Back when I was in banking, I always looked forward to certain annual vendor meetings and reports. These key partners provided valuable insight into what was happening beyond the four walls of our institution. Their input was essential to helping us assess our market position and refine our strategy. Some
Rapid advancements in artificial intelligence (AI) technologies, such as large language models (LLMs), have triggered radical transformation in insurance. While they have already reshaped how AI is used, LLMs alone are not sufficient for real-world decisioning. Some of the standard ways insurers have used LLM-based chatbots in the past are
Where were you when the global banking crisis of 2008 hit? I was in banking – marketing, to be specific – and I supported our mortgage department. I vividly recall our bank’s chief risk officer repeatedly refusing to enter the adjustable-rate mortgage subprime lending business. Many banks were eating our
The world of data and AI is evolving at breakneck speed, with 2025 shaping into a year of breakthroughs and significant challenges. From AI model hallucinations to the role of synthetic data in innovation, industry leaders are grappling with complex issues that will shape the future of technology. I recently
The rise of digital banking, driven by tech-savvy consumers, has permanently transformed the financial services landscape. Both individuals and businesses now demand seamless, user-friendly experiences, to manage their finances effortlessly across multiple platforms. Generational shifts in expectations Younger generations, including Gen Z and Millennials, have distinct financial expectations compared to
Once a bastion of stability, the banking industry now finds itself navigating a complex world of evolving risks. From economic uncertainty and geopolitical tensions to AI advancements and climate crises, the industry is navigating a whirlwind of risks that show no signs of slowing down. What worked in the past
Every year, as Data Privacy Week sharpens the focus on protecting personal information, I’m reminded of a customer event a major North American bank hosted at SAS world headquarters. The bank’s chief data officer led a roundtable discussion on generative AI (GenAI) with a group of esteemed data and AI experts. The
Let’s face it – early AI rollouts have been anything but smooth. Standout examples include McDonald’s attempt at using AI to take drive-through orders, which caused customers to plead with the AI to quit adding Chicken McNuggets to their orders. Or, Amazon’s AI-powered HR recruitment tool, which favored male job
Learn how insurers can combat AI-driven fraud, secure data and build trust in an increasingly digital world.
Many scientists compare the universe to a network of tiny vibrating strings, smaller than subatomic particles. String theory suggests that these strings, as they twist and vibrate give rise to everything around us – matter, energy and even forces like gravity. But this idea of interconnected threads isn’t just confined
Failure accompanies all technological breakthroughs – the wheel, manned flight, the internet. AI is no exception. I know insurance companies are using AI – SAS research confirms it. 90% of insurers have budgeted for GenAI in 2025. I also know that only 1 in 10 insurers (11%) are fully “AI-prepared.”
AI is revolutionizing insurance by tackling talent gaps, boosting efficiency and driving innovation.
The critical link between skills, AI and productivity Fifteen years ago, I would not have believed that my office would be phone-free or that meetings would be virtual, even with nearby colleagues. Today’s work environment would have seemed impossible back then. And as we look to the future – say
Building a digital fortress with modern data management In an era where stone walls and moats are relics of the past, the battleground has shifted to the digital realm. Since the first cyberattack in 1988, governments worldwide have been on high alert, fortifying their defenses against invisible intruders. The ultimate
Making public services as easy as online shopping What if interacting with government services was as seamless and swift as ordering your favorite book online? You log in to a sleek, intuitive portal and within seconds, you’re greeted with personalized recommendations tailored to your needs. What a great experience! I
Rising fraud and shrinking staff signal an urgent need for AI in government Have you ever opened your wallet and felt panicked? You count the bills once, twice and still come up short. You rummage through every pocket, hoping to find that missing cash. Then, a thought crosses your mind,
What does the path to a fully AI-integrated government look like? “Figure out where you want to be and then take the steps to get there.” I remember my dad giving me that advice when I was growing up, and I think about it now as I watch the unfolding
Fraudsters are relentless but tax agencies are tenacious in their pursuit of illicit acts. In recent years, synthetic identity fraud has emerged as a significant threat to businesses and tax agencies. Unlike traditional identity theft, where criminals steal real personal information, synthetic identity fraud involves creating entirely new identities by
Rising chronic conditions, escalating demands for health care services, and the dual crises of staff shortages and burnout make the urgency of streamlined and efficient processes more critical than ever. The future of care lies in advanced technologies. Whether it’s a routine check-up or a complex medical condition, integrating AI
The time is now for insurance companies to lead the way in addressing climate risk
With a new year around the corner, it’s time to start thinking about what tech trends are coming in the months ahead. 2025 will be interesting, because now that AI has been around long enough to go from novel to normal, we should stop marveling at what it can do
In 2012, Harvard Business Review declared the data scientist the sexiest job of the 21st century. Here’s what we knew at the time: big data was (and still is to this day) an enormous opportunity to make new discoveries. We were in the boom of user-generated content from social platforms,
At the very heart of the financial world lies a commodity so vast it’s almost immeasurable ... and it’s growing exponentially with potential yet unrealized. Big data – complex structured and unstructured datasets arriving from innumerable sources – is reshaping the global banking industry. Used effectively, big data can support the delivery
An epic battle is taking place in the world of banking fraud and financial crime. Banks and fraudsters are using the latest technology, and the winner of the war has yet to be determined. While AI and GenAI hold incredible transformative potential for banks and are being used in countless
Many of us have fond memories of a Family Feud host saying, “And the survey says…!” as the game show’s answer board lit up, bringing joy or disappointment to the contestants. For some, the host who comes to mind is Richard Dawson or Ray Combs, while today’s fans likely think
As data decays, it becomes less useful. See how synthetic data for insurance can help.
Climate risks threaten insurers' profitability and financial stability. See how insurers can adapt.
It is no surprise that generative AI (GenAI) is quickly becoming a potent tool in the health and life sciences industry. There are numerous ways that AI and GenAI can help beat the rising tide of fraud. We can count on these new technologies to enable the ability to commit
Fraud knows no boundaries. It’s one of the biggest challenges related to tax governance around the world. Tax crimes have serious consequences – tax losses, tax base erosion, national security risks and economic disruption. The effect is far-reaching. Governments are strained to fill the gap between revenues and spending and
It’s no surprise that MarTech in 2024 seemed to be dominated by GenAI, GenAI and … more GenAI. Perhaps this is a bit of an exaggeration, but you can’t deny this topic was a headliner in the MarTech space, along with AI and customer data platforms. Here are my top
