The impact technology will have on the way we work depends on the industry in which we operate. In the financial services and banking industry, the top six trends driving growth through 2022 are technology-based. While robots aren’t likely to take over your financial industry job (only 35% of financial services companies reported plans to adopt humanoid robots by 2022), increasing need for technological aptitude will shift demand of roles.
To gain better insight into what to expect in the future of work in the financial industry over the next few years, read on.
According to the World Economic Forum’s “The Future of Jobs Report 2018,” the trends driving financial industry growth through 2022 include:
- Advances in mobile internet
- Increasing the availability of big data
- Increasing adoption of new technology
- Advances in artificial intelligence
- Advances in cloud technology
- Advances in computing power
- Expansion of affluence in developing economies
- Expansion of education
- Expansion of the middle classes
- Shifts of mindset among the new generation
The way these drivers will change the financial services space includes: modifying locations of operation (67%), reducing workforce due to automation (56%) and modifying value chain (56%).
With the influx of technology and automation, roles such as data analysts and scientists, AI and machine learning specialists, user experience and human-machine interaction designers and digital transformation specialists will be in greater demand. And roles such as data entry clerks; administrative and executive secretaries; and accounting, bookkeeping and payroll clerks will be on the decline.
The discrepancy in supply and demand of these types of roles will be a barrier to adoption of new technologies. Almost three-quarters reported skills gaps and local labor markets is a barrier to adoption of new technologies and more than half reported it’s a lack of understanding opportunities.
Despite potential challenges in adopting new technologies, financial services companies report the top five technologies they will add by 2022 include: app- and web-enabled markets (89%), user and entity big data analytics (86%), machine learning (73%, encryption (73%), distributed ledger (blockchain) (73%).