PA business transformation expert, Stefan Knapp, has had a byline article published in which he shares his view on the biggest technology trends in 2017 and how they will affect the financial sector.
According to Stefan, AI and machine learning will have a huge impact on banks and insurance companies when analysing customer data. The introduction of the digital customer service agent, who may soon be able to decode the behaviour of clients and act upon it, will also have a huge impact. Another trending technology is blockchain, the technology behind the virtual currency Bitcoin, which is being used as a means of online payment.
Stefan says: “With blockchain, insurance companies will be able to simplify and automate digital policies and the entire process around damage claims – ensuring seamless reporting and damage assessments. In the banking sector, Santander are already using blockchains to simplify and accelerate international payments.”
Stephan also outlines how the Internet of Things (IoT) will cause massive changes in the insurance industry. With IoT, central components in private homes such as water gauges and intruder alarms can be connected to the internet and monitored, creating potential for lower premiums. Moreover, says Stefan, other technologies such as 3D printing, bots and virtual agents will also make a significant impact in the financial sector in 2017.
“I recommend financial services companies spend some time trying to understand the impact of these technologies and what value they can bring to their companies in 2017,” concludes Stefan.
Stefan Knapp is business transformation expert at PA Consulting Group