Latest / What the Flux / Seek & Employment Hero go from friends to foe | Qantas' AI-pology | Trump's GENIUS Act

Transcript

Seek & Employment Hero go from friends to foe | Qantas' AI-pology | Trump's GENIUS Act · What the Flux

• 0:00
  Speaker 1: This is what the Flux. I'm Brett and I'm Justin
• 0:02
  Speaker 1: and it's Wednesday, the twenty third of July. Boys. We
• 0:05
  Speaker 1: know that new electric vehicle brands have blooded the market
• 0:08
  Speaker 1: in Australia, from BWAD to GWM to Cherry, but a
• 0:12
  Speaker 1: new report from the Center for International Economics predicts that
• 0:15
  Speaker 1: by twenty thirty five, nearly half of all cars on
• 0:17
  Speaker 1: Australian roads will be Chinese wound. That Juzzy Boy is
• 0:21
  Speaker 1: a jump from just seventeen percent today.
• 0:23
  Speaker 2: It is well and truly heading up in the EV space.
• 0:25
  Speaker 2: B Man speaking of heating up. The property market's been
• 0:28
  Speaker 2: heading up over the last few months since the RBA
• 0:30
  Speaker 2: cash raids and that means deposits are getting bigger and bigger.
• 0:33
  Speaker 2: This month in the Academy where unpacking how lender's mortgage
• 0:36
  Speaker 2: insurance can help to become your unexpected shortcut into the
• 0:39
  Speaker 2: property market and getting a whole lot faster than you thought.
• 0:42
  Speaker 2: And the man we are dishing out cash prizes for
• 0:44
  Speaker 2: the winners as well. So Flux am, if you want
• 0:46
  Speaker 2: to learn more about LMI and how can help you
• 0:48
  Speaker 2: get into your property sooner, make sure to download the
• 0:50
  Speaker 2: Flux out and check out the academy this.
• 0:52
  Speaker 1: Month three massive stories Today Juzzy Boy for our first Seek,
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  Speaker 1: the digital jobs marketplace is being taken to caught by
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  Speaker 1: its former friend, Employment Hero. Oh this is getting heated
• 1:03
  Speaker 1: as well. Be Man it is, so tell me more, okay. So.
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  Speaker 1: Employment Hero is an Australian hr technology company that helps
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  Speaker 1: small businesses with payroll in onboarding and hiring and be Man.
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  Speaker 2: It hit Unicorn status in twenty twenty two when it
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  Speaker 2: raised capital at a one point twenty five billion dollar valuation.
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  Speaker 1: Meanwhile, Seek is the og Australian digital jobs marketplace. It's
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  Speaker 1: been around since nineteen ninety seven, back when the noise
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  Speaker 1: from dial up internet shook your whole house and Juzzy Boy.
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  Speaker 1: Seek and Employment Hero know each other pretty well.
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  Speaker 2: As part of the Employment Heroes, a unicorn reaching capital
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  Speaker 2: raise Seeks venture capital fund actually investor YEP.
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  Speaker 1: Seek is an investor in Employment Hero.
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  Speaker 2: But recently Employment Hero launched its own zero fee hiring
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  Speaker 2: platform called smart Match.
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  Speaker 1: A direct competitor to Seeks paid job listings. So be Man.
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  Speaker 1: Seek has now cut Employment Hero's access to the Seek API,
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  Speaker 1: which is the technology bridge that helped Employment Hero tap
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  Speaker 1: into Seeks Job listings, lots of tip for tach going
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  Speaker 1: on here, and now Employment Hero is going one step
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  Speaker 1: further by dragging Sek to court for cutting the access
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  Speaker 1: to its API and jusey Boy. It seems like Seek
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  Speaker 1: is getting a taste of its own disruptor medicine. So
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  Speaker 1: what is the key learning here? Once a disruptor, always
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  Speaker 1: a disruptor, until you become the disrupted bit man. We
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  Speaker 1: know that Sekh helped kill job ads in newspaper classifieds,
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  Speaker 1: but now it's trying to avoid its own Kodak moment,
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  Speaker 1: and by blocking Employment Hero from its API, it's sending
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  Speaker 1: a message we are not playing nice anymore.
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  Speaker 2: And the man Seeking isn't the only disruptor to become
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  Speaker 2: the disrupted.
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  Speaker 1: eBay grew to become a seventy six billion US dollar
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  Speaker 1: behemoth when it disrupted the old garage sale as well
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  Speaker 1: as the trading post what Over the past five years,
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  Speaker 1: eBay's lost ground to Facebook Marketplace, which is free, as
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  Speaker 1: well as niche resale apps like epop and Poshmark and
• 2:45
  Speaker 1: Next Minute. eBay's market cap is below thirty seven billion USA.
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  Speaker 1: Not about Trip Advisor juzzy Boy. At its prime, it
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  Speaker 1: disrupted travel agents and guidebooks.
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  Speaker 2: Now it's losing relevance as people lean into TikTok recommendations
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  Speaker 2: and Google reviews.
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  Speaker 1: So each of these companies rewrote the rule book in
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  Speaker 1: their prime, but now twenty plus years on, they're facing
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  Speaker 1: their own disruptors. For our second story, Quantus has admitted
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  Speaker 1: to using AI for its CEO's email that was sent
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  Speaker 1: to customers affected by a data breach. Did Quantus outsource
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  Speaker 1: its empathy to a chatbot? Tell me more? Okay? So?
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  Speaker 2: Quantus aka the Big Red Kangaroo, was founded in nineteen
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  Speaker 2: twenty and is Australia's national airline.
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  Speaker 1: Earlier this month, Quantus suffered a massive data breach affecting
