Proceedings at this National Conference got underway with the observation that the ICT industry characterizes and defines the age we live in. The spread of digital technology has led to a radical sea change in the economic system that is perhaps yet to be fully grasped. The profound and complex changes that this has given rise to in a number of spheres of endeavor are often perceived as a threat in Italy, due to the devastating effects they are having on the status quo, on centers of power, on existing organizational structures, and on employment. It was stressed, however, that the transformative potential embodied by the digital age represents an enormous opportunity, which it is not only necessary to seize but imperative to do so as quickly as possible.
It was therefore suggested that pursuing a digital agenda is the only avenue that could stimulate investment and help reinvigorate the country, without further burdening the public purse, which instead would stand to benefit from significant savings. The establishment of a digital ecosystem would create more jobs than it would destroy (with the ratio of job destruction to job creation estimated at 2:5). The participants cited the examples of e-commerce and the spread of 3D printing (or additive manufacturing) as opening up opportunities for breathing new life into activities that form part of the Italian tradition, such as handicrafts, and which in future, if properly integrated into digital processes, could become drivers of local-area development.
Those present noted, however, that in this regard Italy has so far fallen considerably behind, both in terms of knowledge and infrastructure. Nevertheless, if figures on flows rather than stock are examined, a trend emerges which – from slow beginnings – points to momentum having picked up recently. It was suggested that the financial sector could play a vital role in further encouraging this surge in pace, both by contributing to the roll-out of the country’s digital agenda and by supporting investment in the ICT sector.
It was highlighted that the banking industry exhibits a demand for ICT solutions that require interoperable standards and high levels of security, and is providing customers with increasingly advanced digital services (such as home banking, e-payments, remote specialist financial advice, and so on). The sector thus contributes to increasing the customer-perceived use value of IT tools, and, accordingly, to mitigating some of the cultural resistance that hampers digital development. Moreover, digital tools are capable of completely reinventing bank/customer relations, for example through new forms of customer segmentation. The data revealed by customers on the cloud, interpreted via semantic technologies, and hence the high levels of transparency achievable through digitalization, could help to transform methods of assessing risk and supplying credit, bringing about radical changes in organizational structures to the benefit of both banks and customers.
The banking sector has demonstrated an awareness of the changes taking place and the need to invest in digitalization processes. It was acknowledged, however, that in order for these changes to come to full fruition, it is necessary to resolve certain crucial issues, in particular that of ensuring the availability of adequate infrastructure and improving the degree of user confidence in IT tools. New authentication technologies, software capable of combating identity theft perpetrated via remote attacks, and other technologies developed to enhance the security of online transactions could raise this level of confidence. Also considered essential were appropriate regulatory solutions with regards to issues of electronic identity and privacy, currently governed by dynamics that were deemed beyond the control of national regulators. Policy-makers were called on to take responsibility by making choices apt to develop infrastructure and foster the widespread adoption of digital services by pubic authorities.
Lastly, it was observed that the financial sector plays a pivotal role in facilitating the creation and growth of innovative enterprises in the ICT sector. Indeed, the start-up ecosystem requires new financing approaches and models that go beyond and complement traditional banking models. The participants conceded, however, that these new approaches and models have struggled to emerge in Europe, which, in this respect, lags far behind the United States. The low uptake of venture capital together with the dearth of large companies capable of exploiting the potential for low-cost R&D offered by start-ups explain why the company annals of ICT start-ups formed in Italy all too often unfold abroad. It was felt that much could be done to facilitate acquisitions and IPOs of Italian ICT start-ups, and, in this way, retain human capital in Italy that could serve as a crucial driving force for the country’s growth.