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
MOST RESPONDENTS BELIEVE THE PACE OF AUTOMATION WILL NOT INCREASE
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
KEY TREND AREAS RELATED TO 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
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