Thought Leadership – Tech Trends

The technology market continues to evolve rapidly, we are seeing incredible advancements in artificial intelligence, cybersecurity & sustainable technologies to name just a few. Cybersecurity remains a top priority due to increasing cyber threats and sophisticated attacks. Businesses are now focusing on AI driven threat detection and response technology, as well as improved encryption methods. One positive trend we are seeing right now is the shift towards more sustainable technologies. Thanks to AI, many companies are aware of their carbon footprint and are prioritizing Environmental, Social & Governance (ESG) strategies to adapt more sustainable and ethical business operations and technology. Even some of the largest tech giants such as PayPal, Bank of America & Salesforce are working towards goals of achieving net-zero greenhouse gas emissions ¹

The benefits of new and emerging AI technology are boundless. Whilst there was initially some resistance to AI, companies are beginning to see that they must keep up with the latest technology if they want to succeed against competitors. AI has many use cases for business, one popular use is the automation of repetitive tasks which can help increase employee productivity, efficiency & creativity.  It’s not only the Tech giants that are taking advantage of this, Forbes shared results from a recent survey that found 75% of small businesses are now embracing AI technology².

Deloitte ran a separate survey in 2023 which found that over 50% of CEOs are investing in emerging technology due to the benefits highlighted below³.

Common uses for AI tools include inventory management, sales, customer service & marketing analytics. It’s important to find the right balance between AI & manual human labour. For example, in recruitment many tasks have been streamlined such as interview scheduling and automated candidate communications. During the recruitment process, relationship building & candidate experience are of utmost importance so human interaction is crucial. Just because you can outsource certain tasks to AI, doesn’t mean you always should.

By design, technology is becoming more and more human each day. Take ChatGPT for instance, this is an AI powered chatbot that recently exhibited human-level competency. When challenged by Bill Gates, the chatbot achieved the highest score possible in a Biology exam⁴.  Whilst using tools such as ChatGPT can save an individual time for certain tasks, it also limits authentic human interaction and may have some negative implications on how our brain works and develops. In order for a business to succeed, they need to determine how best to utilize new and emerging technology. It should not take over the role of humans, but allow for greater productivity, creativity and efficiency in the workplace.

In line with the growing tech landscape, this certainly hasn’t gone unnoticed in the Cayman Islands. An island once known as a hot spot for Financial Services, Cayman has taken advantage of transformative technologies to revolutionize traditional financial services and is quickly becoming known as a leading hub for Fintech innovation. This is largely thanks to Cayman’s stable economy, robust legal framework & favourable tax regime⁵. In particular, Cayman has begun to attract a number of Virtual Asset Service Providers (VASPs) as more research and development is invested into Decentralized Finance (DeFi) and blockchain technology. Evidence of Cayman’s success as an emerging Fintech hub is highlighted by the recent multi-million dollar deal between two Cayman companies. Ether.fi, a leader in liquid restaking, received $23 million in funding led by crypto investors Bullish Group, a Tech Cayman sponsored enterprise⁶.

Cayman has strict employment legislation when it comes to work permit holders. These regulations exist to ensure that Caymanians/their spouses & permanent residents are given preference for employment over individuals that require work permits. With expatriates making up 53.5% of the total population according to the 2023 Cayman Islands Labour Force Survey Report⁷, it is necessary that Caymanians are protected in their homeland. This means that any expatriates seeking work in fields such as HR, admin or temp work will find it challenging due to the local market of Caymanians already available within these sectors. However, for anyone seeking roles in tech, this is quite the opposite as work permit holders make up majority of the tech workforce in Cayman. The island currently has limited resources for further education and upskilling in the Tech field thus employers find that Expats often have better access and exposure to study in specialized fields. A study from 2020 found that one in four Caymanians in the workforce had a university degree⁸. As a result of a skills shortage, the island is currently investing in Higher Education to keep abreast with the latest technology advancements and career opportunities. Due to the high demand for skilled workers, Cayman Islands should be considered as the number one spot for any tech professionals seeking relocation opportunities.

Sources:

1. https://sps.columbia.edu/news/how-tech-companies-are-leading-esg-innovations
2. https://www.forbes.com/sites/forbesbusinesscouncil/2024/06/10/scmall-business-automation-which-tasks-to-outsource-to-ai-and-which-to-keep-human/
3. https://deloitte.wsj.com/cmo/surveyed-ceos-expect-generative-ai-to-drive-growth-efficiency-905d5d2
4. Bill Gates went in ‘a state of shock’ after ChatGPT aced AP Bio exam (cnbc.com)
5. https://practiceguides.chambers.com/practice-guides/fintech-2024/cayman-islands/trends-and-developments
6. https://caymanfinance.ky/2024/03/04/ether-fi-secures-23m-in-funding-led-by-bullish-capital-and-coinfund/
7. https://caymancompass.s3.amazonaws.com/wp-content/uploads/2023/10/The-Cayman-Islands-Labour-Force-Survey-Report-Spring-2023.pdf
8. https://www.caymancompass.com/2020/08/18/higher-education-key-to-success-in-caymans-knowledge-economy/