soon address the issue of limited ground space and long traffic jams.

Well, people of Earth are even projected to use technological innovations to colonize other planets in the foreseeable future. The sky is no longer the limit!

Technology improves all aspects of human lives, making them easier and diverse. Though technological advancements are generally seen as a positive change, some people perceive them in a negative light.

Overindulgence in the use of digital apps and smart devices, overreliance on online tools may sometimes lead to tragic effects. Yet, if technological developments are used wisely, they bring nothing but good to society.

Clearly, technology by itself is neither good nor bad. It is only the way and extent to which we use it that matters.

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Is Society Moving In The Right Direction With Technology Rapidly Taking Over The World? - Forbes

Fintech, also known asfinancial technology, is a remarkable transformation in the finance sector. Nowadays, it is difficult to imagine the finance industry without the intervention of modern technology. Maintaining the social distancing protocols amidst the Covid-19 pandemic has also sped up the digitalization of the financial sector.India is considered one of the fastest-growingfintechmarkets on a global scale.

These recent technological innovations and growth in thefintech industryare accreditations to the government initiatives and the tech enthusiasts and startups coming up with innovative solutions to complex problems. Various innovations like mobile wallets, digitized money, paperless lending, and such others have sped up the growth of the fintech industry.

After anticipating the future of the Fintech industry, economists and policymakers are redefining the regulations and policy frameworks based on the new technologies. Here are the top technology trends that are reshaping thefintech industry.

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Top Technology Trends Redefining the Future of the Fintech Industry - Analytics Insight

The ordinance also bans county offices from entering into an agreement with third parties or obtaining facial recognition information.

KING COUNTY, Wash. The King County Council voted unanimously Tuesday to ban the use of facial recognition technology by administrative offices, including the sheriff's office.

Theapproved ordinance, approved 9-0 during Tuesday's council meeting, prohibits the use of facial recognition software, except to comply with the National Child Search Assistance Act.

A spokesperson for the King County Sheriffs Office previously said they do not use facial recognition technology and support the measure.

A long list of nonprofits, including the ACLU, sent a letter to the council urging them to pass the ban.

The ban does not impact King County offices and not cities within the county.

The Seattle Police Department does not use facial recognition tools, a spokesperson previously told KING 5.

Of the concerns over the technology, accuracy, demographic biases, and encroachment on civil liberties are major ones.

"The use of facial recognition technology by government agencies poses distinct threats to our residents, including potential misidentification, bias, and the erosion of our civil liberties," said King County Councilmember Jeanne Kohl-Welles, the legislations primary sponsor. "The use or misuse of these technologies has potentially devastating consequences which the new ordinance will help to prevent.

"I am very appreciative that my colleagues unanimously supported my legislation today banning its use in King County government agencies, and appreciate the overwhelming community support weve had. Our vote today makes King County the first county in the nation to pass this type of ban."

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King County Council votes to ban use of facial recognition technology - KING5.com

Why banks differ in the pace of adoption of new technology: The legacy of the past

Do all organisations in a sector adopt a new technology or business practice at a uniform rate? Or do we see different rates of adoption across organisation types in a sector, even if adoption seems generally worthwhile? What determines whether a certain organization adopts the new technology?

Questions such as these are important because they shed light on economic growth. As Mundlak (1961) and, more recently, Hsieh and Klenow (2009) note, economies operate below potential because some firms are less productive than others, and the productivity gaps persist. What explains these gaps? Over the last decade, the failure to adopt modern business practices has been identified as a key culprit (Bloom and van Reenen 2010).

It thus seems valuable to understand why some firms do not adopt new practices even if it seems useful to do so. In a new paper (Mishra et al. 2021), we examine this very question with microdata on lending, using as our setting the introduction of credit-scoring technology in retail lending.

Credit bureaus obtained legal certitude in India only around 2007 after legislation requiring banks to submit data to bureaus was passed. The act of incorporating bureau credit information into loan decisions is a clear marker of technology adoption. We examine the pace of adoption by the two dominant types of banks operating in India: state-owned public sector banks (PSBs); and new private banks (NPBs), which are modern banks licensed after India's 1991 liberalisation.

