Life insurance is being disrupted by biology. Epigenetics, the branch of genetics which deals with expression of genes, can help predict the longevity of a person more accurately than the current actuarial methods. Epigenetic testing will improve the cost, speed and accuracy of life insurance underwriting. As the cost of this test falls, epigenetics will become a standard for life insurance underwriting.

Smart contracts are computer software programs that perform a set of actions automatically when certain conditions are met.

A blockchain is a time-stamped series of an immutable record of data. And a distributed cluster of computers not owned by any single entity, manages this record. And, difficult-to-crack cryptographic algorithms connect these blocks to form an unbreakable chain.

PayTech or payment technology is the largest growing sub-segment in FinTech. Emerging technologies such as ML and AI, IoT and blockchain are transforming the digital payment industry. Contactless payment options using wearables, voice and decentralized payment protocols will be the future of PayTech. Cybersecurity, complicated regulatory environment and social concerns about marginalization of cash payers are the challenges for the growth of PayTech.

Technology is disrupting the wealth management business. Robo-advisory services are democratizing the access to portfolio management services. Robo-advisory technology creates portfolios automatically...

Buy Now Pay Later (BNPL) is a credit facility where the borrower can buy a product without any down payment and repay with interest-free installments. BNPL has emerged as an alternative to credit cards since it is cheaper and more convenient. And the primary market seems to be Gen Z customers without credit cards. The current exponential growth of e-commerce is driving BNPL. E-commerce companies offer this facility as an embedded finance option seamlessly integrated with the transactions. Merchants benefit because BNPL encourages purchase and leads to brand loyalty. BNPL is available for a variety of online purchases, including food. BNPL is all set to grow, especially given the exponential growth of e-commerce, the proliferation of smartphones, and the expansion of the younger demographics.

This section focusses on the latest machine learning and AI applications in the banking, financial services and insurance domains. With the rise...

Regulatory technology (RegTech) is the application of emerging technologies that help companies in the banking and financial services sector to improve the efficiency of regulatory reporting and compliance, at lower costs. RegTech also helps regulatory bodies to monitor financial services companies better to prevent frauds and criminal activities and ensure financial safety of consumers.