123 FINANCIAL SERVICES risk assessment, claims management, customer engagement and product innovation.” Current challenges like economic uncertainty, evolving customer expectations and the rising demand for personalised products mean that insurance firms need to act if they haven’t already done so. “Now is the right time because technology has matured, the regulatory frameworks are catching up and customer expectations have shifted,” says Pichach. “Institutions that delay risk falling behind – not just in innovation, but also in trust, efficiency and relevance. The frontier firm will be perhaps the greatest equaliser of our time. Smaller banks and financial firms can build agents and agentic workflows to scale to the same level as larger banks that have thousands of people. At the same time, larger institutions can transform their agent workforce to grow without adding incremental employees. The frontier firm is no longer a future vision; it’s a competitive imperative.” For many banks, the conversation around AI and core modernisation has been ongoing for years but now, their focus is shifting from exploration to execution. “Banks are moving beyond pilots and proof of concepts and starting to embed AI, especially generative AI, into the heart of their modernisation efforts,” says Pichach. Photo: iStock/Noko LTD
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