Fintech Today
  • About
  • Banking
  • Insurance
  • Resources
    • COVID-19
Subscribe
No Result
View All Result
  • Digital Transformation
  • Customer Experience
  • Cybersecurity & Risk
  • Regulation & Compliance
  • Claims Management
Fintech Today
  • Digital Transformation
  • Customer Experience
  • Cybersecurity & Risk
  • Regulation & Compliance
  • Claims Management
No Result
View All Result
Fintech Today
No Result
View All Result
Home Banking

How does fintech impact human employees?

by Jackie Davis
May 15, 2018
in Banking
Reading Time: 4 mins read
A A
fintech
Share on FacebookShare on Twitter

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.

Want to keep up on the latest fintech news? Subscribe today, just click here.

Tags: AccentureAIfacial recognitionFintechHSBCNeobankU.S. Treasury

RELATED POSTS

The State of Digital Transformation in the Fintech Industry
Banking

The State of Digital Transformation in the Fintech Industry

August 18, 2023
The Great Activation: Building a Bridge from Today’s Physical World to Tomorrow’s Virtual Worlds
Featured

The Great Activation: Building a Bridge from Today’s Physical World to Tomorrow’s Virtual Worlds

August 15, 2023
Contributed Articles

Data Protection Best Practices for the Financial Services Industry

August 1, 2023

TRENDING NOW

  • Matching Buyers and Sellers in M&A

    594 shares
    Share 238 Tweet 149
  • Arizona’s Motor Vehicles Department (MVD) Makes Payment Offerings More Accessible

    743 shares
    Share 297 Tweet 186
  • The State of Digital Transformation in the Fintech Industry

    522 shares
    Share 209 Tweet 131
  • Data Lineage and Pedigree – One and the Same?

    603 shares
    Share 241 Tweet 151
  • How Fintech Enables a More Convenient Retail Banking Experience

    517 shares
    Share 207 Tweet 129

CONNECT WITH US

BECOME AN INSIDER

Get Financial Technology Today news and updates in your inbox.

Strategic Communications Group is a digital media company that helps business-to-business marketers drive customer demand through content marketing, content syndication, and lead identification.

Related Communities

Future Healthcare Today
Government Technology Insider
Modern Marketing Today
Retail Technology Insider
Today’s Modern Educator

Quick Links

  • Home
  • About
  • Contact Us

Become a Sponsor

Financial Technology Today offers content and advertising sponsorships to leading technology solution and service providers. Interested in becoming a sponsor? Contact us!

© 2023 Strategic Communications Group, Inc.
Privacy Policy      |      Terms of Service

No Result
View All Result
  • Home
  • About
  • Banking
  • Insurance
  • Categories
    • Digital Transformation
    • Customer Experience
    • Cybersecurity & Risk
    • Regulation & Compliance
    • Claims Management
  • Contact Us