If you have been listening to our Masters in Blockchain podcast (if not, click here) you are now acutely aware that advances in blockchain and AI are rapidly changing industries worldwide. Over the next few weeks, we will explore how these changes will specifically impact various sectors of the global economy and how skill valuations will fluctuate in accordance with these changes.
First up: Financial Services (aka, banking and insurance)
A recent McKinsey report outlined the potential impact that technology could have on the future of the financial services sector. In this report, published just earlier this year, McKinsey cited that banking and insurance would face “one of the most pervasive workforce transitions in the years to come.” This transition will serve to impact some roles more significantly than others, as evidenced by the infographic below, in the years leading up to 2030.
The way these roles are shifting is no surprise — and it fits neatly into the broader trend of AI automation. However, knowing the value of certain roles is not enough to plan ahead. Rather, knowing the value of skill sets can more accurately prepare our workforce. As seen below, in the years leading up to 2030, technological skills, social and emotional skills, and higher cognitive skills will become the most valuable to employers.
While these projections are not certain, they do provide a reassuring framework within which role shifts in the financial services industry can be anticipated and addressed in the coming years. Employers and employees alike, however, are already moving to position themselves more aptly for these changes.
For many, the idea of becoming technologically affluent is daunting; nevertheless, the need to address the growing skills gap in this industry is vital. Identifying, assessing, and then forwarding certain skills is key to solving these emerging skills gaps. The new Expercoin infrastructure will bring all of these functions to life in the digital economy, making upskilling convenient and accessible. In addition to this, gamified exercises, provided through the Expercoin App Store, will also provide a fun outlet for learning on the platform.
If you are more interested in Expercoin, and its mission to build one of the world’s largest decentralized networks of marketplaces to advance learning and create jobs for the digital economy, click here.
If you would like to hear more about how the financial services industry may react to oncoming technological advancements, you can listen to episodes of Masters of Blockchain here.