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EUROPE BANKING

Robots FROM BOWLER HATS TO

Transforming the banking workforce through technology By John Weisel and Karl Meekings Banking is at an inflection point. Technology is revolutionizing the banking workforce – eliminating, changing and creating roles across the business – yet the complexion of the workforce feels remarkably similar to the one before the global financial crisis. This can’t last. If banks are to prosper, their transformation programs will need to focus as much on people as they do on processes and products. The challenge for banks is to understand where and how advances in technology will change roles. First, banks need review roles across the business to assess which tasks can be completely automated and which ones still require (or benefit from) human interaction. Second, many of the roles that remain will be increasingly dependent on technology, and employees will need new capabilities to operate in this technology driven environment. That, in turn, will demand that banks develop new approaches to recruiting and retaining talent with the skills required.

Transforming the workforce through automation

Opportunities exist for banks to eliminate many task-based roles through automation. This was reflected in EY’s European Banking Barometer – 2015, where 32% of senior banking executives surveyed believed that retail and business banking would experience a decrease in headcount, followed by other head-office functions (31%), and operations and IT (28%). Examples of task-based automation abound. One bank has introduced a robot worker programed to sense customer emotions and speak 19 languages, allowing it to greet customers and assist them with different services at the bank. Another bank recently announced the use of an artificial intelligence system, similar to those found in mobile telephones, that allows a robot to interact with customers and walk them through various basic tasks such as money transfers. As banks seek to enhance efficiency across the business, further automation of tasks is inevitable. Issue 3

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Profile for Global Banking & Finance Review

Global Banking & Finance Review - Business and Financial Magazine  

Global Banking & Finance Review is a leading financial portal and Print Magazine offering News, Analysis, Opinion, Reviews, Interviews & Vid...

Global Banking & Finance Review - Business and Financial Magazine  

Global Banking & Finance Review is a leading financial portal and Print Magazine offering News, Analysis, Opinion, Reviews, Interviews & Vid...