From the extraordinary impact of technology to the expanding expectations of consumers and regulators, there are various trends within the global finance sector which are driving new roles and opportunities.


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FinTech
Whilst the financial sector used to be relatively difficult to break into as a brand new business, this is no longer the case.  Instead, FinTech is playing an increasing role in the sector, from insurance to specific business processes, for example. This is illustrated by the tripling of global investments in FinTech since 2014 to more than $12 billion. Roles within FinTech are likely to continue to evolve and grow in response to this expansion.

Sharing economy
When we think of the sharing economy we may think initially of hotel rooms or taxi services.  However, forecasters also predict that the sharing economy will also impact on banking and financial services. In other words, consumers may no longer just turn to banks for services, such as sourcing capital, for which they have traditionally been the sole providers. There will be a development of information technology processes to help banks and financial institutions work with other stakeholders in this area. New opportunities may arise which help provide the necessary skills and understanding of the financial sector and collaboration between a range of stakeholders.

Cloud-based computing
Cloud-based software-as-a-service (SaaS) applications for business processes, such as CRM, HR, and financial accounting are already widely used by banks and financial institutions.  Forecasters argue that in future SaaS will also be used for increasing amounts of core business activity, such as credit scoring and consumer payments. Roles which capitalise on this technical expertise are likely to develop in the future within the sector.

Cyber-security
With increased digitization, the use of cloud computing and a rise in the number of third-party providers, many managers within the finance sector see cyber-security as a key challenge for the field going forward. New tools and systems which provide enhanced cyber-security will be increasingly necessary and valued in the years to come. With senior managers particularly concerned about cyber-security, expect to see a range of job opportunities in this specific field.

Mobile Technology
The digital transformation of the financial sector continues to grow at an exponential pace. This has led to specific developments in the industry and these changes have required new roles and skillsets.  Three key areas are rapidly expanding and creating new opportunities:

    • Mobile Apps
      All financial services and banking providers are looking to expand in this space, from simple budgeting apps to more complex financial management tools and many firms are looking for staff who can design and deliver these new products in an innovative way.
    • Mobile Pay
      Using your mobile device to pay is increasingly the norm for consumers based in large commercial centres and this is going to expand into much wider markets.  For example, leading car manufacturer, Honda has recently introduced a mobile pay option on their car dashboards to pay for gasoline and it is expected that many other businesses, across a range of sectors, will produce similar initiatives.
    • Mobile Banking
      As is true for many aspects of modern life, consumers now want and expect their banking products and services to be fully available 24/7.  To meet this growing demand, businesses across the finance sector are investing heavily in the digital banking environment, to provide a seamless and reliable experience to consumers.  The role played by the physical banking space, e.g. the building on the high street looks only set to decrease even further. As the digital provision expands, more relevant roles will be required within the financial sector.

Blockchain
Whilst bitcoin and cryptocurrency may not have revolutionised the payment market as quickly as some forecasters previously predicted, many experts still see blockchain as highly likely to play an increased role in the future financial sector, such as in terms of digital payments and loan processing. New jobs in this area are set to grow and develop over time.

Big Data
Financial institutions and banks will increasingly need to process and utilise the huge amounts of data they now collect.  This will involve more sophisticated machine learning tools and staff with the expertise to design and deliver such resources.  The importance of ‘customer intelligence’ to financial businesses to help them to interpret and anticipate their consumers’ needs and wants has never been clearer, and new roles and opportunities will continue to increase in this area.

AI
The finance sector, like every sector, is seeing the impact of automation including within the area of automated wealth managers, for example. Through the use of complicated algorithms, a ‘wealth-bot’ can calculate interest rates and investment opportunities at incredible speed which can be crucial to future investment decisions. Forecasters predict that soon automation will have additional capabilities such as natural language processing and emotional intelligence which could dramatically expand the roles suitable for an AI component.  Equally, new roles will be created in the interface between AI and human provision in the future.

The Internet of Things (IoT)
Much of the work within financial services, for example, deals with the intangible, such as online payments. However, there is an increasing interest in how the Internet of Things may also provide valuable information to the sector, such as branch lending data within retail banking, for example. This is a new area which is generating fresh roles within the financial sector.

Regulation
Just as the businesses within the financial sector are increasingly using large data sets and technological developments to enhance their products and services, so are the respective regulatory bodies across the globe.  Increasingly regulators are using enhanced reporting and ‘stress tests’ to monitor the practices of financial businesses and institutions.  Roles which utilise these new tools and procedures are likely to grow and develop.

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Last modified: Tuesday, 7 January 2020, 11:47 AM