“Newspapers are dead!” This was the cry of the “experts” many years ago when the internet came into view. Well, I am not an expert and don’t know much about it, but I only know that I am still writing in this column, and many major decision-makers and leaders of various institutions tell me that they read my column.
You probably are, aren’t you, except if you read me online.
A father told his story: “I was visiting my daughter last night when I asked if I could borrow a newspaper.”
“This is the 21st century,” she said. “We don’t waste money on newspapers. Here, use my iPad.”
And then he said, “I can tell you this. That fly never knew what hit him.” The daughter probably didn’t either.
Technology drives change, but it is not a tool that brings us to a perfect world without problems. In many cases, technology itself causes problems. Consider this funny article entitled: “Computerized Plane” circulating on the web:
The world’s first fully computerized airliner was ready for its maiden flight without pilots or crew. The passengers boarded the plane and took their seats. The aircraft taxied to the loading area automatically, its doors opened automatically, and the steps came out automatically. The steps retreated automatically, the doors closed, and the airplane taxied toward the runway.
“Good afternoon, ladies and gentlemen,” a computer voice intoned. “Welcome to the debut of the world’s first fully computerized airliner. Everything on this aircraft is run electronically. Just sit back and relax. Nothing can go wrong... Nothing can go wrong... nothing can go wrong...”
Technology has rapidly advanced over the past few decades, accelerating change with positive and negative effects. Technology does not only drive change. It accelerates the speed of change too.
Consider the adverse effects of technology, as is the potential for a classic bank run to occur in a 2023 version, where everyone tries to move instantly/ online/ all at once. This scenario could be triggered by depositors sharing what they’re doing with others online and in chat groups, causing even more depositors to try to get their money.
While Silicon Valley Bank did not collapse during the 2007-2008 financial crisis, other banks varied in the time it took for them to collapse. Some banks, like Bear Stearns, collapsed relatively quickly, while others, like Lehman Brothers, took longer to collapse. The speed at which these banks collapsed is a testament to the potential impact of technology on the banking industry.
Here is another effect to consider. While it is not talked about, it is evident everywhere. Facebook was launched on Feb. 4, 2004, so as of 2023, it is 19 years old. Twitter was launched on March 21, 2006, so as of 2023, it is 17 years old.
Futurists predicted that technology would kill distance many years ago, but in reality, it has created new forms of distance. While globalization, travel, and open trade agreements have made the world smaller, technology has connected the largest group of people, yet never before have people been so isolated.
Another adverse effect of technology is the potential for loneliness and isolation. As we rely more on technology for communication, we lose the opportunity for face-to-face interactions and the chance to develop strong personal connections. While social media platforms like Facebook and Twitter can connect people across the globe, they can also foster a sense of loneliness and disconnection from the people around us.
Technology has created a virtual world where we can connect with others at any time. Still, it has also created a physical world where we can be physically present yet emotionally disconnected. And the result is that many young people need to possess people skills and be better in person-to-person conversations. And now, work from home or remote work is developing another challenge for those involved. It is called “loneliness.”
This explains why there have been so many requests coming my way to do training on personal development, zeroing in on skills that can enhance their communications and engagement with other people.
Technology has accelerated change in many ways, including in the banking industry and our social interactions. While there have been many positive advancements in technology, there are also negative consequences that we must be aware of. We must strive to balance using technology to our advantage while maintaining human connection and interaction.
There is truth to the cliche that “in an economy of high tech, we also need an improved level of high touch.” I do agree that, after all, God created us as humans and social beings. We are not designed to exist and live in isolation. We are living souls and not made up of computer chips.
(Francis Kong’s podcast “Inspiring Excellence” is now available on Spotify, Apple, Google, or other podcast streaming platforms.)