FUTURE OF WORK in FINANCIAL SERVICES
“We’re at the beginning of a fourth industrial revolution, characterised by the fusion of technologies and the convergence of the physical, digital and biological spheres. Its effects are already being felt in financial services, with the advent of robo-advisers in wealth management, online-only banks and peer-to-peer funding.” (Willis Towers Watson)
The fourth industrial revolution is transforming financial services in a pace so rapid that financial institutions prefer to call themselves tech companies, blurring the lines across sectors and industries. New players call themselves fintech, insurtech and regtech companies. These technological advances ranging from artificial intelligence, robotics and blockchain are upending the way financial institutions interact with customers, and how work gets done.
Korn Ferryestimates that by 2030, there could be a labour skills shortage of 10.7 million workers and unrealized output of $1.3 trillion. According to Willis Towers Watson, over the next 20 years, more jobs in the financial services industry are considered at high risk of automation than in any other skilled industry.
In this instructive dialogue, FWA has put together a diverse group of FWA Male Champions to share their thoughts and insights on a topic of significant importance to anyone who wants to forge a career in financial services.