1950 to 2050: what’s the role of the human in fighting financial crime for the digital age?

BAE Systems Applied Intelligence Read time: 3 mins
As the financial services sector – and those trying to disrupt it – adapts at speed to an ever-changing landscape, Mark Rayner, Head of Consulting, and Dennis Toomey, Global Director for Counter Fraud Analytics and Insurance, ask what role humans will play in fighting financial crime in the future
Current global circumstances are forcing the financial services industry, now more than ever, to reflect on how to transform in new and unprecedented ways. We are seeing a rapid change in financial institutions – but also in their would-be attackers.
 
While the current pandemic is throwing a harsh light on the need for adaptability, digital transformation has been driving change for some time. So what’s evolved in recent history? What changes are we yet to see? And what does that all mean for the role humans play in banking and insurance?
 
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The role of the human in fighting financial crime for the digital age

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Step back to 1950 and the financial services environment was driven by pen and paper and face to face meetings. That’s a world away from today’s connected age, where there is a wealth of banking and insurance options available to consumers at the touch of a button.
 
Fintech has altered not only the customer experience, but also company structures and business behaviours across the industry. For example in banking, many UK customers no longer use a local branch at all. There were 3,303 branch closures, equating to 34 per cent of the network, between January 2015 and August 2019, according to research from British consumer group Which?
 
Meanwhile this shift is also reflected in the changing role of humans in financial services. A report from Deloitte has found that the workplace has started to enjoy a technology-driven shift from lower-skilled roles, to higher-skilled roles. More than 800,000 jobs have been lost in 15 years – but nearly 3.5 million have been created.
 
Financial services institutions may not know exactly what the long-term impact of fast-evolving technology will be on those working in the industry, but they know they must plan for it nonetheless. As evidenced in two recent BAE Systems reports on how to future-proof insurance carriers and banks, it’s clear that AI, robotics and data can be used to streamline processes, identify fraud and fight cybercrime.
 
So how do we ensure that the people at the centre of the industry – the workforce as well as the clientele – derive maximum benefit from these innovations?
 
In our latest insight reports, our banking and insurance experts explore how technology is changing – and will continue to change – the role humans play in financial services. If we manage digital tools wisely, humans and machines will be able work in harmony, elevating the role of the investigator, and allowing for greater creativity in fighting crime and fraud. 
 
Role of the Human Promo Block image

The role of the human in fighting financial crime for the digital age

Read our new reports for the Banking and Insurance sectors
Find out more

 

About the authors:

Mark Rayner, Head of Consulting  mark.rayner4@baesystems.com
Dennis Toomey, Global Director for Counter Fraud Analytics and Insurance  dennis.toomey@baesystems.com

 


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Mark Rayner, Head of Consulting and Dennis Toomey, Global Director for Counter Fraud Analytics and Insurance BAE Systems Applied Intelligence 22 May 2020