The transformation of work in the financial sector
in the context of developing the digital economy

HOW IS THE FOURTH TECHNOLOGICAL REVOLUTION CHANGING THE FINANCIAL SECTOR?

HOW IS THE FOURTH TECHNOLOGICAL REVOLUTION CHANGING THE WORK IN FINANCIAL SECTOR IN POLAND?

WHICH PROCESSES IN THE FINANCIAL SECTOR WERE ACCELERATED BY THE COVID-19 PANDEMIC?

Dyna­mic chan­ges in the finan­cial sec­tor are rela­ted to the imple­men­ta­tion of data­ifi­ca­tion tech­no­lo­gies, the emer­gen­ce of a new type of custo­mer using mobi­le servi­ce and per­so­na­li­zed pro­ducts, as well as the new com­pe­ti­ti­ve environment. 

We can find out how the fourth tech­no­lo­gi­cal revo­lu­tion is chan­ging the finan­cial sec­tor and the work in this sec­tor in Poland as well as which pro­ces­ses were acce­le­ra­ted by the COVID-19 pan­de­mic from the report DELab UW pre­pa­red in coope­ra­tion with the Cybe­rium Foun­da­tion and the War­saw Ban­king Institute. 

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SEE THE RESULTS OF THE NEXT EDITION OF THE SURVEY 

The study is a continuation of previous analyses conducted by the DELab UW, with changes driven by the pandemic. 

HOW IS THE FOURTH TECHNOLOGICAL REVOLUTION CHANGING THE FINANCIAL SECTOR?

The finan­cial sec­tor is high­ly suscep­ti­ble to chan­ge due to digi­tal trans­for­ma­tion, and banks ope­ra­ting in Poland will be no excep­tion. The impact of digi­tal trans­for­ma­tion could be job los­ses as a result of intel­li­gent auto­ma­tion, as well as a chan­ge in the natu­re of work, resul­ting in an incre­ase in the impor­tan­ce of futu­re competencies.

KEY FACTORS IN THE TRANSFORMATION OF WORK IN THE FINANCIAL SECTOR

KLUCZOWE CZYNNIKI PRZEMIANY PRACY W SEKTORZE BANKOWYM

MOST RESPONDENTS BELIEVE THE PACE OF AUTOMATION WILL NOT INCREASE

ZDANIEM WIĘKSZOŚCI RESPONDENTÓW TEMPO AUTOMATYZACJI NIE ULEGNIE ZWIĘKSZENIU
Survey deta­ils and results are ava­ila­ble HERE

HOW IS THE FOURTH TECHNOLOGICAL REVOLUTION CHANGING THE WORK IN FINANCIAL SECTOR IN POLAND?

The 2019 survey, con­duc­ted by DELab UW in col­la­bo­ra­tion with KIR and the Cybe­rium Foun­da­tion, inc­lu­ded 257. Polish bank employ­ees. The survey was sup­ple­men­ted with inte­rviews with repre­sen­ta­ti­ves of the most impor­tant Polish finan­cial sec­tor centers.

The ana­ly­sis shows that employ­ees in the Polish finan­cial sec­tor do not per­ce­ive the sca­le of restruc­tu­ring risks posed by chan­ges under the influ­en­ce of the tech­no­lo­gi­cal revo­lu­tion. Most respon­dents expect to main­ta­in a pace of auto­ma­tion simi­lar to what they have expe­rien­ced over the past 5 years. Only 14% of survey par­ti­ci­pants belie­ve the pace of auto­ma­tion will incre­ase, com­pa­red to what they have expe­rien­ced in the past.

HOW IS THE FOURTH TECHNOLOGICAL REVOLUTION CHANGING THE WORK IN FINANCIAL SECTOR IN POLAND?

Employ­ees are insuf­fi­cien­tly equ­ip­ped with the key com­pe­ten­cies of the futu­re whi­le unde­re­sti­ma­ting the­ir impor­tan­ce. In addi­tion, less than half of boards and HR depart­ments are pre­pa­ring employ­ees for upco­ming chan­ges. Employ­ers are insuf­fi­cien­tly enga­ged in edu­ca­ting indu­stry employ­ees to build com­pe­ten­cies that would ena­ble them to work in the radi­cal­ly chan­ging envi­ron­ment at banks or gain new employ­ment out­si­de the finan­cial sector.

A MINORITY OF HR AND MANAGEMENT BOARDS UNDERTAKE ACTIONS TO IMPROVE EMPLOYEES» COMPETENCIES

DZIAŁANIA NA RZECZ PODNOSZENIA KOMPETENCJI PRACOWNIKÓW PODEJMUJE MNIEJSZOŚĆ HR-ÓW I ZARZĄDÓW

KEY TREND AREAS RELATED TO COVID-19

GŁÓWNE OBSZARY TRENDÓW ZWIĄZANYCH Z COVID-19

WHICH PROCESSES IN THE FINANCIAL SECTOR WERE ACCELERATED BY THE COVID-19 PANDEMIC?

The out­bre­ak of the COVID-19 pan­de­mic has disrup­ted the exi­sting mode of ope­ra­tion of busi­nesses and orga­ni­za­tions. The finan­cial sec­tor in Poland has also been put to the test, during which four main are­as of chan­ge have emer­ged. They are rela­ted to pro­duct, remo­te wor­king, depart­men­tal ban­king and back offi­ce. The­se are­as were selec­ted from the second wave of inte­rviews con­duc­ted with bank repre­sen­ta­ti­ves in Poland who sha­red the­ir obse­rva­tions during the deepe­ning pan­de­mic cri­sis. For deta­ils, see the report „The Trans­for­ma­tion of Finan­cial Work in the Con­text of the Digi­tal Economy”.

PROF. KATARZYNA ŚLEDZIEWSKA IN „EFEKT SIECI” ABOUT THE RESULTS OF THE STUDY

Does the finan­cial indu­stry face the spec­ter of lay­offs due to digi­ti­za­tion and the fact that custo­mers are doing more and more of the­ir ban­king them­se­lves? In the pod­cast „Efekt Sie­ci” Prof. Kata­rzy­na Śle­dziew­ska tal­ked abo­ut the aim of the survey and the ele­ments which distin­gu­ish the ban­king sec­tor from other indu­stries as well as the trans­for­ma­tions which are taking pla­ce befo­re our eyes. During the bro­ad­cast, she discus­sed the pro­ces­ses and  chan­ges emer­ging from the stu­dy that could be signi­fi­cant for the finan­cial sec­tor. Is the the­sis abo­ut the „eli­tism of ban­kers” – ana­ly­ti­cal­ly advan­ced and  digi­tal­ly lite­ra­te employ­ees in the finan­cial indu­stry – true? Listen to the podcast.
EFEKT SIECI #24 – THE DIGITAL REVOLUTION OF THE BANKING INDUSTRY

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