The process for checking credit is straightforward consisting of submitting an electronic request and paying a fee of between $0.15 and $0.30, about 0.04% of the average loan amount.Since the cost of requesting a score is negligible, and at worst the score can simply be ignored, it seems worthwhile for all banks to adopt scoring technology if at all useful.

Figure 1 illustrates the gap in adopting the new scoring technology across banks. Several years after the introduction of credit bureaus, the state-owned PSBs make a large number of loans without bureau credit checks. At the end of our sample period in March 2015, PSBs check credit scores for only 27% of all applications compared to 85% for NPBs.

Figure 1 Sharp difference in bureau usage across bank types

Far more interesting and stark relative to the baseline patterns is the variation in adoption across new and prior clients of banks (see Figure 2). For new applicants, PSBs inquired about 99%, that is, virtually all applications, just like NPBs in fact, the lines for the two are indistinguishable.Thus, PSBs are not incapable of, or averse to, using new technology. However, PSBs seem to be far less willing to check scores for loan applicants with whom they have a prior lending relationship. PSBs check scores for only 48.3% of these applicants compared to 90.3% for NPBs. Figure 2 illustrates this gap in adoption, which persists eight years after credit bureaus open.

Figure 2 Difference in bureau usage primarily for prior relationship applicants

Perhaps PSBs do not check credit scores because credit scores are not related to ex-post delinquencies. Figure 3 rules out this possibility. Credit scores are reliably related to delinquencies for both PSBs and NPBs, perhaps even more for PSBs. In a related test, we obtain the (unused) scores for a special sample of loans that PSBs made without checking scores. For a range of plausible policy functions on how the scores would have been used, we find that checking scores would more than halve portfolio delinquencies, a significant improvement in credit quality.

Figure 3 Credit scores and predict delinquency for PSBs and NPBs

What could possibly explain the aversion of PSBs to adopt scoring for their prior clients even though it is a clearly beneficial practice? Interestingly, the reason does not seem to necessarily reflect their state ownership: there is a class of privately-owned institutions, old private banks (OPBs), which are of similar vintage and thus operated in similar economic environments as PSBs.

Figure 4 shows that the pattern of technology adoption by OPBs is similar to that of PSBs they check scores for virtually all new borrowers but are reluctant to do so for prior borrowers. Whatever prompts this behaviour for PSBs, therefore, it is not just state ownership.

Figure 4Old private banks (OPBs) are similar to public-sector banks (PSBs)

To explain these patterns, we focus on the legacies shared by PSBs and OPBs, which are quite different from those of NPBs.

We conjecture that PSBs and OPBs may have traditionally given their loan officers more discretion because of the nature of their branching structure in the pre-1990s liberalisation era.In the 1970s, India required all banks to focus on branching in underserved areas away from the bustling metros. In this era, ICT was also underdeveloped.

Given the relative paucity of formal records and data, that is, hard information on potential borrowers in underserved rural areas (a lacuna which we show exists even today), banks may have optimally given more discretion to their loan officers in those areas. As Stein (2002) argues, this would incentivise loan officers to generate and use soft information, informal data, and subjective judgements about potential borrowers. If it is hard to fine-tune policies on discretion to specific branches, a bank may have optimally adopted a bank-wide policy of allowing loan officers more discretion if the banks business was more focused on semi-urban and rural branches.

With regulatory liberalisation in the 1990s, including the licensing of new private banks, the branching requirements were steadily done away with. Newly licensed NPBs could focus on metros, which they did, and with advancements in ICT and data availability, NPBs had much less need to offer loan officers discretion. So, the first leg of our explanation is that the older PSBs and OPBs had branch structures and policies on discretion that responded to historical regulations, which did not apply to NPBs.

