Data analytics and automation will impact more than 30% of job roles in the financial services industry, forcing executives to upskill their employees and assign them far more creative tasks.
The new technologies will augment the workload a majority of job roles in the industry, yet a few roles will disappear, according to a study conducted by Ernst & Young for the government of Singapore.
Although the study focuses on Singapore, the impact of technology on the financial services industry may not differ much elsewhere in the world.
Roles such as assurance officer in retail banking and investment performance analyst in the asset management sector are likely to see increased automation, the report added.
And while artificial intelligence will no doubt enhance employee productivity, there will be a need for staff to learn how to leverage new technologies.
“Across all job roles, individuals would be required to take on new or expanded tasks that have a higher element of judgment and creativity, while tasks of a more repetitive and rules-based nature are automated,” the report added.
No matter how many roles become automated, humans will still need to supervise and interpret results, say analysts. In addition, the new technologies will create newer job roles in the industry.
However, automation presents a challenge to employees. To survive the storm sweeping through the industry, employees need to become lifelong learners, agreeing to learn new skills and carrying out new roles, according to the study.