Technology is continuing to establish itself further into the financial sectors of the world, and as it does, the roles of professionals in finance will continue to evolve. It is already expected that advances in technology will see tasks which are repetitive, manual and require less levels of skill become carried out through automation.
This is becoming a clear reality as organisations are setting up their digital transformation plans, making it of utmost importance for departments in finance to become aware on the ongoing and upcoming changes. With evolving technologies of AI and Blockchain set to restructure multiple sectors in Malta, one must wonder how the war for talent will be influenced, as new opportunities emerge for professionals leading careers in finance and technology.
‘Adapting to such changes also means anticipating which skills will be demanded by the market and reverse-engineering the process’
At first glance, the lively growth of technology may be questioned by professionals in finance who may feel that the value of their roles may be diminished due to automated technologies. Indeed, according to a report by McKinsey Global Institute (2017), half of the present-day work activities will be automated by 2055, as it is also expected that students beginning primary school this year will be fulfilling jobs which currently do not exist. This brings about great opportunity, rather than fear, especially so for professionals in the financial sectors. Adapting to such changes also means anticipating which skills will be demanded by the market and reverse-engineering the process - this means that companies could identify what talent is needed by defining where they want to be, or rather, what additional value they wish to provide in the market. Such a means of forecasting allows companies room to better develop their talent acquisition strategies to ensure attracting and retaining best talent.
‘Employees are being accessed on the ability to hit the ground running, adapting to new technologies and having great decision-making and analytical skills to progress the company forward.’
Moreover, the digital age is reshaping the way sectors are functioning internally in their operations and externally through the products and services they provide, now more than ever tied with digital user experience. The workplace is becoming more and more digitally driven, therefore required skills begin to gain more priority, as employees are being accessed on the ability to hit the ground running, adapting to new technologies and having great decision-making and analytical skills to progress the company forward. Hiring managers are seeking talented professionals in finance who are driven to continuous learning in their field and are able to apply their knowledge to flexible industry trends and market patterns.
‘By truly comprehending their role and forming a passion around what they do, then one can better understand that their role is simply developing through technology and not ‘changing’ because of it.’
For professionals in finance, this means becoming self-aware on their role and their purpose in bringing value to a wider audience. By truly comprehending their role and forming a passion around what they do, then one can better understand that their role is simply developing through technology and not ‘changing’ because of it. The negative ideology that jobs are becoming obsolete due to evolving technology disheartens many professionals in finance who do not possess the required I.T. skillset which is becoming increasingly demanded by their industry. The role of the accountant continues to develop into one which is more analytical, more driven towards direct business development and financial strategy, and all this due to automation and Big Data in Banking and Finance which is doing away with manual entry and book-keeping tasks.
Further to this, the steady rise of Data Analyst job opportunities in Malta means that professionals in tech and finance are beginning to engage more intimately with each other for increased collaboration, as techies are providing further insight to financial experts who can utilise gathered data intelligently to benefit both company and customer. This in turn also forms another issue related to the high demand for a low supply of Data Scientists, as well as other roles in tech in the sphere of AI and Blockchain.
Technology is certainly defining the standard of talent in finance, and by so doing providing professionals in this sector the opportunity to leverage themselves through their will to learn and progress their skills within an ever-evolving financial landscape.