Leveraging the technological tectonic shift
Technology is no longer just an enabler; it’s a disruptor.
From AI and machine learning (ML) to cloud computing, application programming interface integration, and large language models, technology is reshaping the very essence of the industry. 2023 was an inflection point for generative AI with initial use case exploration and 2024 potential for scaling across front, middle, and back offices. Cloud adoption has also reached an unexpected level, and more companies are seeking to optimize and realize value.
Cyber threats are more omnipresent, persistent, and evasive, with deepfakes exploiting biometrics and new laws sought to curb illegal content generated by AI. On balance, while emerging technologies can drive the next productivity revolution, financial institutions need pragmatic deployment and risk mitigation plans.
Capital markets: Emerging technologies offer tools for real-time insights, algorithmic trading, and predictive analytics. Institutions that harness these tools efficiently will redefine trading and investment paradigms.
Insurance: AI can revolutionize everything from premium calculations to claims processing. Insurers need to invest in technology not just to enhance operational efficiency but to reimagine the insurance value chain.
