Author Archives: Content in Context

Unknown's avatar

About Content in Context

Content in Context helps companies to define the market for their products and services, to identify customers and build the business pipeline, and to develop their content marketing strategies. By working with our clients to design, build and grow their business, our primary focus is to extract commercial value from unique assets, including knowledge, data, know-how, processes and transactional information.

Banking Blues (pt. 481)

Posted on by
Reply

Last week, I attended a networking evening for Intersekt, Australia’s largest annual fintech conference. Billed as the “flagship event of the Digital Innovation Futures Victoria Festival”, the 2-day event is supposed to take the pulse of Australian fintech – by highlighting current industry trends, showcasing local success stories and identifying areas for future growth and collaboration. I wasn’t able to attend the 2-day conference itself, but based on the networking audience, and the program agenda, it feels like there is very little “innovation” these days, and certainly not among the major banks.

The fintech product focus is still very much on payment solutions and open data – even though we’ve had the NPP and Open Banking for several years – plus SME lending (since the major banks have largely abandoned cashflow lending, just as they have exited wealth management and financial planning). There was barely an hour of the conference given over to crypto currencies and digital assets, and from what I could see, no sessions dedicated to Blockchain technology.

Challenger or neo-banks have not managed to gain traction in Australia, mainly due to the dominance of the incumbent banks, especially the so-called Big 4, which continue to enjoy an entrenched oligopoly protected by regulation. Despite Financial Services (banks, diversified financials and insurance) forming the largest sector (27%) of the ASX 200, it is highly concentrated and appears structurally designed to keep out competition (and hence, stifle innovation).

Indeed, I cannot think of a single new product that my bank has introduced in the 20 years I have been a customer. Over that time, I have held both personal and business accounts with this bank – mortgages, investment loans, credit cards, transaction accounts and savings products. They no longer offer wealth management services under their own name, and the share trading account I hold with them is actually operated by a foreign financial institution. At the same time, the bank has been shuttering branches, and disbanding services, often without any notice or customer communication.

My frustration with this bank goes unheeded – if anything, the customer service has worsened, often under the guise of “the Royal Commission”. The latter has no doubt given rise to staff cuts to pay for greater compliance costs, and is used to justify over-bureaucratic customer processes. Meanwhile, every time I raise a complaint, I’m told it’s the bank’s “systems” that are to blame, or their third-party service providers – it’s never the bank’s own fault, and they never take responsibility or demonstrate accountability.

These are just the latest incidents in a litany of poor customer experience:

1. A simple title transfer involved me visiting three different branches (thanks to branch closures and rotating staff), plus e-mailing and phoning an interstate office (at least the settlement was probably executed on Pexa’s blockchain-enabled platform…)

2. A glitch in setting up a replacement bank-issued credit card in my digital wallet was blamed on the card provider’s technology (even though I had just successfully linked this same card to my smart watch). I hope the bank has robust SLAs with this third party…

3. Some unsolicited (and highly misleading) e-mail marketing sent out under the bank’s name was blamed on another third-party provider (surely the bank must authorise what communications are issued in its name?)

4. I spent over 2 hours in a branch to open some basic term deposits in the name of existing businesses that already have client profiles and accounts with this same bank – a combination of bureaucracy, slow technology and cumbersome processes which still involve wet signatures on hard copy documents.

5. In the process of setting up one of these business accounts, it turns out the bank had the wrong company details on their core records, even though the statements are sent to the correct address. I advised the bank of the change of address several years ago, but despite the findings of the Royal Commission, the bank has not bothered to run a check on the ABN register, which is free to use, to check the company details.

The really depressing thought is that even if I switch banks, I will probably run into similar problems elsewhere!

Next week: Non-binary Politics?

Ballarat International Foto Biennale (BIFB)

Posted on by
Reply

This past weekend saw the opening of the 10th Ballarat Internationale Foto Biennale. The overarching theme this year is “The Real Thing”, recognising the impact that digital, AI, NFTs and image manipulation are having on the visual arts in general, and the photographic medium in particular.

The highlight of the first weekend was the keynote presentation by Platon, one of the most high-profile and prolific portrait photographers of our age, famous for his images of political figures, popular icons, and social activists. Given that Platon works mostly with traditional 35mm film and captures living subjects, his work certainly deals with the “real” thing.

At the end of the first day, visitors were also treated to a Victorian magic lantern presentation, combining authentic analog apparatus, multi-media components and live performance. For audiences of the day, such events would have been their first encounter with moving images and projections – which we take for granted in our screen-obsessed culture.

As with any festival on this scale and duration, there is a wide range of work on display. This is especially so outside the Core Program, with the Outdoor and Open Programs taking on the challenging task of representing different aesthetics, styles, techniques, subject matter, and as such they reflect varying levels of quality and competence.

