What are the leading trends and concerns among surveillance leaders at global banks?
Working closely over many years with multiple global banks has given Digital Reasoning a unique perspective, but our second User Group event, our first in Europe, provided an intimate forum for 35 surveillance leaders to debate this question.
Some of the themes were familiar. Reactionary resourcing post-2008 has slowed and, with regulatory pressures and expectations increasing, banks remain deeply engaged in figuring out how to do more without the “blank check” budgets of the past. The trend for surveillance regimes to mitigate risk by looking beyond specific acts of misconduct is also continuing, although what this means in practical terms is still taking shape.
Surveillance leaders are exploring how they can use the sophisticated insights from next generation technologies to explore leading and lagging behaviors. The game is no longer just a matter of keeping pace with regulations, but also one of developing the means to monitor company cultures. It seems increasingly clear that the banks of the near future will be pioneers in managing business cultures – an outcome that will be welcomed by authorities and a wider public that believes the banking industry still has work to do to safeguard its integrity.
The benefits of detecting a broader range of bad behaviours more quickly and thoroughly may be obvious for a business sector so critical to the global economy, but that doesn’t mean there aren’t tensions between this trend and the social media privacy backlash. The era of smartphones and “Bring Your Own Device” is opening all sorts of unmonitored channels. How to keep tabs on public and private channels, and what is appropriate, remain open questions for technology implementers and policy makers.
Digital Reasoning pioneered and remains at the forefront of bringing artificial intelligence into banking surveillance. Today, given the extent of our relationships across the industry, we value and take seriously the ongoing role that we’re playing in shaping the future of banking surveillance. Moreover, what’s taking place today in major banks has implications for how all enterprises will act to protect their integrity and manage their cultures. The discussions like the ones taking place in our European User Group will help to define how new technologies are wisely and proportionately used to defend our commercial and legal interests and protect our individual rights.