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Digital technology has significantly shaped the development of the financial sector in recent years. The fact that technology is becoming more powerful and accessible does not automatically mean that the role of people is diminishing. Ultimately, someone has to formulate the right questions and interpret the answers the technology gives us. Analytical skills are indispensable for this. At the same time, these skills are already scarce and will only get scarcer.
Traditional jobs disappear
Former minister Willem Vermeend recently expressed fears that traditional jobs in services, such as the financial sector, are disappearing. “At the same time, new types of work are being created that require different knowledge and competences from employees. This means that in the coming years, both unemployment and demand for specific labour are potentially high. Measures are needed to increase the transition to - and employability for - the digital world.”
Need for specialised analytical knowledge
Also in a recently published CFO article talks about job losses in the financial sector due to digitalisation. “As a result, about 80 per cent of jobs will disappear within a decade, it is expected. The challenge is to transform these administrative jobs into business partner or risk/compliance functions, those present think. That way, jobs can be preserved, albeit limited.” Also from the group discussion between CFOs and HR directors referred to here, there is an expectation that specialised knowledge will mainly be needed within finance.
Agile financial
Analytical ability and specialised knowledge means opportunities for highly educated people in finance. Which again ties in with what agile demands of an organisation: being agile and flexible. Besides traditional skills, an agile financial will need to continuously develop new skills, such as knowledge of (big) data analytics and understanding of the business model. In short: finance is looking for analytical talent. This talent should be the perfect match within finance with processes automated by digitalisation.
