Making lemonade

Banks still running on 1960’s mainframes.

33% of small insurance claims paid & settled on the spot, by bots.

Small business loans typically taking 6 months now taking days.

If your interested in Finance, Technology & Disruption, listen to this weeks fascinating Exponential View podcast ‘Disrupting Finance

Show notes:

Artificial intelligence is unlocking new value in the banking and finance industry, but incumbents are struggling to keep pace. 

Azeem Azhar discusses what this means for the industry and its customers with Citi Research’s Global Sector Head for Banks Ronit Ghose, and the founder-CEOs of two leading innovators: Daniel Schreiber of Lemonade Insurance and Rishi Khosla of OakNorth Bank.

Paul and Azeem also discuss:

  • The huge role technology debt plays in obstructing legacy banks from innovating.
  • How social networks, the smartphone, and AI grew exponentially and converged to mount a challenge to the traditional banking industry.
  • The ways AI is cutting friction on the customer side.
  • The ability to identify the sources of client or third-party data that can generate an algorithmically-powered image of the client and provide an insight into their ‘real’ level of risk.

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