The second leg of our argument is that legacy structures and practices acquired staying power. PSBs and OPBs have had to continue to maintain their legacy branch networks even today, the Reserve Bank does not permit banks to close branches in underserved areas. So PSBs and OPBs, with more of rural network than NPBs, would have had more reason to maintain their historical lending policies that relied on loan officer discretion. This would have been fortified, no doubt, by loan officer resistance in giving up discretion for new and unfamiliar credit scoring processes relying on hard information with unproven value. Loan officers would have more reason to use their discretion in the case of prior borrowers because they would have more soft information on them gleaned from the prior relationship. Moreover, they could use familiar processes for managing the bank-specific information flows. Finally, the social payoff would be greater to helping their old customers, shielding them from the possibly harsh pronouncements of a distant, albeit informed, credit bureau.

We present empirical evidence to supports the hysteresis hypothesis. We classify banks based on their non-urban lending focus based on a variable "NON-URB-SHR-LNS" or the percentage of a bank's business coming from non-urban areas. Figure 5 shows that banks with a greater non-urban focus inquire even their urban applicants relatively less while banks with a greater urban focus inquire their non-urban applicants relatively more. Interestingly, this effect is seen even in NPBs although it is, of course, stronger for PSBs and OPBs. The effect survives controls for other organizational characteristics of banks. The evidence suggests that the policy most suited to the predominant source of the banks business influences bank-wide policy. This policy has staying power, changing slowly even as the environment it is adapted to changes.

Figure 5 More urban-facing PSBs inquire more even in rural areas

To the extent that the greater non-urban focus of a bank drives its policy of allowing its loan officers discretion, and leads to lower inquiry, this should be associated with higher delinquency rates. This is indeed what we find. Figure 6 illustrates this relationship. The regression evidence is supportive. The variable NON-URB-SHR-LNS remains significant in regression that include full sets of controls with a number of interaction effects, and in reduced form as well as instrumental variables regressions. The policy of continuing to allow discretion is costly. Indeed, this realisation and the steady process of taking away discretion from empowered loan officers may explain why even PSBs and OPBs are moving to inquire more.

Figure 6 Delinquency rates versus non-urban orientation

In sum, we show that there are differences in technology adoption across banks. Interestingly, the variation is also within banks. Thus, slow adoption may not emanate from unfamiliarity with technology use but hysteresis due to legacy management practices set in earlier years. These practices change relatively slowly even when technological possibilities change. The status quo bias created by relationships is eventually replaced with greater use of modern retail lending practices that permeate banks around the world. Technology dominates eventually.

Authors' note:The views expressed in this columnare the sole responsibility of the authors and not of the institutions that the authors were are or associated with. The views should not be attributed to the International Monetary Fund, its Executive Board, or its management.

Bloom, N and J van Reenen (2010), Why do management practices differ across firms and countries? Journal of Economic Perspectives 24(1): 203-224.

Hsieh, C and P Klenow (2009), Misallocation and manufacturing TFP in China and India, Quarterly Journal of Economics 124(4): 1403-1448.

Mishra, P and P Nagpurnanand, and R G Raghuram (2021), The relationship dilemma: Why do banks differ in the pace at which they adopt new technology? University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2019-54.

Mundlak, Y (1961), Empirical production function free of management bias, American Journal of Agricultural Economics 43(1): 44-56.

Stein, J C (2002), Information production and capital allocation: Decentralized versus hierarchical firms, Journal of Finance 57(5): 1891-1921.

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Why banks differ in the pace of adoption of new technology | VOX, CEPR Policy Portal - voxeu.org

The Space Force, the newly minted service branch and the first to be born in the age of the internet, is charged with securing the heavens above. It now has a digital strategy to match that lofty mission.

Earlier this month, the nations sixth military branch issued a document called Vision for a Digital Service,which outlines the forces technology goals and the strategy. The Space Force aims to become the militarys first truly digital service branch, and take advantage of a lack of a legacy architecture and bureaucracy to be more agile than other branches.

Chief of Space Operations Gen. John Raymond says in the introduction to the document that the nature of the threats in space, which cover a wide spectrum and are rapidly evolving, mean that the fore needs to be an innovative, interconnected and digitally dominant force.

