2018 was a banner year for future-now technologies like AI, Blockchain, IoT, cloud and automation. They added new dimensions to the digital transformation journeys for businesses across the world. However, 2019 will see a new trend. Coalescing of multiple technologies will create new opportunities and drive disruption across businesses. The information services sector will be
The buzzword of blockchain has been around for nearly a decade. Over the years, we continue debating if it is real, and if there’s more to the technology than just cryptocurrencies. Starting in 2017, we have seen the emergence of blockchain applications in the travel and hospitality markets. These applications range from autonomous aggregation and
After the 2008 financial crisis, FIs faced stringent regulations from governing bodies across the globe. FATCA, GDPR, PSD2, and MiFIDII are some of the regulations that have come into existence in the last few years. According to a Deloitte report, there are around 200 regulatory revisions to track and comply with on a daily basis.
The insurance industry’s reputation of being static and sluggish in response to demand is a thing of the past. Today’s customers expect insurers to scale up for calamity claims and at the same time, continue their business as usual. For instance, Hurricane Florence, which hit the Carolinas in September 2018, resulted in more than 185,000
Loan covenants are much like the rumble strips on the side of a highway. A set of covenants can help banks offset some of the risks that threaten them. A study by CenterState – Correspondent Division suggests that a well-adhered covenant set can reduce the default risk of the borrower by more than 20%. On
Banks today harvest and analyse massive amounts of data – but imagine what could be done with this data if banks weren’t so preoccupied with banking. To put it another way, all banks employ talented software engineers, and those engineers are able to develop applications for any market. Banks’ IT teams could easily create insurance
The world of auto finance, as we know it, is changing – faster than any of us can fathom. And there is only one thing that can drive banks through this tsunami of changes – potential to adapt and innovate. Interestingly, modern trends, like car sharing services and car rental services, are making in-roads into
Millennials are the largest generation in US history, a particularly attractive target market for financial services. This group, born between 1980-1996, consists of approximately 73–81 million people in the US, and is set to inherit roughly $30 trillion in the next 20–30 years. The majority (58%) of millennials still rent or live with family or
The digital banking revolution happening today is accelerating rapidly. The new approach emphasises software and its capabilities, and demand for digital capabilities is soaring. For example, a recent Recruiter Sentiment Survey on LinkedIn broke the news that 51% of UK financial services recruiters have experienced increased demand for applicants with experience in artificial intelligence, cryptocurrency,
Avoid the Negative Humans are wired to notice the negative more than the positive. Negativity bias is the notion that when equally emotional negative and positive triggers occur in our lives, our behavior and cognition is impacted more by the negative than the positive. Long ago, survival depended on our ability to avoid the negative
In recent years it seemed the smart money was on FinTechs blowing the traditional banking powerhouses out of the water. But the banks have survived, and intend to fight back. Over recent decades, cost-reduction programmes have formed the banks’ first line of defence. But these methods can only take you so far if the competition
It’s hard to miss all the attention and hype Artificial Intelligence (AI) is getting these days. Everywhere you turn there are articles on a myriad of AI related topics such as deep learning, machine learning, cognitive computing, computer vision, natural language processing (NLP), etc. Frequently these terms are used interchangeable despite meaning very different things
Technology advancements continually disrupt the banking landscape. Amidst the upheaval, chatbots are rising as the latest wave of digital disruption. Chatbots, also known as conversational agents or virtual assistants, are shaping the customer experience, and transforming the back-end operations of banks in an unprecedented manner. Looking at the staggering rate of chatbot adoption, MarketWatch suggests
In my interactions with senior data and IT executives across industries, I observed that most companies are great at collecting data from multiple sources, but fail at harnessing the real value of it. The reasons range from lack of data governance to lack of awareness of what data they hold, absence of a cohesive and
Onboarding, retaining and servicing the providers within a Payer organization is becoming a core focus due to expansion into new markets and strict state and federal regulations around access to care. Providers have taken a back seat to member acquisition and retention, but as Payers move to new payment models and strategies combined with low
Modern organizations have come to recognize data as a critical enterprise asset that can be leveraged to identify new opportunities and support business decisions, in a way that has never been possible. It’s no wonder that the chief data officer’s (CDO) role has gained greater recognition, more executive power, and more influence within the enterprise.
Recently I attended SIBOS, a premier corporate banking event, at the ICC Center at Darling Harbour in Sydney, Australia. The theme for 2018 was Enabling the Digital Economy. As I reflect on the four days filled with engaging sessions, networking opportunities, and meaningful conversations, I want to share my top four takeaways from the event.
Despite the last decade of articles proclaiming the end of the legacy application, many businesses are still struggling with inherited technology that’s no longer fit for purpose. Fortunately, that pain could soon be alleviated – thanks to the rapid adoption of API-driven microservices, the idea of a service delivery platform which can embed cloud-native capabilities
Predestination – the idea that all events in your life have been predetermined and that free will is an illusion – has been around for a long time. However, in the age of the algorithm the question of free will has taken on new significance. Today artificial intelligence (AI) and algorithms operate as gatekeepers between
Due to the risk of losing the direct relationship with their customers and the struggle to deliver media content at breakneck speed, media and telecom players are now looking to provide their own direct-to-consumer (DTC) video streaming services. The result is an elimination of content aggregators from the media value chain with a move towards