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  Speaker 1: five point seven million of its customers.
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  Speaker 2: And then supposedly one of the third party systems used
• 3:30
  Speaker 2: by their core center staff was breached by cyber attackers.
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  Speaker 1: And the data breach included sensitive information of customers.
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  Speaker 2: We're talking full names, addresses, birthdays, and phone numbers and.
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  Speaker 1: Does boy At a time where Quantus needs to demonstrate
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  Speaker 1: its trustworthiness, it has made headlines again.
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  Speaker 2: This time for using AI in the apology email that
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  Speaker 2: it sent to their hacked victim.
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  Speaker 1: You see one of Contus's sleuthy customers noticed that the
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  Speaker 1: bullet points in the apology email was an embedded image file, and.
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  Speaker 2: That bullet point image file had metadata that showed it
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  Speaker 2: was created using Generative AI.
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  Speaker 1: Specifically, I'm talking chat GPT four yep Contis admitted to
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  Speaker 1: using chat GPT to format the email. However, they claimed
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  Speaker 1: the apology message, well, that was not AI generated. What
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  Speaker 1: is the key learning here? When a company suffered a
• 4:17
  Speaker 1: major breach of trust, customers want reassurance that any apology
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  Speaker 1: is sincere and human. So when Quantus admits to using
• 4:24
  Speaker 1: AI to format their apology, it may have chipped away
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  Speaker 1: the authenticity of the apology message.
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  Speaker 2: Might I remind you be man? Their apology email users
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  Speaker 2: phrases like you put your trust in us and also
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  Speaker 2: we sincerely apologize. So consumers kind of expect that sincerity
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  Speaker 2: to come from a human heart, not a silicon chip.
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  Speaker 1: And despite being widely used by the public, I was
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  Speaker 1: just still kind of suspicious of AI.
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  Speaker 2: Well half of Australians used AI regularly, only thirty six
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  Speaker 2: percent were willing to trust it. According to a recent
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  Speaker 2: report by KPMG.
• 4:52
  Speaker 1: And Jasie Boyd. This shows how easily tech shortcuts can
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  Speaker 1: undermine trust, especially when emotions are running real high. For
• 4:58
  Speaker 1: our third and final story, Donald Trump has signed the
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  Speaker 1: very first crypto bill in US history, and crypto valuations
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  Speaker 1: are going bonkers. Is this crypto's coming of age moment?
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  Speaker 1: Be Man? Tell me more? So. Everyone knows the story
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  Speaker 1: of bitcoin started by Satoshi Nakamoto in two thousand and eight,
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  Speaker 1: but the history is stable coins that started a lot later.
• 5:17
  Speaker 1: We're talking twenty fourteen, back when Timber by Pitbull and
• 5:20
  Speaker 1: Kesher was the most irritating song in the history of radio.
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  Speaker 1: And be Man, despite the fact that Donald Trump once
• 5:25
  Speaker 1: said that crypto was based on Finnair, he's now gone
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  Speaker 1: full web three. Donald Trump has signed the first major
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  Speaker 1: crypto legislation in US history, and he's called it the
• 5:34
  Speaker 1: Genius Act, and he claimed the Act was named after me.
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  Speaker 1: And what exactly does this Genius Act regulate? Covers a
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  Speaker 1: whole lot of different things, but ben Man, the big
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  Speaker 1: one is strict rules for stable coins. Yep, they must
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  Speaker 1: be backed one to one with cash or short term
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  Speaker 1: US government debt.
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  Speaker 2: And this opens the door for private companies to also
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  Speaker 2: issue digital dollars. So what is the key learning?
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  Speaker 1: His stable coins are a type of crypto designed to
• 5:57
  Speaker 1: hold a very steady value.
• 5:59
  Speaker 2: And like bitcoin or ethereum, stable coins are backed by
• 6:02
  Speaker 2: actual assets like cash or short term government debt.
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  Speaker 1: And Josie Boy stable coins have been booming this year
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  Speaker 1: even before this legislation.
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  Speaker 2: Yep total market cap of stable coin right now is
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  Speaker 2: two hundred and twenty eight billion US dollars.
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  Speaker 1: Which has jumped about seventeen percent in market cap this year.
• 6:18
  Speaker 1: But Man, with this new genius federal regulation in place,
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  Speaker 1: stable coins could be used more broadly in traditional finance.
• 6:24
  Speaker 1: Think payments, think payroll, even think saving, because.
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  Speaker 2: Banks and other financial institutions have a clearer rule book
• 6:30
  Speaker 2: on how it works.
• 6:31
  Speaker 1: And that's a big shift from the wild wild West
• 6:33
  Speaker 1: vibes of crypto from just a few years ago.
• 6:36
  Speaker 2: Sam so many people think you need a huge deposit
• 6:38
  Speaker 2: to buy a home. This month's academy unpacks how lenders
• 6:41
  Speaker 2: mortgage insurance could become a shortcut into the property market.
• 6:44
  Speaker 2: So if you want to learn more and win some prizes,
• 6:46
  Speaker 2: make sure you download the Flux app and check out
• 6:48
  Speaker 2: the academy this month.
• 6:49
  Speaker 1: Thanks for listening and we'll see you on Friday.