Here’s something scary: Advances in technology are putting the fear of unemployment in the hearts and minds of financial services employees. According to a recent global survey from data aggregator Emolument, 47% of financial services employees believe that technology is putting their job at risk. While we’d like to imagine that financial services investors and consumers value human interaction and a personalized experience, these fears are unfortunately warranted. Just this month ING cut 7,000 jobs in pace with an ongoing digital transformation. In 2013, McKinsey predicted that AI and robotic banking will displace 110 million full-time workers around the world by 2025. While automation can sound like music to the ears of consumers, it has a very real and human impact for folks working in financial services. How spooky!
It remains to be seen how our world will adapt to the increased integration of tech in our financial lives. Will brick and mortar banks be a thing of the past? Will the role of bank teller cease to exist? Both of these scenarios are incredibly likely, but will probably occur over a longer period of time, giving our society time to adjust, time to find jobs for those who will lose them, and time to analyze this monumental shift for the behemoth financial services industry. While we’re busy tracking these trends, fears and changes, we hope that Halloween hasn’t been too much of a horror show for financial services employees.