The financial sector in 2030

The financial sector in 2030
Trends & Developments

The economic crisis hit the financial sector hard. One bank after the other insurer is currently strongly reorganising. What does this mean for the sector’s employability? Who will have a job in this branch in the future? And how important is IT becoming for financials?

Hays asked professionals within the sector and looked into the future with futurologist Marcel Bullinga. The expectations and visions for the future are bundled in the research: Jobs of the future: the financial sector in 2030

Some notable conclusions are:

Professionals in finance expect the branch to be fully transformed in 2030: 88% believes that all payments will take place in real time by then, according to 64% A.I. and big data will be the basis of every decision made in finance, and 61% thinks that banks in 2030 will be IT companies.

Jobs will change or disappear, mainly due to technological development, according to a large part of respondents. Nearly half (45%) believe that IT specialists will take over the role of administrator, and 40% of respondents thinks that the position they currently hold will no longer exist by 2030.

Banking without bankers 

However it turns out, the financial sector will change rapidly and radically the coming years, is the firm believe of futurologist Marcel Bullinga. 

He looked at the most important trends and developments and, at Hays'request, outlined the future for the next fifteen years. 

“Banks’ roles are becoming more limited”, Bullinga predicts. “Some scenarios estimate that by 2030, banks will have lost a third of their value to startups who use smart technology. Currently, 98% of financial apps are developed by companies other than banks. A ‘do it yourself’ society is currently emerging that increasingly runs on peer-2-peer money. The new motto is ‘banking without bankers’. In addition, players like Apple and Google will enter the financial market." 

Finance much more often means IT 

Those new entrants will speed up the merging between finance and IT even further. Not only big players like Google and Apple, but also Fintech startups are driving innovation. In recent years, the finance department has been co-responsible for companies’ growth. To achieve these end goals in a rapidly changing world of big data, digitalisation and mobile consumers, the finance professional needs help from their IT colleague.

Only by using smart IT solutions will organisations remain capable of efficiently organising company processes and directly serving the customer. This means integration of IT solutions in financial processes and products. 

Super professionals 

In the near future, the smart IT and finance professionals who arrange this together won’t be working for a company, but rather for a network, notes Bullinga.

“The following decade will spectacularly change our labour market. More robot jobs, fewer permanent jobs, and more freelancers.” According to the futurologist, this is good news for flexible and proactive ‘super professionals’. “Anyone who is willing to move and innovate, can also grow quickly, too.”

But what does this mean for the positions in the financial sector?

In any case, soft core skills, knowledge and social skills are becoming increasingly important. Bullinga: “It’s about what you as a human can add to all technology.”

This also leads to the transformation of positions in the sector, the futurologist explains. “The CFO of the future takes a holistic view on finance. Not in detail at, say, pensions or mortgages, but at the complete financial management, as experienced by the customer. That CFO will also take a broader approach within their own organisation: not only for finance, but also in related areas such as IT. There, they have to make important choices which can have large impact on the company’s business model. The CFO is therefor  an important driver for the collaboration between finance and IT.” 

On another level, this development also applies for the controller, according to Bullinga. “The controller will be doing more business than financial control. The consultants of the future will become even more the professionals, who can speak well in public and have developed soft skills such as adaptability, critical thinking, and a sense for technological development.” 

Intellectual and interesting 

In the field of Finance and IT, a lot remains to be done for well-trained finance professionals in the future. Of course, jobs will disappear in busines areas that can be easily automated, such as billing, but we expect these people can be deployed in other places; some of the financial professionals are actually getting more intellectually challenging and interesting work, due to automation and the rise of A.I. For example, there will be more need for careful and adequate interpretation in the future than there is now. 

Want to know more? Check out our website Jobs of the Future or read the full report Jobs of the future: the financial sector in 2030. 

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