“Ultimately, the future workforce will see human and machine working side-by-side, which calls for a whole new way of thinking, operating, and collaborating” (Jon Terry, global financial services human resources consulting leader, PwC).
After the 2008 crash, the financial services sector is characterized by change. Disruption has become synonymous with financial technology (fintech), from the onset of mobile banking to the adoption of blockchain technology — and then there is the constantly evolving consumer expectations. Today’s tech-savvy generation looks for completely digital, on-demand solutions.
A related shift is the evolution of the workforce, of which millennials account for a significant portion. Today’s employees are not only different from preceding generations in terms of mindset, needs and technical aptitude, but they also tend to be fickle when it comes to jobs. In Deloitte’s 2019 millennial survey, 49% of millennial respondents said they are likely to leave their jobs in the next two years. This high turnover poses a challenge for the fintech sector. Acquiring and retaining talent is crucial for the implementation of strategic initiatives. However, 72% of CEOs from the financial services sector say that “the limited availability of skills [is] a threat to growth.”
There are also challenges presented by rapidly evolving regulatory frameworks and audits, which require equally rapid and effective training. While financial brands are keen on adopting emerging technologies, such as artificial intelligence (AI) and machine learning, they might be neglecting a vital issue: training programs for both employees and customers that work at the speed of business.
The Need for an Agile Workforce
Most financial firms understand the need to be flexible and responsive in this highly competitive and constantly changing landscape. According to PwC, almost one-fifth of CEOs in the financial services sector “believe that technology has completely reshaped competition in their industry over the past five years and a further 44% believe that it will have a significant future impact.” Agility now plays a critical role in shaping organizations to remain relevant in the future, but these agile methodologies need to move beyond DevOps functions.
While AI, robotics and automation can better serve the complex needs of consumers today, companies also need to consider how such technologies can help them leverage their training programs to make learning and development (L&D) agile, effective and personalized. Doing so can be a huge boon for onboarding, reskilling and upskilling efforts and help ensure effective compliance training across the board.
How AI Can Transform Financial Services Training Programs
In the workplace of the future, “adaptability will trump technical expertise,” writes Sarah Kruger, managing director of human resources for Accenture’s Australia and New Zealand business and former managing director of financial services.
Through an AI-powered learning experience platform (LXP), L&D teams can create personalized learning journeys that focus on key competencies to prepare the workforce for the future. With the power of AI, employees can access curated content based on their own learning preferences and skill gaps, enabling them to build their own learning paths.
Imagine a platform that empowers sales teams with on-demand information, while new hires are able to add value from day 1. Imagine that the same platform offers the means to improve engagement levels, while ensuring regulatory compliance through microlearning. Add to these capabilities robust learning and content consumption analytics and the ability to tweak content for optimal engagement and learning outcomes. Such a platform will solve many of the issues faced by financial services companies.
When it comes to digital disruption, it isn’t only about the solutions your organization offers customers; it is also about providing cutting-edge technology for employee and business success. By making the move to a more modern workplace learning experience that delivers personalized learning, financial services organizations can respond dynamically to new business demands and changing market conditions.