Letter: Automation will help banks win the competition for talent
Receive free newsletter updates
We will send you a MyFT Daily Summary e-mail gathering the latest news from the Letter each morning.
When it comes to automating some tedious banking activities, it is not as simple as simply seeking to end the ârudeâ work (âAutomation will not end the banks grumbling workâ, FT View, September 20). It is true that banks are facing a perfect storm – with a boom in demand and an increase in M&A deals, a war for talent and the pandemic highlighting both the conduct and the well-being of companies. employees. Has this automation accelerated? Absoutely.
But I would say it can’t be seen as just automating menial tasks when in reality it’s a bigger transformation that brings wider benefits. Streamlining processes and repetition allows talent to spend time doing more innovative – and enjoyable – work while freeing up savings that can be invested elsewhere in the business.
Banks will also be able to create and connect more data insights to explore new products and services, new ways to reach customers, and even create markets outside of financial services. This exploration of new markets is indeed essential for banks serving their cross-sector clients, many of whom have experienced an overhaul of their business models due to the trends highlighted in the pandemic.
So just as automation can abandon young bankers of certain tasks, the scope of human ingenuity and innovation continues to grow, fueled by the data, insight and efficiency created by technology.
However, streamlining processes is not just about freeing up savings to invest elsewhere. It’s about having a chance to win the war for talent by giving workers the opportunity to do more useful, innovative and enjoyable work. If banks don’t see it that way, the lure of tech and private equity firms will attract talent.
The key is to shift the debate to whether automation will be the silver bullet to end ‘rude’ work for bankers, and to use the perfect storm created by the pandemic to imagine how digital transformation can. be supported by values, not just value.
Head of Capital Markets, Accenture UK & Ireland, London EC3, UK