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CFOs see job losses from digital transformation

The majority of CFOs (65%) expect digital transformation to significantly reduce the number of jobs in the financial services industry, according to the results of Onguard’s 2019 FinTech Barometer. CFOs are also concerned about their own job security. In fact, 38% of them believe their job will no longer exist in its current form ten years from now. This is a substantial increase from last year, when only 6% of the respondents reported job loss fears.

Those below director level are more pessimistic. Over half (57%) of financial managers anticipate the disappearance of financial jobs in general. This includes their own jobs, since almost a quarter (23%) of them believe their current job will no longer exist ten years from now.

The belief that finance professional jobs are at risk is down to the rapid development of new technologies. Jobs are changing and the financial industry requires different skills. 65% of the finance professionals who responded to the survey anticipate having to develop analytical skills. In the near future, they will need these skills to interpret and analyse data as part of the digital transformation. Skills seen as less important in the short term are communication skills (54%), leadership qualities (36%) and programming skills (13%).

Onguard CEO Bert van der Zwan said: “Each new era changes the way things are done and jobs evolve accordingly. We see the same thing happening in this era of digital transformation. Companies have been automating routine administrative tasks for some time which is reducing the amount of back office work done by people. So, back office jobs will be the first to disappear. People will still be needed, but not to do what robots can do perfectly 24 hours a day, seven days a week. Jobs that can be done by robots have no future. To change and evolve with the industry, finance professionals will find that developing new skills is a must.”

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