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The Future of Financial Services: How Work Is Impacted by the Connection and Convergence of People and Technology

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The Future of Financial Services: How Work Is Impacted by the Connection and Convergence of People and Technology The future of financial services: how work is impacted by the connection and convergence of people and technology 1 willistowerswatson.com Select Article Foreword Mary O’Connor, Head of Client, Industry and Business Development and Global Head of Financial Institutions, Willis Towers Watson The future of work in financial institutions 1 Ravin Jesuthasan, Managing Director and Global Practice Leader, Talent and Reward, Willis Towers Watson The algorithmic future of regulation 2 Professor Philip Treleaven, Director of the UK Centre for Financial Computing & Analytics and Professor of Computing at University College London (UCL) Using technology to help rebuild trustworthiness the insurance industry 3 Jagdev Kenth, Director of Risk & Regulatory Strategy, Financial Institutions Group and Grace Watts, Executive, Global Industries, Willis Towers Watson 4 Redefining negotiation: a social process in which we can all excel Ali Gill, board reviewer, psychologist and coach specialising in board effectiveness, behaviour and culture Game on: the potential for gamification in asset management 5 David Bird, Head of Proposition Development, LifeSight, Willis Towers Watson The future of leadership 6 Gemma Harding and Hannah Mullaney, Managing Consultant, Saville Assessment The future of wellness programmes 7 Rebekah Haymes, Senior Consultant and Gaby Joyner, Director, Willis Towers Watson Cyber risk: it’s a people problem, too 8 Adeola Adele, Director, Integrated Solutions & Thought Leadership, Global Cyber Risk and Michael O’Connell Head of Financial Institutions Group, North America, Willis Towers Watson How insurtech could alter the foundations of risk: capital matching 9 Andrew Newman, President, Global Head of Casualty & CEO Alternative Strategies and Andrew Johnston, Global Insurtech Research and Outreach Lead, WillisRe Technology risk in insurance: why UBI carriers can’t stay stationary for long 10 Geoff Werner, Telematics Global Product Leader, Willis Towers Watson Regulators are getting ‘up close and personal’ – with everyone 11 Francis Kean, Executive Director, Finex, Willis Towers Watson The future of jobs within investment management 12 Jim Ward, Senior Consultant, Global Financial Services, Talent & Rewards and Greg Kuczaj, Director Willis Towers Watson (contributor, Tim O’Neil) 13 A day in 2040: where blockchain could take us Richard Magrann-Wells, Fintech Leader, Financial Institutions Group, Willis Towers Watson ©2017 Willis Towers Watson. All rights reserved. Foreword The relevance of people and technology in 2017 People and technology were the two key themes that emerged from our interviews with 150 senior executives across the financial services industry for our 2015 Risk Index. Even now these themes remain just, if not even more, relevant. We are now at the beginning of a fourth industrial revolution driven by technology that will transform the way we work and live. We believe in the coming years more jobs in financial institutions are at high risk of automation than any other skilled industry. Financial institutions are and will continue to be top targets of cyber attacks and fintech continues its powerful disruption of the industry; now supplemented by insurtech and regtech. All of these developments meet at the intersection of people and technology. In this rapidly changing environment, financial institutions will have to adapt to a new future where lines will be blurred across sectors and industries and work will be deconstructed. In our lead article Ravin Jesuthasan, a global thought leader on the future of work and human capital, further explores these issues and how financial institutions can respond. The themes of people, technology and the future of work run throughout this future of financial services report: from algorithmic regulation to usage-based insurance. All three themes come together in our final article, which explores how our daily lives might look in 2040. We trust that the following articles will generate thought-provoking debate and discussion on the future of our industry and we warmly welcome your feedback. Mary O’Connor Head of Client, Industry and Business Development Global Head of Financial Institutions Willis Towers Watson Select Article 1 willistowerswatson.com We believe in the coming years more jobs “ in financial institutions are at high risk of automation than any other skilled industry. Financial institutions are and will continue to be top targets of cyber attacks, and fintech continues its powerful disruption of the industry; now supplemented by insurtech and regtech. ” 2 willistowerswatson.com Select Article 2 willistowerswatson.com