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Articles by Bryan McLachlan
6 Ways AI Optimizes Lenders’ Debt Processes
During these challenging economic times, South African consumers are facing unprecedented pressure, resorting to borrowing to cover living expenses. The Q2 2023 Consumer Default Index (CDIx) by Experian reveals that the country’s 25 million credit-active consumers hold over R2 trillion in outstanding debt. The Index, tracking the rise in consumer first payment default, has consistently increased over the past six quarters across all affluence levels.
Five uses of generative AI to enhance customer service in finance
03-08-23 / Bryan McLachlan Five uses of generative AI to enhance customer service in finance Artificial intelligence (AI) and machine learning (ML) are no longer new to financial services companies, with banks and insurers already using the technology for applications such as underwriting, fraud detection, risk assessment, and marketing. Now, with generative AI breaking into the mainstream, many financial institutions are examining where they can put this innovation to work.
Five uses of generative AI to enhance customer service in finance
South AfricaTechnologyTips & Tricks Artificial intelligence (AI) and machine learning (ML) are no longer new to financial services companies, with banks and insurers already using the technology for applications such as underwriting, fraud detection, risk assessment, and marketing. Now, with generative AI breaking into the mainstream, many financial institutions are examining where they can put this innovation to work.
Five Uses Of Generative AI To Enhance Customer Service In Finance
Artificial intelligence (AI) and machine learning (ML) are no longer new to financial services companies, with banks and insurers already using the technology for applications such as underwriting, fraud detection, risk assessment, and marketing. Now, with generative AI breaking into the mainstream, many financial institutions are examining where they can put this innovation to work.
- Lifestyle & Tech
The quote “When the winds of change blow, some people build walls, and others build windmills” is a timely reminder that people have two choices during times of change: resist and try to maintain the status quo or adapt and use the change as an opportunity to grow and thrive. People who embrace change and push boundaries are often the ones who succeed. On World Creativity and Innovation Day (April 21), let’s consider how technology and innovation are changing our world.
AI and data science can help banks make smarter and fairer credit decisions
There is a fine line they need to walk between responsible growth of their lending books and minimising the risk of rising default rates in the months to come. The Experian Composite Consumer Default Index (CDI), which measures rolling default behaviour of South African borrowers, shows a drastic deterioration for the last quarter of 2022. Consumer default rates increased across the board, including mortgages, credit cards, personal loans and vehicle loans.
Bryan McLachlan | The future of work: Building a more productive and prosperous society with AI
15-05-23 / Bryan McLachlan Bryan McLachlan | The future of work: Building a more productive and prosperous society with AI Economists, ethicists, and technologists have debated what artificial intelligence (AI) and machine learning (ML) will mean for human workers as long as the technologies have been around. But in the wake of the publicity around the impressive capabilities and rapid adoption of commoditised generative AI tools like ChatGPT, the debate has taken on even more urgency.
Bringing underwriting into a digital future with AI and ML
Yet manual processes can be a significant barrier to offering customers a friction-free customer journey, from getting a binding quote to receiving their policy documents. Underwriting, for example, remains a heavily manual process for many insurance companies. This process is one of the most essential for an insurer because it must price risk appropriately if it is to run a sustainable business.
Bryan McLachlan | How AI can help insurers excel in the moment of truth
09-03-23 / Bryan McLachlan Bryan McLachlan | How AI can help insurers excel in the moment of truth Most people have few interactions with their insurer besides getting a claims schedule with their premium adjustment every year and seeing their debit order go through at the end of each month. But that changes when their home is robbed, their car gets dinged, or the family’s breadwinner dies in an accident, and they need to make a claim.
Automating the data science/machine learning lifecycle to unleash AI’s full power
There’s little doubt that artificial intelligence (AI) will be core to the business model of every leading enterprise of the future. But right now, stories abound about how difficult it can be to unlock business value from big data and AI. Take the example of a financial institution that spent R1.5 million and six months to develop a customer attrition model, only for it to deteriorate in less than a year. This company is by no means unusual.
Memeburn geeks out over NerdNab's second box of goodies [video]
Memeburn geeks out over NerdNab’s second box of goodies [video] South African bi-monthly loot goodie company, NerdNad, is back with either second offering. The first one wasn’t all that spectacular and a bit of a letdown. Would this second box be bale to pick up the slack? Yes, yes it would. The NerdNab team has clearly put a lot more thought and effort into this second box. The ‘Holiday Box’ features some interesting content geared towards to festive season.
Customer-centricity and DIY : how tech will shape the life insurance market in 2016
Customer-centricity and DIY : how tech will shape the life insurance market in 2016 South Africa’s life insurance market is performing well by global standards, with healthy premium growth, new business and return on equity in recent years. But our environment is changing as digital technologies transform the landscape, as new regulations come into effect and as customers begin to seek more value from their life insurers.
ISPA weighs in on OTT regulation, tells networks to innovate
ISPA weighs in on OTT regulation, tells networks to innovate It’s been a long time since South Africa’s seen a tech issue as contentious as the bid by the country’s mobile network operators to regulate over the top (OTT) apps such as WhatsApp, Viber, and Skype. The networks’ argument is that these apps, which allow people to make calls and send text messages, have eaten their traditional revenue streams without spending any money on infrastructure.
SA insurance set for shakeup as new technologies change the game
SA insurance set for shakeup as new technologies change the game The digital revolution promises to change the face of South Africa’s insurance market over the next few years as new entrants and established players alike use the latest technologies to deliver products that are cheaper, more convenient, and more personalised.
Amidst finance minister shuffles, SA Twitter still has a sense of humour
Amidst finance minister shuffles, SA Twitter still has a sense of humour Life in South Africa may be many things, but boring is not one of them. You only have to look at the fact that the country’s had three finance ministers in less than a week. Yup, just four days after President Jacob Zuma’s shock axing of Nhlanhla Nene, his replacement David van Rooyen found himself out of a job, with Pravin Gordhan back in charge of the treasury.
ShowMax introduces download functionality for offline viewing
This is interesting. Naspers-owned video streaming service ShowMax has updated its Android app to include downloads for offline viewing. It’s a potentially important move, especially if the service is to attract people who want to watch content on the go without having to eat into their mobile data.
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