4 Statistics Every Financial Services Process Professional Should Know
The financial services industry is transforming. With the advance of the digital era, those who occupy this space are facing new threats, new opportunities and a dire need to disrupt their approach to people, process and technology. Here, we share four statistics that demonstrate the pressing reality of this approaching evolution.
50% of Gen Y consumers would consider switching from a traditional financial provider to bank with Google or Amazon. (Accenture)
While neither of these companies currently offer bank or insurance products, this statistic is a reflection of Millennial openness to digital-only banking. Additionally, according to MarketingCharts, there is a belief among this generation that the GAFA companies (Google, Apple, Facebook and Amazon) would offer a better customer experience than traditional brick-and-mortar institutions.
70% of banks will invest in tech to strengthen their competitive positioning and build market share in the next three years. (EY)
Technologies such as Robotic Process Automation and Cognitive Learning offer the ability to drastically transform a financial service business from the front to back-end. Relieving human workers from the monotony of tedious activities, reducing errors rates and dramatically decreasing the length of time needed to perform a variety of processes - they can drastically improve the productivity and positioning of an organization.
26% of banking executives say only 1 in 4 of their employees is ready to work with intelligent technologies. (Accenture)
Despite the growth in the implementation of intelligent technologies within the financial services, there is a clear digital skills gap among the industry’s workforce. This, of course, is a large inhibitor for organizations seeking to boost operational excellence this way. In OPEX in Financial Services’ 2018 Strategy Report, 46.7% of process leaders cite internal training/skills gaps as key challenge in boosting operational excellence.
Only 7% of Millennials graduating from college in the US in 2016 indicated an interest in banking and capital markets as a career. And only 3% are interested in working in the insurance industry. (Accenture)
Recruiting and developing key talent who demonstrate the skills necessary to address the challenges and opportunities of the digital age is and should be a major focus of many in the financial services industry. But, as the statistics show, more has to be done to attract the younger generation to these roles. A generous salary alone is no longer enough here as millennials put greater emphasis on a company’s culture, social responsibility and work-life balance in comparison to previous generations.
To discover more future focused statistics about the future of financial services download our exclusive infographic.