View Article Online 1 The future of work in financial institutions Ravin Jesuthasan Financial services disrupted The new players include fintech and insurtech companies as well as disruptors in other industries. We’re at the beginning of a fourth industrial revolution, characterised by the fusion of In Asia, for example, Tesla has partnered with established insurers to offer a vehicle package featuring customised technologies and the convergence of the motor insurance that accounts for its vehicles’ autopilot physical, digital and biological spheres. Its safety features as well as maintenance costs. As it moves effects are already being felt in financial toward fully autonomous vehicles, Tesla is in a unique position to compete with property and casualty insurers in services, with the advent of robo-advisers in cases where traditional insurers are not willing to lower the wealth management, online-only banks and risk premium1. peer-to-peer funding. At the same time, technological breakthroughs in areas ranging from artificial intelligence and robotics to blockchain technology This technological disruption is also blurring lines across and telematics, are upending not only the way in which financial sectors and industries, a development that is especially institutions interact with customers and the products they relevant to financial services. The use of common offer but how work gets done. Because so much of the work in technologies and platforms is bringing global industries financial services involves information processing, it is especially closer together and changing the competitive landscape. susceptible to automation. Over the next 20 years, more jobs in the financial services industry are considered at high risk of automation than in any other skilled industry (figure 1). Figure 1: Automation and digitalisation are affecting financial services Electronic stock tickers and trading Rapidly declining prices of Artificial intelligence scalability tickets automation software (computers that are able to Increased automation of core Rise of pattern recognition by anticipate needs and complete processes software (machine learning) for tasks independently) ATMs investment analysis Information processing digitisation Rise of robots for lending and advice Rise of technology for claims processing Automation advances Automation Past Present Future 1980 – 2000 2000 – 2020 2020 and beyond Administrative clerks Financial analysts Client-facing positions (for example, salespeople) Branch staff Researchers Information processing-focused Phone-based stock traders and Transaction processing positions stockbrokers (for example, claims and loans) Financial advisers eliminations Potential job Potential Financial advisers/brokers Institutional traders Over the next 20 years, jobs in the financial services industry are considered at high risk of automation - more than any other skilled industry - about 54% of all jobs may be eliminated Source: Willis Towers Watson Analysis. And “The Robots are Coming for Wall Street”, The New York Times Magazine, Nathaniel Popper 1 Electrek, ‘Tesla expands on its new car insurance program as self-driving technology improves’, February 2017 Select Article 1 willistowerswatson.com In addition, the on-demand, gig economy offers options for getting work done using non-employee talent: for instance, contingent workers, talent on a platform and alliance partners. Companies expect to increase their use of non-employee talent over the next three years (figure 2). Figure 2: Non-employee talent is growing 25% 24% 46% 54% growth in share of all managers of all managers of companies of non-employee say they manage say they manage report changing talent expected at least one at least one their workforce over three years contingent worker contractor activities, enabling on their team them to use more non-employee talent due to technology now or in the next three years Source: Willis Towers Watson, 2016 Talent Management and Rewards Study To manage the risks and capture the opportunities of this new work ecosystem, leaders in financial institutions need a robust decision-making framework allowing them to evaluate the many emerging options for getting work done and how to make the best use of human talent. Rethinking how work gets done Once an organisation “disaggregates a job, it Since the second industrial revolution, organisations have is able to tap a range of been focused on jobs and employment as the primary sources for getting work means of getting work done. Yet today’s business leaders done – from robotics and must navigate a world beyond employment where work AI to employees on talent can be accomplished using non-employee talent as well platforms, contractors and as automation. alliance partners. This transformation of work requires that an organisation deconstruct jobs into ” tasks or projects. Once an organisation disaggregates a
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