No matter which sector of the Financial Services industry you work in, there are challenges and opportunities every day that can shape and define your career.
These challenges come from the constant evolution of this important sector – and it’s how we meet change that determines our long-term future.
There’s no doubt the change has been massive.
In 300 years we’ve moved from business between merchant bankers and goldsmiths taking place in coffee houses to companies and personal customers using internet banking and contactless transactions.
Sometimes, however, change is perceived as a threat . . . and today, it seems, the monster looming large on the horizon is digital disruption.
A study that’s just been conducted by Fujitsu has revealed 78% of UK financial services firms are concerned about the future. Why? Because they’re having to consider the impact of changes brought about by digital technologies affecting the value proposition of their existing goods and services.
In fact, the Fujitsu survey of business leaders showed the financial services world is more worried than other major UK industries such as retail, utility and manufacturing.
It also found that 92% of financial services firms who were surveyed have already taken measures to ensure they can thrive in this brave new digital world – but 96% feel the need to evolve even further to ensure their future.
56% believe their businesses will not even exist in their current form in five years.
Digital disruption is certainly a game changer for the sector but should we be afraid?
Well, the first thing to consider is the fact ‘disruption’ is not necessarily a negative for business.
In reality, financial companies who embrace digital technology to improve their services and drive revenue often find this benefits their business in many ways.
Moves that can be made to capitalise on the digital economy include investment in new technologies, evolving business models and investing in operational improvements.
But what does disruption mean for the individual seeking a new role in financial services?
It means a strong emphasis on becoming tech savvy and brushing up on your existing digital skills.
It’s as simple as that. If you really want to get ahead in Financial Services, don’t be scared of the monster: give it a hug!
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