Browsing: McKinsey and Company

Gen AI in banking
  • Gen AI can improve efficiency and effectiveness in various financial sector applications.
  • In the next three to five years, gen AI has the potential to revolutionize banks.
  • AI can even plan overall strategy and banks to adopt or be left behind.

Generative AI is the new frontier for scientific developments and the financial sector should not be left behind. Artificial Intelligence (AI) is now used by financial institutions to model analytics, automate manual tasks, and synthesize unstructured content, sector experts say.

“In the next three to five years, Gen AI has the potential to revolutionize banks…changing entire risk and compliance functions,” notes Rahul Agarwal, Andreas Kremer, Ida Kristensen, and Angela Luge in an article published by advisory firm McKinsey and Company.

In their paper, How Generative AI Can Help Banks Manage Risk and Compliance, the researchers and financial experts describe how Gen AI can improve efficiency and effectiveness …

Insurance in Africa

Economies perform better when their fate is secured, in other words—sustainable growth performs better under the crucial reassurance of insurance.  

In this era of cutting-edge technology, insurance is a common necessity to possess, hence—the presence of mitigating losses, gaining financial stability, and promoting trade and commerce operations—as catered to by insurance, are the core building blocks of present-day economic success. 

Taking the youngest continent on the planet—Africa, into account—the simple concept of insurance stands to be an important pillar towards developing reliable development initiatives.  

According to Mckinsey, Africa’s insurance industry is valued at around $68 billion in terms of gross written premiums, standing as the eighth largest in the world. 

Faced with multiple natural hazards, insurance cover shields economies, businesses, and communities at large through supporting resiliency and disaster recovery.  

Several think tanks, including the US-based, Mckinsey Global Institute and Brookings, have marked Africa as one of the fastest-growing insurance