Other parts of this series:
In the first two parts of this series, we talked about the rapid evolution of automation in the financial services (FS) industry and how the future workforce will be a mix of human workers and robots.
However, there are risks of a piecemeal approach (not taking into account upgrade paths, what happens when robots need to be kicked off by humans, impact on the humans remaining in the workforce). Many FS organisations are now taking more of an operating model view, strengthening their process design and architecture prior to applying robotics more deeply, as well as understanding the workforce impacts.
As we apply robotics, careful job and team design and capability development will be of utmost importance. Leaders must get used to managing businesses with human workers, employees and contingent labour, as well as robots. This will require new ways of managing conduct and operations across the entire organisation.
For senior leadership, this requires being able to design, implement and lead an organisation and an operating model that utilises the right workforce blend of robots, humans, and contingent labour. The challenge will be to find harmony among the three elements, while fostering a brand new culture of innovative and agile change.
Support functions such as HR and compliance will need to be able to manage the impacts of having a mixed workforce of employees, contingent workers and robots. Their teams will need to become more technically savvy to keep up with changing regulations and technologies.
For senior managers, retaining and engaging the remaining human workforce will be crucial. As for employees, learning to interact with their robot counterparts, while taking on the more value added tasks will be necessary.
Robotics automation is here to stay. The FS firms that resist moving beyond basic automation into the more unfamiliar area of artificial intelligence might be left behind as the leaders compete at an entirely new level. Do not be left behind.
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