INTHEBLACK July 2022 - Magazine - Page 23
Above: Sean Heydenrych, McKinsey
TECHNOLOGY FOR
THE POPULATION
S E A N H E Y D E N RY C H , A V E N T U R E L E A D E R AT M A N A G E M E N T
C O N S U LTA N C Y M C K I N S E Y, S AY S T E C H N O L O G Y H AS A N
I M P O R TA N T R O L E I N S U P P O R T I N G P O P U L AT I O N I N C R E AS E ,
B E C A U S E I T D E C O U P L E S C O S T F R O M P O P U L AT I O N G R O W T H .
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three Ps of
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Above: The Mobile
World Congress in
Barcelona, Spain,
in March 2022.
A participant tries
a virtual reality
experience with the
Meta Oculus Quest 2
headset.
For instance, a digital driver’s
licence as opposed to the physical
driver’s licence comes with a lot
more efficiency and can be issued
in seconds instead of weeks.
“If you sum up all of those digital
plays, suddenly your cost base or
your people’s efforts to provide
those services becomes fairly
static,” he says.
Heydenrych says there’s a huge
opportunity to make better use of
AI technology in the financial
sector, but it’s being taken up on an
ad hoc basis and not in any holistic
way. Financial services organisations
often attract attention for what
they’re doing, such as using data to
understand their customers and put
a relevant product in front of them.
“That’s great, but it’s like 0.5 per
cent of the problem. The issue here
is when that person comes and they
have the new product, what’s the
next data set using AI that’s going
to convert them? And then when
they join the bank or insurance
company, what’s the next set of
data that’s going to keep them?”
he says.
“Organisations have really
struggled to put these building
blocks together to do it in a way
that at scale makes sense.”
There is a lot at stake.
If Australian businesses and
enterprises can take up the benefits
of digital technologies in the fullest
possible way the economy stands
to gain an extra $230 billion in GDP
in the decade to 2030, according to
research by PwC.
intheblack.cpaaustralia.com.au July 2022 23