By now the disruptive power of the internet has been harnessed by today's businesses, however, the wide application and diffusion of technology are the new driving forces behind the "Fourth Industrial Revolution" according to BBVA's José González-Páramo. The distinctive features of this revolution include the pace of new technological advancements, changes in consumption patterns, and new business models, González-Páramo said.
Hyper-connectivity and mobile technology are especially important to this trend. The "internet of things" has allowed massive amounts of data to be collected and analyzed. Increasing automation and artificial intelligence will redefine the connections between humans and machines, González-Páramo explained. Meanwhile, consumer demand for non-stop, multi-channel access to services have led them to expect a personalized experience and to value quality over loyalty.
González-Páramo acknowledged that new opportunities come with new challenges, including the associated costs of data protection and cyber crime, and the potential job loss if human employees are replaced by artificial intelligence. Despite the challenges, he assured the audience that never has he known a society to be better off by stopping technological progress.
José M. González-Páramo, Executive Board Member of Banco Bilbao Vizcaya Argentaria S.A. (BBVA)
Moderated by John Lipsky, Peterson Distinguished Scholar at the Henry A. Kissinger Center for Global Affairs and Senior Fellow at the Foreign Policy Institute