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For seven years, Wells Fargo lived with handcuffs. The 2018 Federal Reserve imposed asset cap froze the bank’s assets at ~$1.95 trillion, punishing it for governance and risk failures. While peers like Bank of America and PNC expanded balance sheets by 40%, Wells was flatlining. The cap slowed hiring, clouded strategy, and forced Wells to…
Beyond KYC: The New Battleground for Revenue Acceleration Studies show that when onboarding lag stretches into days, insurers lose up to 25% of prospective group business, as brokers and buyers drop off in frustration. And while sector-wide data specific to group onboarding drop-off is limited, insurance backlogs are well-documented to hamper growth and damage retention.…
"Let's just ensure that going forward, all the invoices are forwarded to Mr. X for validation before processing." If only invoice validation were that simple. In reality, it requires systematic checks and balances, not just one person's oversight. Studies show that 25% of invoice errors slip through accounts payable processes undetected despite internal correction…
The need for automation in the insurance industry is more pressing than ever. According to a recent study by Datos Insights, the insurance industry lags in terms of digitisation, with only 20% automation in underwriting and less than 3% automation in claims processing across sectors. This gap represents a significant opportunity for improvement and cost…