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Artificial Intelligence for Financial and Insurance Services in New Zealand
Ahumoni me te Inihua i te Atamai Iahiko
This report examines the New Zealand financial services, banking and insurance sectors, which are currently experiencing significant transformation.
Already, AI-enabled improvements are proving valuable and creating relatively rapid returns on investment. AI-driven technologies will be critical to the industry’s reinvention in creating simple, transparent and personalised digital experiences.
Despite regulatory hurdles, talent challenges and industry maturity, AI for financial services is a strong area of opportunity for New Zealand.
The research shows New Zealand urgently needs to increase its focus on an AI-enabled future, particularly investment, skills and talent, research, trusted data, strategy and regulation. The report calls for more strategic collaboration, involving partnerships with diverse stakeholders including InsurTechs, FinTechs and wider Government led AI strategy.
With increased levels of investment and effective regulation, AI-driven innovation can help make the New Zealand financial services industry nimbler, customer driven and more effective.