How technology is transforming the workforce in financial organizations

Removing expensive, error-prone manual processes

Every year, the great and good in the financial services industry meet to chat business strategy and collectively shape the future of the sector. This year, Geneva hosted, and most exciting for the Sibos crowd was the opportunity to discuss total transformation in the workplace.

The pace of change has been unprecedented. Automation is removing expensive but error-prone manual processes which compliment specific algorithms enabling real-time transactions, and banks are openly expressing the need for continual investment to make sure the workplace is aligned to current innovations.

The main conversation point in Geneva was that the impact of technology in the finance workplace would revolutionize customer service: driving better efficiencies and staff incentives can help ensure a set of tasks and external pressures are met adequately – especially as these tasks will only increase in a more technical environment.

Conversely, it’s always important to remember that the best digital infrastructure created would still have certain problems running effectively without the best workforce working alongside it.

The conference stuck their teeth into artificial intelligence as a solution and future technology, in this context.

As AI matures, banks are looking at how best to apply it, revealing various initiatives to use AI to tackle fraud and meet cyber-attacks head-on - but the majority of focus remained on payments (best to remain pragmatic on this topic, for now).

That being said, a survey of payments professionals released at Sibos by payments vendor Pelican revealed that “92% believe that banks need to learn more about applying AI to payments rather than the hype around consumer tech and AI.”

Furthermore, “72% see strong potential for AI to remove inefficiencies from the payments process while 67% expect the adoption of AI in this context will increase significantly in the next five years.”

Despite the benefits technologies can bring, there remains a stubborn opinion in certain circles that it also brings inefficiencies, think “…computer says no.” It’s an unfair comparison. The workplace environment of today has the advantage of being able to actively decide which technology it adapts and uses, giving them control of how the future workplace will look.

When people discuss future impacts of AI or machine learning, they are evaluating the value it presents not just to the customer, but to the industry as a whole, and by working alongside the workforce today, they can also guarantee a better sector to work in as well.

No wonder they were an excitable bunch. Be in the know too, and read the insights report in full.