Onguard Survey Reveals Almost two-thirds of CFOs Expect Digital Transformation to Impact Employment

Onguard Survey Reveals Almost two-thirds of CFOs Expect Digital Transformation to Impact Employment
01.07.2019 12:06 pm

Onguard Survey Reveals Almost two-thirds of CFOs Expect Digital Transformation to Impact Employment

Digital Identity

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 the 2019 FinTech Barometer, an annual survey conducted by order-to-cash specialist Onguard. 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.

Finance professional skills

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%).

Bert van der Zwan, CEO at Onguard: “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.”

Related News

SwissBorg automates onboarding process with digital identity verification powered by Onfido

SwissBorg has partnered with Onfido to securely verify applicant identities for its wealth management platform, providing a seamless customer... Read more »

Global payments firm Sokin partners with Jumio to disrupt the world of cross-border transfers

Sokin, the new generation payments firm, has announced a partnership with Jumio to introduce the latest digital identity verification... Read more »

Prove Sets Standard for Modern Identity Authentication with New Brand, First Major Acquisition, and $100M Investment

Payfone, the modern platform for continuous identity authentication, announced today that it has rebranded as Prove. The rebrand... Read more »

UK Fintech Curve Taps Onfido to Provide Streamlined Onboarding for its Customers

Curve, the banking... Read more »

Group Futurista Geared up to Launch its 4th Futurecast Webinar Series of Reimagining Digital Identity During COVID-19

After three grand successful series of webinars, Group Futurista is organising its fourth in the ‘Futurecast Webinar Series”  - Reimagining Digital Identity during and after... Read more »

Alior Bank selects Onfido to streamline digital identity verification for onboarding new customers through its mobile application

Onfido, the global identity verification and authentication company, today announced a partnership with... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel