Other parts of this series:
What will the future financial services workforce look like? In the lead-up to Sibos 2018 Sarah Kruger, Managing Director overseeing talent organisation for our financial services clients in Australia, and Susanne Gray, our Training and Change Management Lead, talked about how the industry’s talent demands are changing. This podcast and blog capture their insights.
One of the most pressing matters facing financial services organisations today is how to foster a more agile workforce —that is, a workforce that is better able to adapt to new developments in the industry and advances in technology, particularly in the areas of artificial intelligence (AI), robotics and automation.
Many employers in the financial services sector are apprehensive about harnessing the power of AI in the workplace, fearing that this will mean job losses. But there is little risk of intelligent technologies replacing humans since these technologies are used to perform tasks and activities within jobs—such as transaction processing and data entry—rather than jobs themselves.
AI can, in fact, create exciting new opportunities for those financial services firms that are proactive in leveraging it. Potential applications include improved fraud detection and algorithm-based financial advisory services. Interestingly, Accenture research has shown that most employees are positive about the impact of AI on their jobs and are keen to develop the skills needed to work with it.
So what can financial services organisations do to build workforces able to effectively navigate the technological changes sweeping the industry? For a start, it is essential to engage workers in the process. Business leaders should talk to their employees to find out how they think AI can help them complete their tasks more effectively. Leaders should also make sure that employee incentives and key performance indicators are linked to where the company wants to be in the future, and the skill sets that will be most in demand.
Organisations will need to completely reimagine work as the automation of routine tasks frees workers up to focus more on value-add activities, such as financial forecasting and enhancing client relationships. Employers will need to break down jobs by tasks and activities, and determine which can be performed by intelligent machines and which will still need human involvement. They must then reskill their employees accordingly, capitalising on their willingness to learn. They will need to ensure that training programmes take into account differing levels of technological aptitude.
The next few years will be critical. Organisations that don’t invest in reskilling their workers now will be left with a workforce that is unable to perform the tasks required to remain competitive in the near future. The good news is that people of all age groups and experience levels are capable of learning new skills, if engaged early and given the chance.
For those attending Sibos, you can also join Accenture Managing Director and Global Financial Services Talent and Organisation Practice Lead, Andrew Woolf, for a session on the future of work on October 24, 2018.
Accenture at Sibos
We’ll be discussing Open Banking and other topics at Sibos. Come see us at our booth and join us in the conversation around enabling the digital economy. Keep up to date on all the latest from us around Sibos right here on the blog.