As technology continues to advance and change the way we complete daily tasks, robots have begun to threaten job security across myriad industries. With the newfound ability to order food, order a ride, or utilize online banking all through different apps on a cell phone, the hospitality and food services, transportation, and financial services are some of the main sectors of business impacted so far.
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LinkedIn Senior Financial editor Walden Siew says automation is altering the landscape of the financial services industry for the long haul. Advancements such as artificial intelligence and blockchain are some of the main contributors to the shifting workforce trends. Siew says that according to a recent LinkedIn survey, “One in three retail bankers were concerned about automation displacing their jobs or aspects of their jobs, while the ratio was about one in four for the wider financial services professionals.”
Automation and machine intelligence could significantly alter the employment strategy and structure of firms in banking, fintech, insurance, and wealth management.
“We’ll see more traditional banks such as JPMorgan and Goldman Sachs hire digital bankers to build startup units like Marcus within the mother ship to offer alternative financial services to reach non-traditional clients” Siew said.
Further, the changes in the financial industry will spark a demand for different skillsets. Siew says that based on the survey, “basic accounting and auditing skills, along with computer skills and software proficiency will be important skills to have. Cybersecurity and financial crime also will be on the rise, so those types of skills will be in demand.”
The study reported that, “Financial advisors/wealth managers lead the charge on thinking that there will always be demand for traditional financial services, whereas interest in fintech will rise and fall (43% compared to 29% overall).”
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So what can people in the industry do to remain competitive and increase their prospects of job security?
“Keep teaching yourself about the new tech innovations happening in your industry and your company, and watch what your competitors are doing or where they are hiring” Siew said.