We undoubtedly live in exciting technological times where the pace of change is breath-taking - and it’s often hard to keep up.
However, for businesses the benefits of implementing an effective digital transformation strategy are wide, potentially laying the foundations for heightened efficiency, better working practices, and freeing up staff from repetitive admin tasks, in turn allowing them to target fresh growth.
Applying such a strategy in the financial sector can also provide institutions with a vital competitive edge - and it could be a vital one if institutions want to continue to deliver the services that their customers demand in an ever more disruptive landscape.
Moving towards a fully digital service
For customers, fresh innovations are helping to realise speedier transactions, greater accessibility, and mobility as we continue to see a decline in physical bank branches and a move towards a fully digital service.
A wave of digitally-focused challenger banks continues to break through, making it clear that traditional high street institutions are having to seriously reassess their technological infrastructure if they are to begin competing on an equal footing, never mind looking to lead the way.
Then there’s Lloyds Banking Group, Barclays and Santander UK who have further innovated with the introduction of digital robo-advisors which provide recommendations based on online financial questionnaires.
There are also other rivals in the shape of the likes of Amazon and Facebook who are leveraging their vast data and resources to enter into financial services.
The rise of artificial intelligence
Another parallel disruptor is the rise of artificial intelligence which is allowing customers to talk to a device and receive the information they are looking for – and such technology is already helping to manage many banks.
An AI leader has been Barclays which believes that the notion of touching a device could soon be obsolete when it comes to executing transactions. It says that its customers could soon be talking to a robot computer system to perform simple transactions.
Furthermore, Lloyds Banking Group now utilises analytical tools to study customer behaviour, allowing it to better meet their needs in real time.
So what does today’s digital workplace mean for potential candidates looking to progress their careers in finance?
Well, the good news is that a human touch still holds significant value. While technology has progressed incredibly, it’s no substitute for staff that can manage complex transactions and services, and provide a trusted point of contact. People also remain vital to seamless digital transformation, ensuring that financial institutions are bridging the gap between online and offline services.
Complementing rather than replacing
The peace of mind that human involvement offers must go hand-in-hand with innovation, complementing each other rather than replacing the former.
Staff are no less than digital transformation agents, and must be considered the first weapon that businesses deploy when looking to improve operations.
Indeed, against this unprecedented backdrop of change, Momenta has continued to provide leading people for a range of financial projects.
Momenta’s sector expertise and approachability is perfectly placed to help you find the best employment opportunities.