The Awakening Series: Final Thoughts—The Awakening and What Comes Next

By Futurist Thomas Frey

Seventeen columns. Seventeen sectors. One unmistakable pattern.

From graft and corruption to healthcare, education, financial services, insurance, defense contracting, supply chains, utilities, real estate, media, pharmaceuticals, nonprofits, taxation, homelessness, criminal justice, and student loans—we documented how systems designed to serve the public evolved to serve themselves. How complexity became camouflage. How information asymmetry became a business model. How extraction disguised itself as service.

AI is ending this era. Not through revolution but through persistent illumination—making visible what was always present but impossible to quantify at scale. And once these patterns become undeniable, the systems built on opacity become indefensible.

But revelation alone doesn’t create change. It creates possibility. What determines whether The Awakening becomes genuine transformation or merely more sophisticated extraction is what we do next.

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The Awakening Series Part 5: Financial Services and Banking—The Fee Extraction Economy

By Futurist Thomas Frey

Banking used to be straightforward: you deposited money, the bank paid you interest, they lent it to others at higher rates, everyone understood the deal. That simplicity died decades ago, replaced by a baroque system of fees, penalties, and charges so complex that even bank employees often can’t explain them.

AI is now analyzing millions of customer accounts, transactions, and fee schedules. What it’s revealing is a systematic extraction economy—a financial system that has quietly evolved to profit from confusion, from mistakes, from the poorest customers, and from complexity that serves no purpose except generating revenue.

The awakening in financial services isn’t just about unfair fees. It’s about revealing an entire industry that restructured itself to profit from customer disadvantage while maintaining the appearance of serving customer interests.

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The Awakening Series: When AI Becomes the Ultimate Auditor

By Futurist Thomas Frey

We’re entering what historians will likely call “The Awakening”—a period when artificial intelligence doesn’t just automate tasks, but systematically reveals inefficiencies, inequities, and outright fraud that have been hiding in plain sight for decades.

This isn’t about technology replacing jobs. It’s about technology revealing truth.

For generations, certain industries have operated behind walls of complexity so dense that even insiders couldn’t see the full picture. Healthcare billing codes so Byzantine that no human could track them all. Defense contracts so layered with subcontractors that accountability disappears. Educational credentialing systems so opaque that their actual value remains unmeasurable. Financial services so deliberately complicated that “nobody really understands how it works” became an acceptable answer.

AI doesn’t get tired of looking. It doesn’t accept “that’s just how it’s always been done.” It doesn’t have a career to protect or relationships to preserve. It simply processes patterns, identifies anomalies, and generates reports that can’t be ignored.

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The 7 biggest technology trends to disrupt banking & financial services in 2020

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Even though banking and financial services have been slower than other industries to adopt the latest technology into their operations, financial organizations are trying to catch up by incorporating artificial intelligence, blockchain, and other technology to benefit their customers, remain competitive and improve business results. Here are the 7 biggest technology trends that will disrupt banking and financial services in 2020.

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How Artificial Intelligence is already disrupting financial services

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Digital technologies drive business disruption. Today, artificial intelligence (AI) is at the forefront of financial industry disruption, allowing these firms to look differently at operations, staffing, processes, and the way work is done in a human-machine partnership. In PwC’s 2019 AI survey of US executives, financial services executives said they expect their AI efforts to result in increased revenue and profits (50%), better customer experiences (48%), and innovative new products (42%).

AI encompasses an array of technologies, from fully automated or autonomous intelligence to assisted or augmented intelligence. Financial firms are already deploying some relatively simple AI tools, such as intelligent process automation (IPA), which handles non-routine tasks and processes that require judgment and problem-solving to free employees to work on more valuable jobs. Banks have been using AI to redesign their fraud detection and anti-money laundering efforts for a while, and investment firms are starting to use AI to execute trades, manage portfolios, and provide personalized service to their clients. Insurance organizations, in turn, have been turning to AI—and especially machine learning (ML)—to enhance products, pricing, and underwriting; strengthen the claims process; predict and prevent fraud; and improve customer service and billing.

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Robots are coming for financial services jobs first

 

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By Deb Frey:  City jobs will be lost to automation earlier than those in the wider job market, new research reveals.

The first wave of automation arriving in the next two to three years will hit financial and professional services hardest compared to other industries, according to the analysis of more than 200,000 jobs across 26 counties by PwC.

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