Lemonade, a company offering home insurance policies, is a pioneer in the InsurTech world where its use of machine learning (ML) goes beyond satisfying customers and driving efficiencies to underwriting risks and managing claims
Despite its exponential growth, Lemonade’s scalability is questioned considering increasing customer demand and limitations around availability and precision of data.
FinTech
Robots To The Rescue of Lost Trust In Banks
Banks can regain lost trust through a virtual assistant that will be customers true ally in managing their finances
Neighborly: Leveraging Open Innovation to Spur Product Innovation in FinTech
Neighborly, the the kickstarter for municipal bonds, can leverage open innovation to develop new products and services to remain competitive and become an even more innovative market player.
Investment Banks and Machine Learning: Friend or Foe?
Investment Banks must start embracing machine learning to remain competitive. For instance, UBS is rethinking the bond issuance process through a Canadian tech startup – Overbond – which provides estimates for the timing and price of a potential issuance.
Ripple: Leveraging Distributed Ledger Technology to create a single International Remittance Network
Opening up International Remittances
Square Inc.: Demystifying the Black Box of Small Business Lending
Square’s use of alternate data sources combined with machine learning is transforming access to credit for millions of small businesses.
Future-Proofing Financial Services: Barclays Accelerator Program and Open Innovation
“By accelerating the development of groundbreaking products and services, we know that we can help to keep Barclays at the cutting edge of financial services, all while helping to revolutionize the industry” – Michael Harte, Chief Operation and Technology Officer.
Grupo Aval: Utilizing open innovation to build a new business model
Grupo Aval, the largest financial group of Colombia, is using open innovation to counter emerging fintech competition.
Goldman Sachs: Is a dedicated App Store the Future of Retail Banking?
As traditional retail banks catch up to Goldman Sachs’ success with online savings bank Marcus, public open innovation facilitated by a dedicated App Store could build upon Goldman's internal innovation to unlock the next generation of retail banking.
Giving Credit Where its Due: Machine Learning’s Role in Lending
Machine learning allows lenders to score credit risk for millions of people who may have had no FICO score before