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by Yap Heng Kiong
Behold!
Mathematical literacy is not the most important skillsets to work in a bank these days. Thanks to technology and advancements in Fintech solutions that are disruptive to existing jobs and business models.
In an article by Anouk Vleugels dated 18 Sep 2017, "Robots will soon do your taxes and your bookkeeper is cool with that", the author presented four examples of solutions that could potentially replace jobs that are susceptible to automation. Occupations like bookkeepers, accounting and auditing clerks could be the most possible ones that are easily replaced.
These solutions include the use of artificial intelligence to either answer questions about possible tax deductions, automate manual and repetive tasks such as streamlining management processes or letting robots review a company’s expense reports.
In another article, "Future of Work: Death of the Accountant and Auditor" the author, Cesar Bacani presented an examination by University of Oxford academics Carl Benedikt Frey and Michael A. Osborne with regard to 702 occupations that are susceptible to computerisation. "The jobs that are at low risk of being replaced by automation include management analysts, compliance officers, marketing managers, sales managers and CEOs." Does the rise of Fintech firms in Asia have the potential to put an increasing number of banking professionals out of work leading to more job losses? After all, Fintech is about making financial services more efficient by increasing its reliance on technology and reducing its reliance on humans. Or will Fintech be actually creating jobs for the banking industry with better prospects? ‘Banks could lose up to 60pc of their retail profits to fintech firms’ Certain jobs being made redundant while new ones are being created
Despite the slowdown in financial sector growth to 0.7% from 5.7% in 2015, The Monetary Authority of Singapore (MAS) noted a net increase of 2,800 financial sector jobs in 2016 in its annual report last week.
The demand for professionals in the areas of finance include compliance, risk management, insurance underwriting, and asset and wealth management. As financial services industry continues to increasingly turn to cyber security, data analytics, network architecture, artificial intelligence, and machine learning to meet the needs in the new digital economy, there continues to be strong demand for expertise in these fields. More banks are pushing new frontiers by embracing and harnessing technology amid the digitisation wave and rise of FinTech, many new jobs, e.g. UX/UI designers, digital data analysts and app developers will be in high demand. Markus Gnirck, co-founder and global COO of Startupbootcamp. “First, jobs which focus on data and information and are mainly done by humans now; and second, jobs involving a lot of repetitive processes.” Embrace change or be engulfed
As Fintechs continue to strive to come up with solutions to poach banking customers and market share, banks are also preparing for the challenges that Fintech poses.
In a highly unpredictable, competitive and dynamic business environment today , workers need to continually upgrade skills to remain relevant. The need for continuous learning and adaptability have never been greater than it is now. Perhaps, no one sums it up better than Jack Ma in this interview with CNBC about Artificial Intelligence vs Human.
Resources
http://www.straitstimes.com/business/banking/singapore-finance-sector-sees-boom-in-tech-jobs-even-as-industry-growth-slows http://www.mas.gov.sg/News-and-Publications/Speeches-and-Monetary-Policy-Statements/Speeches/2017/MAS-Annual-Report-201617.aspx
2 Comments
12/20/2022 04:56:17 pm
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