New Technology Will Create Jobs

On the other hand, the new technology will create new jobs.
Remember: robots struggle with autonomous manipulation or the concept of undertaking tasks in random environments without human oversight. Jobs such as dentistry, recreational therapists, surgeons, farm hands, hairdressers, teachers, etc, are relatively safe, ie

"...if your occupation involves a great deal of creativity or social intelligence - the ability of interact with people, to negotiate or persuade......your job is relatively safe..."

Michael Osborne as quoted by Michael Smith, 2015

It is thought that there will be more losers than winners (this is maybe an explanation for an increasing disillusionment and radicalisation of people, especially among the unskilled, unemployed and impoverished populations, who are willing to turn to violent options "to turn the clock back")

The banking industry is an example of the impact of technology creating new jobs. The banks are increasingly under threat from fin-techs and other parties, like giant techs. As a result, job roles and titles are evolving as they have to adapt to fast-changing customers' needs in institutional, retail and small business areas.

Some examples of new and/or changing roles include

- product managers will replace product officer, ie
"...they are futurists who create new ways for customers to consume products......bring the entire bank to the customer either through digital services, relationship management or bundling and cross-selling..."
Sally Patten et al, 2020

- data scientists and specialists (ability to analyse large datasets, ie crunch numbers and spot patterns)

- algorithm designers (who create data and ensure it meets regulatory requirements and customer needs, ie increasingly trying to predict customer needs through data and artificial intelligence)

- data translators (go-betweens for the data specialists to other parts of the banks)

- relationship bankers (handle the interface between the technical staff and the customer
"...rather than simply reacting to customers' needs and offering products, relationship bankers will need to be able to identify what type of information and insights could benefit a customer and work with data analysts to produce the relevant data..."
Sally Patten et al, 2020)

- customer journey experts (understanding customers' needs and scoping the needs with technical developers; often have prior experience in product analysis or background in customer service  and need good digital skills)

- user experience and the customer experience designers (understand how websites and apps should be presented to customers)

- behavioural scientists (provide insights into how customers will behave under certain circumstances)

- cloud engineers (much of the banks' work will be done on the cloud)

- compliance specialists (ensured data is properly protected and used; ensure data privacy)

- risk managers in credit and non-credit (understand credit risk using computer power and ability to spot patterns in data sets; assess non-credit risk; guard against cyber crime, fraud and financial crime like money laundering)

- agile coaches (ensure that the teams work smoothly and effectively)

NB It is expected that more of the transaction processing will be outsourced, in addition to people with the appropriate digital skills. More people
"...with compliance backgrounds and those with excellent interpersonal skills will be needed to manage relationships with partners and to ensure both partnerships are well governed..."
Sally Patten et al, 2020

Also is expected that staff will work in teams on a short-term basis to develop new products and/or solve a problem, using agile (more detail, see section on an agile approach in this knowledge base)

In summary:

"...the jobs most likely to be in hot demand...... include risk management, credit analysts, business and data analysts as well as roles in compliance, cyber security and fraud..."
Sally Patten et al, 2020

More comments on skills needed by "financiers of the future"

They
"...will need to be adaptable, resilient, empathetic and emotionally intelligent......also need strong digital skills, including knowledge of data and analytics......seek out new experiences rather than being hell-bent on climbing straight up the ladder. The faster you can learn and adapt, the more valuable you will be in a fast changing world..."
Sally Patten et al, 2020

With the trend towards remote working, organisations will be able to tap into more talent, ie creating a more competitive environment for jobs.

Other skills include

- soft skills (communications, emotional intelligence, etc)

- critical thinking

- creative thinking

- teamwork (including collaboration, ie
"...you will have to influence people who don't report to you or work in your company..."
Michael Williams as quoted by
Sally Patten et al, 2020

"...you need to be able to know where to get the data, know how to put it together to create the insight, then know how to have a conversation with the customer......digital skills will become non-negotiable, including using tools to create customer insights, knowledge of the cloud and a basic understanding of programming and coding..."
Colin Heath as quoted by
Sally Patten et al, 2020

NB The trend to open banking will make customer data more widely available.

 

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