It wasn’t possible to see all of the exhibitions in the first two days – and some works don’t go on display until later in the program – but for me, the highlights beyond the major Platon show included: Stephen Dupont‘s happy accidents; Jon Setter‘s stunning abstract images of Ballarat; several of the works by regional photographers curated by Jeff Moorfoot; the scattered works by the Oculi Collective; and the display presented by the Australian Association of Street Photographers Inc.

Some exhibitions were less successful: I really wanted to engage with William Yang‘s work, but the unfocused curation and haphazard presentation undermined any appreciation of the images and their underlying narrative; Erik Johansson‘s highly stylised images are humorous and surreal, but they can also come across as very superficial, so we are left marvelling at the surface technique rather than any depth behind the work; and while it was nice to see some of Andy Warhol‘s original Polaroids, they were presented with very limited context, as if they were an afterthought (the fact that they are probably the earliest works in the whole festival may have something to do with them feeling out of place, as well as out of time).

It is easy to see how some photographers could get constrained, either by their subject matter, or by their technique. Working with self-imposed limitations should be positive. Using fewer tools can drive creativity (“less is more”). Having less time can result in better outcomes (“the first take is usually the best take”). Innovation comes from exploring our curiosity. Inventiveness is the result of challenging ourselves through problem-solving. However, an artist can reveal themselves to be a one-trick pony, or their technical expertise overwhelms the output (“form over substance”). Sometimes, the narrative or subject matter is more important than the quality of the image, but just as a crappy technique can impair a great image, a perfect technique cannot compensate for a poor composition.

The notion of “reality” prompts us to consider what is a photograph? The fact that most modern photos are captured on a smart phone rather then a camera simply confirms that not all photographic images need to be created using a dedicated physical device (think of photograms). And since most photos are digital rather than on film means we are not limited to think of photography as a combination of manual, chemical and mechanical processes.

However, some of the work on display does challenge the definition of “photography”, especially in the context of art. For example, an image can be surreal or satirical, but when does that stray into being fake news? Equally, even though professionals like Platon render their work in a digital environment during the post-production process, should a composite of stock images manipulated using Adobe Photoshop qualify as a work of photographic art (or is it a mere illustration)? And with the growth of AI tools to generate images (which raises questions of authorship, copyright and attribution), should their use be disclosed and identified (just as paintings, sculptures and other art works are catalogued by their materials, processes and editioning)?

In the early days of music CDs, the recording industry developed the “SPARS code”. Letter combinations such as “AAD”, “ADD”, and “DDD” are intended to inform listeners that the music has been recorded, mixed and mastered using either analog or digital processes and equipment. Perhaps something similar should be considered for photography and digital art?

Next week: Banking Blues (pt. 481)

Defunct apps and tech projects

Posted on by
Reply

In the early days of this blog, I featured many new tech projects and start-ups that I came across by attending pitch nights and meet-ups in Melbourne. I also signed up to beta test numerous apps, and I contributed to quite a few crowd-funding exercises. In doing some research for a recent blog on music streaming, I realised that many of these ventures are no longer with us.

Here’s a random selection of projects and products that I either used, subscribed to, funded, or covered in my blog:

1. Klout – launched in 2008, this app used data from social media profiles to create individual “Klout Scores”, designed to calculate how “influential” your content was. Nice idea, but there was probably no money in the business model, because as far as I can recall, it was a free service. It was purchased in 2014 for $200m by the company that eventually became Khoros, who then closed Klout in 2018, as it was not seen as core business. Khoros itself is a customer engagement, social media and content management solution for corporate clients and consumer brands – obviously, there is more money to be made from capitalising on customer behaviour…

2. Do.com – founded in 2014 as a productivity tool, focused on making meetings more efficient. Acquired by Amazon Web Services (amount undisclosed) and folded into its Chime web-meeting and conferencing application. From my personal experience, the only company using Chime for external-facing calls is Amazon itself, but perhaps it’s more of a white label solution, or it’s mainly used by internal teams to communicate among themselves (especially if these teams are using AWS?).

3. Paper.li – launched in 2010, and grew to 2 million users within 6 months, this was a neat product that enabled users to curate their own “newspapers” from Twitter and other online content. Closed in April 2023 – probably too much noise and competition in this space, and too hard to monetise?

4. Pandora – one of the earliest internet radio and music streaming services, Pandora launched in 2000 – and as recently as 2019, had a market valuation of US$3.5bn, based on a stock acquisition by SiriusXM. But by 2017, Pandora had already decided to exit the Australian market, so I have no idea about the current content or service quality.

5. Twitter Music – as featured in my previous blog, this “service” was launched in 2013, and closed within a year. But watch this space – since re-branding his new toy as “X”, not only has Elon Musk taken back the @X handle from a Twitter user, he’s also just claimed @Music from another customer.

