Risk and compliance implications of AI in the insurance industry
Potentially, artificial intelligence (AI) can reshape the insurance industry. From claims processing and improved application management to delivering on-demand solutions and providing enhanced advisory services, its impact can be far-reaching. By Angelique Strumpher,...
Embrace cryptocurrencies, but understand the risks
Any physical, intangible, financial or non-financial investment has an element of risk associated with it and an investor can either accept the risk, try to mitigate it or avoid it entirely. However, to do any of these, the risks must first be understood. By Wiehann...
Insurtech makes regulatory compliance real in a data-driven world
The looming January 2023 deadline for compliance with the latest evolution of the International Financial Reporting Standard, IFRS 17, has brought the critical issue of visibility of data to the forefront for many insurance companies. "Insurance companies still...
BaaS: tomorrow’s financial solutions, today
A multitude of virtual banking and payment options, cardless and accountless services, and now, banking as a service (BaaS) are making financial inclusion the norm instead of a privilege, says Anton Coertzen, chief commercial officer of fintech enablement partner...
Embracing Open APIs for insurance growth
An Open API (application programming interface) provides standards for how different software communicate with each other. By Annalie Terblanche, product manager at SilverBridge Taking it a step further, an Open API specification (OAS) allows both humans and computers...
Avoiding FATF suspension depends on data
South Africa is the only permanent African member of the Financial Action Task Force (FATF), the global anti-money laundering watchdog. This is why it came as a shock to hear that the country is close to being grey-listed following concerns raised by the global body....
The potential of smart contracts in SA insurance
The global smart contracts market is expected to top the $8,3-million mark by 2030, growing annually by 21,4% from this year. By Yunus Scheepers, chief technology officer at SilverBridge Holdings The blockchain and smart contracts allow insurers to automate the...
Why banks should embrace super wallets
Traditional banks cannot avoid adapting to the new requirements and desires of their customers if they want to stay relevant. The focus, therefore, should be on creating a compelling mobile wallet solution that cuts across all situations in life. G+D's insights show...
In a changing world niche banking is attracting more attention
Traditional banking models have been disrupted long before the Covid-19 pandemic fundamentally changed the way we live, work and shop. "We are seeing a rapid rise in digital banking and niche banking, mainly driven by the changing needs of consumers and merchants in...
NFTs present complex indirect tax challenges
Before looking at the taxation of NFTs, it is important to understand what they are. In short, an NFT, or non-fungible token, is a unique blockchain-based digital asset. By Jana Botha, senior tax advisor, and Francis Mayebe, candidate attorney: tax practice at Baker...
Data management key to the digital transition of African banks
The digitisation process is completely transforming the African banking sector, but big questions remain over the speed of that transformation and the nature of the changes. By Gary Allemann, MD of Master Data Management According to an African Digital Banking...
Angolan bank modernises to meet digital demands
Banco Angolano de Investimentos (BAI), the full-service bank in Angola serving more than 1,5-million retail and corporate customers, has modernised its technology infrastructure, enabling it to meet the increasingly digital demands of its growing customer base. With...