In surveying the CTOs/CIOs of Lab’s partner organizations, the business priorities centered on a few major themes for financial institutions and insurance companies.
Specific areas of interest for fintechs and insurtechs are (but not limited to):
- Generative AI: Advice/advisory services, underwriting and claims, call centers, content creation, cybersecurity, enterprise process support, code generation and governance tools;
- Cybersecurity: Biometrics, quantum computing, insurance fraud management, regulatory compliance, risk management, security, third-party risk and vulnerabilities;
- Data: Alternative and synthetic data, AI-based insights, extraction, new data sources, open banking, predictive analytics, transfer and data privacy, and unstructured data;
- Digital Client Engagement: Digital identity, digital wallet, customer experience, financial literacy tools, product customization, retention, and spatial computing (internet of things, augmented and virtual reality, digital twins);
- Enterprise Operations: Dev-ops, digitalization, engineering solutions, IT operations tech, and process automation;
- Insurtech: Claims and underwriting, cyber solutions, emerging risk, life insurance, new insurance products, and property and casualty;
- Payments: Embedded finance, infrastructure modernization, new payment rails, and real-time/instant payments.
Solutions in these areas can incorporate Enterprise Architecture, NLP/ ML, Cloud Utilization, Gamification, Sustainability solutions (and more) across asset management, banking, capital markets, CFO/treasury, inclusion and diversity, insurance, talent management, trading, and other corporate functions.
While the above list are our partners stated priorities, if you are developing a new solution that is not on this list but relevant for financial services—and cutting edge—we welcome you to apply as well.