6. 8tracks – another early-ish player in the internet radio and music streaming service (launched in 2008), 8tracks is primarily a social media app that allows users to share their favourite playlists. Despite industry accolades, and various integrations with Android, Windows and Soundcloud, 8tracks ran into problems, including a copyright and licensing issue which meant it could no longer stream music outside of the US and Canada (instead, having to rely on content from YouTube). In 2019, the company announced it was shutting down. Then, in early 2020, the brand was relaunched under new ownership, but is only available in the USA.

7. Sensel Morph – this tech business began life as a Kickstarter project in 2015. The product was a touch-sensitive computer interface that allowed users to run various applications, such as graphic design, video editing, gaming, digital audio workstations, MIDI devices and coding (e.g., for Arduino and Raspberry Pi). Despite a successful funding campaign, the Morph devices did not start delivering until 2017 – and some of the promised features never appeared, or were scaled back (or support was dropped soon after development). In early 2022, Sensel announced it was discontinuing support for Morph – instead, the company is focused on providing touch-sensitive and pressure pad technology to third party developers and OEMs. I can’t help feeling that the Kickstarter campaign was really a way for Sensel to fund its early R&D (especially given the 2-year time line to deliver the first physical devices).

8. Swatchmate – a Melbourne-based startup, this optical device for scanning colours, surfaces and patterns had a big future when it launched in 2011. Aimed at designers, illustrators, printers, textile manufacturers and paint companies, initially, there appeared to be significant interest from major brands. Yet, within a few years, and following a name-change to Palette, the product (and the company behind it) have disappeared – although the device can in theory be ordered online. I suspect that as mobile phones’ own optical quality has improved (along with AI-trained apps to handle colour-matching), the standalone Swatchmate cube was doomed to failure.

9. Broadcastr – this was an interesting angle on audio content creation and curation. It was designed to bring location-based stories, travelogues and events to remote audiences and visitors via streaming. It only ran for 2 years (2011-13), and simply ran out of money, in the face of Soundcloud and the emerging podcast industry.

10. iTunes Ping – a cross between a social media platform and a playlist sharing app, this was Apple’s attempt to help fans discover/recommend new music, and for artists to engage with their fans. Launched in 2010, it survived for 2 years, before Apple decided to integrate iTunes within Facebook and Twitter…

11. MySpace – despite reaching its 20th birthday earlier this month, and after much hype and a one-time over-inflated price tag, MySpace has failed to deliver on so many counts. It’s a wonder how it has survived, although I’m not sure how “active” this former darling of social media actually is. Scrolling through it’s clunky UI, it’s easy to get the impression MySpace is nothing more than a digital scrapbook of a by-gone era, forever preserved in virtual aspic (and slowly decaying for lack of attention or maintenance). Nothing works on this platform, so it was interesting to see a recent fan message on Justin Timberlake’s page: “1.Get off TikTok. 2.Fix MySpace. 3.Launch App.”

12. Friends Reunited – finally, the OG of SoMe, which launched in 2000 (4 years before Facebook, 6 years before Twitter, 3 years before LinkedIn, 10 years before Instagram…). Designed to help people re-connect with their schoolmates, work colleagues, college friends and other community groups, it was actually more of a research resource, and ended up like a huge directory of your past associations. Gave up the ghost in 2016, just as TikTok was unleashed on the world (although I’m sure that was purely a coincidence).

Next week: Ballarat International Foto Biennale (BIFB)

Digital Identity – Wallets are the key?

Posted on by
Reply

A few months ago, I wrote about trust and digital identity – the issue of who “owns” our identity, and why the concept of “self-sovereign digital identity” can help resolve problems of data security and data privacy.

The topic was aired at a recent presentation made by FinTech advisor, David Birch (hosted at Novatti) to an audience of Australian FinTech, Blockchain and identity experts.

David’s main thesis is that digital wallets will sit at the centre of the metaverse – linking web3 with digital assets and their owners. Wallets will not only be the “key” to transacting with digital assets (tokens), but proving “identity” will confirm “ownership” (or “control”) of wallets and their holdings.

The audience felt that in Australia, we face several challenges to the adoption of digital identity (and by extension, digital wallets):

1. Lack of common technical standards and lack of interoperability

2. Poor experience of government services (the nightmare that is myGov…)

3. Private sector complacency and the protected incumbency of oligopolies

4. Absence of incentives and overwhelming inertia (i.e., why move ahead of any government mandate?)

The example was given of a local company that has built digital identity solutions for consumer applications – but apparently, can’t attract any interest from local banks.

A logical conclusion from the discussion is that we will maintain multiple digital identities (profiles) and numerous digital wallets (applications), for different purposes. I don’t see a problem with this as long as individuals get to decide who, where, when and for how long third parties get to access our personal data, and for what specific purposes.

Next week: Defunct apps and tech projects