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The financial services industry is one of the most impacted by digital disruption. Yet many organisations within this industry have not considered the far-reaching implications for their workforces, particularly the critical need for new digital talent.

The financial services industry has been deeply impacted by digital disruption. In order to become more customer-centric, banks are adopting digital channels such as mobile and online banking; robo-advisors in wealth management, customer service chatbots and peer-to-peer (P2P) funding are becoming the norm.

The use of automation in the financial industry in Asia Pacific is expected to double over the next three years, according to Willis Towers Watson’s 2017/2018 Global Future of Work pulse survey. In fact, 54% of work may be eliminated over the next 20 years, including much of the work being done by financial analysts, researchers, loan auditors, financial consultants and traders.

For these reasons, organisations need to rethink how work gets done. Jobs can be deconstructed into tasks, and a range of sources tapped into for getting those tasks or projects done — from robotics and AI, to employees on talent platforms, or even contractors and alliance partners.

However, the reality is that many companies in the region are trailing in these efforts.

 

Source: Ganu Shai and  Kuczaj Greg (12 Dec 2018) 2018 © All Rights Reserved.