3 emerging technologies that are transforming jobs in finance

The digital revolution in the financial industry is relentless, with technology transforming the vast majority of jobs in the financial sector. Across functions and seniority, each of us needs to adapt to stay ahead of the game.

In this article, we take a quick look at three emerging technologies that financial practitioners must be aware of, and how they might impact your job.

 

1.Robotic Process Automation (RPA)

What is it?

RPA refers to the use of software to control applications that automate intelligent processes and activities, including data analysis, responses and communication with other digital systems. Banks are already engaged in RPA in multiple areas such as loan processing, billing and customer service.

Why should it matter to you?

According to Citi’s Head of Operations and Technology Susan Kwek, many firms are beginning to adopt RPA in their businesses to reduce costs, enhance productivity and improve quality and services. As banks continue to automate more processes, financial practitioners, especially those whose tasks are highly repetitive in nature, must acquire the relevant skillsets to stay relevant in the industry. Read more from this article.

 

2.Artificial Intelligence (A.I.)

What is it?

A.I. are computer systems that provide value through varying degrees of automated human cognitive capabilities, such as natural language processing (NLP), recognition of visual information and abilities to improve its own performance through Machine Learning and generate insights for decision making through deep-learning. It is widely regarded as the next step from RPA.

Why should it matter to you?

Banks are gearing towards AI powered banking operations, as we see in OCBC’s recent announcement of its AI unit. From cost and productivity benefits to improved compliance processes, security and customer experience, the growing adoption of A.I. is slated to disrupt all faces of banking operations.

Financial practitioners need to understand how the emergence of A.I. technology presents both opportunities and risks that will impact their jobs, and gain the skills to adapt and thrive in the future of banking.

 

3.Blockchain

What is it?

Blockchain refers to a “digital ledger” that facilitates, maintains and records transactions. Removing the need for a third party intermediary, blockchain facilitates huge volumes of transaction flows in a secure, efficient, transparent and accessible manner.

Why should it matter to you?

As suggested in PwC’s report, the entire layer of human intermediary activities such as moving money, adjudicating contracts, taxation, information management and more, could very well be made obsolete by automation through blockchain. With banks increasingly adopting blockchain in their operations, financial practitioners should adapt to the future of work by gaining new skills to be better prepared for potential career disruptions.

 

With rapid innovation and technological advancements, yesterday’s trends are quickly becoming today’s norm. Financial practitioners must keep pace with technology, look beyond current work processes and understand the business application of new technologies in order to stay relevant and ahead.

IBF enhances your digital awareness by keeping you updated on digital trends and developments, through our Learn@IBF mobile app. This learning app offers bite-sized, on-the go content from various financial institutions and other organisations on the latest digital trends and developments and accompanying skillsets. Click here to find out more.