Work

New Report Found Job Scopes of 100 Out Of 121 Positions In The Financial Industry At Risk Of Being Obsolete

2019-04-27 , 4:00 am

Over the years, I’ve cultivated a number of terrifying fears:

The sashimi I’m eating will one day poison and turn me into a salmon
There’s actually someone in my wardrobe
Singapore’s weather will reach 55 degrees Celsius one day

Scary, huh? I can’t even begin to imagine it.

Yet, even with those horrible fears constantly gnawing at the back of my head, there’s one single paranoia that still reigns supreme:

The fear that one day, my job scope will be rendered obsolete, and my skills unnecessary.

And yet, it seems that Doomsday might really be coming for me. Because in the financial industry…

A New Report Has Found Job Scopes of 100 Out Of 121 Positions In The Financial Industry At Risk Of Being Obsolete

Obsolete Tasks

According to The NewPaper, it was revealed that out of 121 positions, 100 positions, including credit and loan officers, fund accountants and product managers, have tasks that “risk being merged or displaced by automation or enhanced by data analytics in three to five years”.

“Many repetitive tasks done by workers in the financial sector will become obsolete in the wake of technological change so employees must reskill to keep up, a report noted yesterday,” The New Paper wrote.

What Should You Do Then?

Now, don’t lose hope. It’s not the end of the world…yet.

For a start, take a look at a video we’ve done first, and while you’re at it, do remember to subscribe to our YouTube channel for more informative and entertaining videos:

Done? Okay, moving on.

Coincidentally, the report also indicated to the skills that each role will need, in order to cope with the technology-caused changes.

A relationship manager, for instance, currently goes through financial analysis and regular credit reviews in alignment with a bank’s guidelines to assess a customer’s credit risk. But apparently, machine learning could actually analyse large data sets from various sources, with a more accurate evaluation of credit risk to boot.

And that’s why, according to the report (which was commissioned by the Institute of Banking and Finance and the Monetary Authority of Singapore (MAS))., relationship managers will have to cultivate lateral-thinking skills in order to help them connect the dots and stay concentrated on the big picture.

Roles Will Change

Another example’s that of the formation of roles, such as a bank’s digital ambassador who will take on tasks now done by a teller, customer service officer and relationship manager.

According to The NewPaper, a digital ambassador’s tasks could include the usage of analytics to foretell customers’ needs, running chatbots and creating new businesses with fellow coverage and product colleagues.

The nine-month study by consultancy company EY Singapore, however, noted that despite the rise of data analytics and automation, the current workforce in the financial sector may not actually shrink.

“Few job roles, if any, would be entirely displaced by automation, without the need for human oversight or intervention.”

And so… now what?

According to Manpower Minister Josephine Teo, the digital transformation of the financial sector “brings about enormous opportunities”.

And yet at the same time, she conceded that the rapid changes in job roles can also be disconcerting, adding that employees have to pick out the skills they need to improve on in their jobs.

MAS managing director Ravi Menon concurs, stating: “Many of the jobs we have been doing all these years have not disappeared, but the tasks we do within (these) jobs have changed substantially because of technology.”

And with that, I conclude with the report’s consensus:

Employees will need to cultivate a habit of learning, and constantly pursue opportunities to stay ahead of the game despite technological advancements.

Technology might constantly threaten to overthrow physical manpower, but if we constantly stay ahead…

Technology will not be a replacement, but rather a tool for us.

Just like what this video shows (sorry, boss said must plug YouTube as much as possible):