Support and experience make Ireland a hub for emerging technologies

Being at the centre of emerging technology means being on a journey of innovation, growth and real-world impact. Tech ecosystems drive economic progress, creating jobs and solutions that address global challenges in areas from climate change to healthcare. Involvement in new tech opens interesting doors and ensures Ireland is at the forefront of developments in the sector. Here, leading technologists living and working in Ireland offer their views on our technical success story.

Marc Hussey, head of Ireland for JP Morgan, emphasises the importance of Ireland for the company, and the presence of a strong tech base in Dublin.

“We have a headcount of almost 1,500, which was increased recently by the acquisition of a fintech out of Cork by 380 people,” says Hussey. “We have witnessed a tenfold increase in our tech footprint in Ireland over the past five years.”

His colleague, Dermot Mackey, head of technology, Ireland, and chief technology officer for JP Morgan’s European business, expands.

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“What is even more significant than the growth is the fact that we become an official tech centre within JP Morgan, which means we are now a strategic technology location, solidifying our place here. We are also the biggest tech centre for JP Morgan in Europe,” says Mackey.

JP Morgan has invested approximately $15 billion (€14 billion) a year on technology. Some of that has been on maintaining its systems but the business has spent a significant amount on innovative technologies including AI, digital banking and cloud and data strategies.

“We have an applied research arm that looks at even more emerging tech, including quantum and, more recently, large language models,” says Mackey. “Our strategy is long term. We deliberately don’t over or underreact to market trends and that has stood us in good stead. Our growth trajectory has been significant but our competitive edge is our people. We invest in people and tech and that is our secret sauce.”

Being at the head of emerging tech is critical for JP Morgan, says Hussey: “If you don’t invest in technology, you just fall away. We have to be number one in managing treasury services or managing cash liquidity for our clients. We have feature-rich functionality in our merchant services to provide 100 per cent throughput rates or to detect fraud.”

Mackey adds: “It’s all about us working smarter, faster, better, with more automation and with better quality to deliver better outcomes for the clients. Our global technology strategy is embedded in our culture.”

The company has been “very thoughtful” about its roles in Dublin, he says: “We wanted to attract and retain higher end candidates so we included some really exciting work, not just legacy support, important as it is. That and our culture means people working for JP Morgan tend to stay.”

This is not to say that there are no challenges when working with new tech. Anna Scally, partner and head of technology and media at KPMG in Ireland, understands that adopting new technologies can often come at a substantial upfront cost.

“This can be challenging and it is necessary for companies to take time to assess the return on investment of these new systems,” says Scally. “Protecting data and systems is also vital and must remain front of mind when implementing new technologies. Privacy and cyber security are also key.

“From an Irish perspective, we must ensure we have professionals with the correct skill set for this rapidly changing environment. Reskilling may be needed to help employees get the most out of technology, and to make sure that where technology is used to replace some of the tasks they currently perform, that they have the opportunity to refocus on other valuable areas.”

Ireland has made significant strides to become a leader in technology and innovation, and it is important to retain that position, in Scally’s estimation.

“Continuing to invest in our people and sustained support for start-ups and collaborative hubs are crucial,” she says. “Continued support from the Government to create policies that foster innovation will also be critical in the coming years. We are a firm believer in supporting emerging tech companies and are currently in the middle of our search for Ireland’s winner in the KPMG Private Enterprise Global Tech Innovator competition.”

BT is no stranger to innovation; Steve Coakley, the company’s senior proposition manager for networking, reckons it has been playing around with AI for 30 years.

“Back in the day we were deploying what I like to call old fashioned AI – things such as search, scheduling, forecasting etc,” says Coakley.

His colleague, BT security and cybersecurity propositions manager Dónal Munnelly, points to simple but important advances.

“One of the projects we are working on is making passwords redundant,” says Munnelly. “No more typing, but using solutions like biometrics, for example. It’s important to go back to basics. A lot of people don’t want to introduce more security because of the associated friction but we like to solve issues.

“At BT we are looking at the human body for solutions. We are analysing how the body would respond to a virus and using that R&D in future cyber defence. Our researchers are comparing nature and autonomous systems but using AI and machine learning to enhance that research.”

BT is all about staying ahead of the market, developing solutions and understanding where its customers are going.

“We need to stay on top of developments in order to help our customers navigate new trends, so we are very hot on education and creating guided learning experiences for them too,” says Coakley.

Although Coakley welcomes the innovations and benefits of emerging tech, Munnelly warns of the threat from bad actors.

“Even an unskilled person in cyber can easily spin up a phishing campaign, [while] five years ago you would have needed to be a skilled person or even working with an organised crime organisation,” he says.

This means people working in the space must keep up with advances.

Terri O’Donovan, senior director, digital manufacturing, at Johnson & Johnson, sees many benefits to being at the centre of emerging tech in Ireland.

“We believe that emerging technologies like AI will play a central role in understanding and treating diseases, discovering and developing therapies, equipping healthcare providers with insights and personalising care for patients around the globe,” says O’Donovan.

“We get to innovate with value, see the impact on patient’s lives and build a digitally enhanced workplace experience.”

She adds: “It also presents opportunities for external recognition. Two of our manufacturing facilities in Ringaskiddy, Cork, have achieved a World Economic Forum (WEF) Global Lighthouse Network designation in recent years. This identifies leadership in 4IR technology deployment to transform factories, value chains and business models.

“Our Innovative Medicine site in Ringaskiddy was also designated as a WEF Sustainability Lighthouse, in recognition of the application of 4IR to advance its sustainability efforts.”

Medtech firm Stryker is at the cutting-edge of innovation in the sector and is leading the development and use of novel technologies. Its facility in Anngrove, Cork, is the world headquarters of the AMagine Institute, the group’s centre of excellence for additive manufacturing technologies, also known as 3D-printing, in applications including implants for joint replacements.

“To ensure Stryker remains a leader in the medtech industry, we also face the challenge of needing investment in R&D prioritised,” says Mag O’Keeffe, vice-president, global additive technologies, at Stryker.

“Retaining a leading position in medtech requires continuous and ongoing investment in innovation, and risk tolerance is required. Not everyone has that, or if they do, they can’t always sustain it.

“You have to trust people to fail – not every idea will reach fruition but when they do the return is big. It takes stamina and perseverance to be pioneering and leading the way in the medtech sector. It is very important to us that we find people that fit that culture.

“It also means not just having innovators on the floor but in the boardrooms too. The company needs to back the decisions being made.”

According to O’Keeffe, Ireland is already a leader in this space: “Across all Stem industries we see Ireland having a very high level of investment in R&D. And, perhaps more importantly, we see it in the fruit of these investments, with consistently high levels of development, production and exports from the country.

“This is in no small part due to Government policy and R&D investment from the IDA, which have created an ecosystem that supports local suppliers, allowing that investment to be shared back into the local economy.

“As a country and industry, Ireland and medtech are always evolving and advancing. We don’t see this ending anytime soon.”

There is general consensus that the Irish Government has implemented strategies that local tech companies can leverage, such as the grant funding available from the IDA for R&D.

The legacy of tech firms based here over the past 20 years has also created a substantial domestic ecosystem of tech talent. Combined with a stable political environment and EU membership, this is seen as having been important in allowing Ireland to develop into a serious hub for emerging tech.