Fifty one years ago, at a Barclays branch in Enfield, north London, the world’s first automated teller machine (ATM) was unveiled. Comedy actor Reg Varney withdrew money from the cash machine dispenser, spelling the beginning of a new era of banking – one which didn’t rely purely on humans to manage transactions.
But the impact of the ATM machine was not to destroy tellers. Instead, they actually increased as banks shifted their tellers from purely transactional activities to sales and advisory roles.Today, we are on the cusp of another revolution in the industry – something which promises to have long-lasting ramifications on our workforce. We’re talking about machines and the rise of artificial intelligence (AI). For banks, AI offers the tantalizing prospect of huge productivity gains and customer service improvements. But many also fear that the rise of AI threatens countless jobs and undermines individual roles like no other technology before it.
In this Efma digest, we highlight some of the most prominent challenges and considerations banks face as they gear themselves up for managing and developing a digitally enabled workforce. Over three parts, we look at how technology is reshaping the way people will work, including some of the ways banks are developing exciting and engaging ways to train and future-proof their workforces; what banks need to do to help their workers build resilient careers; and how they should rethink existing job roles, including some of the best ways to effectively introduce AI.
Ultimately, the report seeks to provide clarity on the matter of how banks should ready their workforce for big changes in the years ahead. And that banks’ aims should not be to simply replace their workers with technology, but rather to explore how they can take the best of both machine and human attributes, and bring them together to realize their full potential.
Keywords : Talent management , AI/Robotics , Sales management