We must act far more swiftly and decisively across all aspects of leadership, acquisition, engineering, intelligence, and operations in order to take up permanent residence inside the adversarys observe, orient, decide, act (OODA) loop, Raymond writes. In addition, given the relatively small size of the USSF, accomplishing this goal will require us to amass a technologically adept, digitally fluent space cadre more proficient, efficient, and agile than any other force in history.

MORE FROM FEDTECH:Learn how to use analytics to discover workers with hidden IT talents.

To be interconnected, the force envisions treating its digital infrastructure as a critical asset and having high-bandwidth networks that support the rapid sharing of data. The document notes that Space Force wants its shared data repositories visible and accessible to those who need it and secured against those who dont.

The Space Force also wants its guardians, as force members are known, to be able to operate in a way that is tied to a physical location.

This can give the USSF the flexibility to have Guardians operate virtually as digital nomads, seamlessly supporting a variety of missions from a range of locations as part of an intrinsically mobile force, the vision document states. We must pursue site-agnostic solutions, enabling service-based, distributed functionality regardless of the mission supported or the protection requirements of the data involved. All of these elements must also be fully linked and interoperable.

In terms of innovation, to adaptively respond to threats, the Space Force says it will position itself as an aggressive early adopter of cutting-edge, user-driven technologies, which represent the best capabilities industry has to offer. Guardians will also be empowered to act on their ideas, the document states.

RELATED: How will 5G help the military modernize?

USSF members must be granted the psychological safety and professional incentives to be assertive and take risks when appropriate, the document notes. To support this paradigm shift, we will modify our performance evaluation frameworks to recognize and value these traits.

Every Space Force member must be a change agent, able to contribute bold and imaginative solutions to hard problems, the document notes, emphasizing the importance of continuous learning and personal growth.

It will be incumbent upon all personnel to constantly expand their digital fluency and hone their skillsets to keep pace in this highly dynamic digital environment, the document notes.

Being digitally dominant will require an empowered and digitally fluent workforce, the Space Force document notes. Having a digital-first mindset and being digitally dominant will require an extensive network of innovative, digitally fluent Space Force professionals who instinctively prioritize actionable knowledge over static products, it notes. Instead, guardians will be expected to be data-centric.

This approach will allow us to rapidly capture and exchange needed information and knowledge within the data space, to include generating streamlined, dynamic, synchronized outputs tied to mission-related actions and outcomes, the document notes. Ultimately, our Digital Space Force will make data-driven decisions to field and operate groundbreaking, space capabilities at velocities that seem inconceivable today.

The Space Force also wants to have a different approach to its workforce that incentivizes them to collaborate, empowers them to act and builds upon their strengths, the document notes. The Space Force will tap into and build upon each persons unique strengths to power interconnected high-performing teams. We will capitalize on the inherently selective nature of our small Service to attract and recruit technically proficient talent from all corners of the nation, and we will manage this talent within a fully integrated Digital Workforce.

The document also calls for the creation of a Digital Headquarters, and means that in terms of a function as opposed to an alternative to a physical office.

To make effective decisions, we will regard data as a strategic asset, harnessing it for digitally enabled management of uncertainty and to power agile, data-driven decision-making, the document states.

Instead of focusing on traditional, document-based communications, the Space Force will emphasize unvarnished collaboration to and among decision-makers directly in the data space. The force envisions using immersive visualizations and customizable dashboards that are current and accessible anytime and anywhere to help guardians sift through a deluge of data.

This is where were really zeroing in on how we can we leverage data and analysis tools to streamline the processes by which we make decisions, use automation to ensure that our processes can move faster, and eliminate manual steps in our processes, Maj. Gen. Kim Crider, the Space Forces chief technology innovation officer,tells Federal News Network.

How can we use collaboration tools to bring people together across multiple levels the organization in one single setting? By bringing people together, this is how were breaking the bureaucracy, Crider adds. Were not waiting for a problem to happen were being more proactive and were coordinating much more effectively and much more efficiently.

U.S. Space Force photo by Airman 1st Class Thomas Sjoberg

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What Is the Space Force's Technology Vision? - FedTech Magazine