2022 in review and 2023 tech predictions with Navos CEO David Davies
Happy new year and wow, what a year 2022 was! The year that things finally got back to normal for most after the testing times of Covid. It’s been fantastic to get back out seeing clients face to face again and finally attend events, visit the capital and travel all over the country - there’s nothing quite like it.
I can’t quite believe Navos is in year three already?! Who would have thought it when I first started the business in early 2020 and then Covid hit that we would be where we are now. I am so proud of everything we have achieved in the last year. We placed a large focus on the financial services market in 2022, due to our experience and background in this area, and are already providing value for our clients. Our knowledge in tech, financial services and all the regulation that comes with it is helping a lot of businesses and we can’t wait to see where this avenue takes us in 2023. If you haven’t already seen it, then check out Fintech.co.uk - we bought the domain last year!
The Navos team grew massively over 2022, including the introduction of a Data team. Data is such an important factor and one that we take very seriously. This team have already been instrumental in helping some of our clients view their MI in a more clear and concise fashion, as well as data cleansing and mapping out the architecture of their data sources. We also added more resource in our software development arm over the past year. Some of the projects they worked on were pretty cool, including building new financial platforms, as well as creating virtual reality worlds for the healthcare sector.
One of my biggest highlights was watching our Navos cabs driving around London, seeing our logo in the big city was just magical!
On a personal level, my son progressed in his racing career from karting to grown up race cars capable of reaching 150mph which has been amazing to see, especially as he has just turned 16 years old. He has a really promising future ahead in the racing world – watch out Max Verstappen!!
Above all, one of the best things I have seen come out of 2022 is the gigantic leap companies have made in their tech and digital approaches- whether that be in implementing plans or just starting to think on a more technical level. In terms of the financial services world specifically, Covid really has spring boarded the industry forward in their tech ability by 5 – 10 years which is fantastic to see. Everyone from Mrs Miggins in her 90's to Johnny in his teens wants a digital solution in their hands and it is clear that the firms who are not able to execute quality solutions at a pace to keep ahead of their competitors, will undoubtedly feel the pain in a very short time. Some firms think about doing things, others just crack on and deliver iteratively, and one thing is for sure is that the doers are out performing the thinkers, and then some.
The digital highway is neither an autobahn where you can speed along without a care in the world, nor a 20mph safe driving zone with hazards a plenty, it is a combination of them both. There is a reason why even the most technical advanced ships and experienced captains on the seven seas use the services of a pilot to navigate difficult ports and waterways. Asking for help on a digital journey is no different, there are specialists with experience out there, so my advice is don’t be afraid to use them– but choose wisely and ask for help DELIVERING value, not thinking about it. 2023 is the year of getting things done.
Tech predictions for 2023
These are my predictions for what will happen in the world of technology in 2023:
- More technical change and innovation brought on from Covid – The change we have seen already over 2022 is immense and I can only see this continuing forward at a huge pace in 2023. Companies are no longer afraid of technology and really starting to see the benefits and embracing it as an integral part of their business strategy.
- Consumer Duty – Regulation for the financial sector coming in during 2023 - I think this will force businesses to put the client first and make them really consider their technical practices and how they can be improved to make a better experience for the client.
- Consolidation in the market – We have seen this already in 2022 with lots of mergers and acquisitions, particularly in the financial world. Expect a lot more of this in 2023.
- More collaboration/partnerships – To really drive efficiency, you need to look outside of your business and bring in help and expertise when needed. I believe more businesses will stop running all their technology internally and make more use of third parties.
- The importance of data and AI – If this isn't an area you are already considering, then you should be, and fast. Data is key and more and more businesses are realising this. The best will already be working on their data strategy, don’t get left behind. And if you haven’t heard of ChatGPT, then ask your tech teams or partners how it could maybe help drive efficiencies, as a starter for ten!
- More cybercrime - Hackers are becoming increasingly more sophisticated in their attacks, and companies unfortunately still do not have robust enough plans in place. If you are not already challenging your IT team on what their back up and resiliency plans are then you need to be. If you don’t, the Regulator or your Auditor will soon be on the front foot. With the best will in the world, you can think they have it all covered and then someone will accidentally leave the back door unlocked. Don’t let your company be one of them in 2023.
- Tech to drive more efficiencies in business – Technology really can reduce cost, increase efficiency and simplify processes, leaving your team to focus on more important business matters and innovation. For example – developing an easy to use app for your customers to do business with you, rather than doing everything face to face can be a game changer.
- More disruption by technology - Wombat as a trading app are a prime example of this in the financial services world, and I expect more players to appear on the scene in 2023 using new technologies to change the way we conduct business, as well as in our personal lives.
- Tech confusion – With all these great advances in tech, I predict more businesses will become increasingly confused by what tech to use as there is now so much on offer. We will see a greater need to work with experts to advise on what tech stack best fits their needs.
There we have it, my highlights from 2022 and my tech predictions for 2023- let’s see if I am right! If you need any support at all with your technology needs, then the team at Navos would be delighted to help.