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How does fintech impact human employees?

by Jackie Davis
May 15, 2018
in Banking
Reading Time: 4 mins read
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Technology is changing the way consumers bank with AI, facial recognition, and fully digital platforms. While the convenience of these innovations is undeniable, how do they affect the humans who work alongside this fintech? A recent study by Accenture found that 67 percent of bank employees believe AI will improve their work life. Read on to learn more.

Face ID Is The New Password

HSBC will now offer facial recognition biometrics for app logins for their corporate clients. The service will be offered in 24 countries to log in to the mobile banking app HSBCnet which already offers Touch ID login. The technology cuts login times to less than a second by recognizing facial features and analyzing over 30,000 reference points to create a “depth map” of the face.

“HSBCnet Mobile use has grown by 60% in the last year alone, with an equivalent growth in value,” said Diane Reyes, HSBC’s global head of liquidity and cash management. “With single amounts of up to $1 billion authorized on the app, we know our customers will appreciate the additional security and ease Face ID allows.”

Read more here.

AI & Human Employees

With AI becoming more popular, there is no doubt some jobs will be lost or at least morphed. However, in a recent study by Accenture which polled 1,300 nonexecutive bank employees, 67 percent said they believe AI will improve their work-life balance. Fifty-seven percent expect it will expand their career prospects.

Some bankers suggest that AI will only replace the mundane jobs that humans don’t necessarily want like data entry. AI may allow humans to focus on more interesting tasks with no jobs lost.

Read more here.

AI Fight Crime

Financial investigations often rely on data activity from banks to pursue cases. Looking at 97 recent terror investigations, more than a quarter involved data reporting of suspicious activity from a bank. Financial data has to be constantly monitored and analyzed. New AI can help mitigate risk and reduce manual mistakes by making connections across accounts, people, and transactions to detect suspicious activity.

“We’ve been talking about reform for a long time,” said Ken Blanco, director of the U.S. Treasury Department’s Financial Crimes Enforcement Network. “I don’t want to be catching up; we’re the U.S. and we need to be ahead of the game.”

Read more here.

Bank From Anywhere

“Neobanks” are digital banks only available via smartphone apps. These technologies may be targets for cyberattacks but offers customers an unparalleled convenience. Consumers now expect to do almost anything at the touch of a button like order a car or pay bills. Companies that take advantage of this trend and offer digital improvements will engage new customers.

Completely digital lending or insurance could be the next fully digital financial experience. Lenders can use data they collect on their customer’s habits to improve lending decisions and reduce risk. Institutions that fail to adapt in this digital age can expect to see a downturn in customer engagement.

Read more here.

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Tags: AccentureAIfacial recognitionFintechHSBCNeobankU.S. Treasury

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