2. Studies by Carl Benedikt Frey and Michael Osborne, Oxford University
5. The mobile revolution
Consumerisation and outsourcing of
technology should become the norm. Banks
should adopt a new model for technology
and systems development, as employees
demand more and more consumerised and
individualised technology to work with.
•
Banks have traditionally kept the majority of their
technology development in-house, citing security as the
main driver. But this is inefficient in terms of ensuring
they have the right knowledge and skill sets for all types
of development, making the creation of cutting edge
products more challenging.
•
We believe that banks should begin to outsource
technology development, harnessing new ideas and
expertise from other industries to plug this gap –
and allow them to fully compete in a consumerised
marketplace.
•
At work, we believe banks should allow employees to
bring their own device (BYOD – Bring Your Own Device),
as well as expanding the availability of corporately owned
but personally-enabled devices (COPE). A COPE policy
allows employees to use smart devices for personal
use, while giving banks control of the security of the
technology.
6. Shaking up THE
bank structure
The shrinking middle and disappearing back
offices. Automation will remove back and middle
office jobs and result in a significantly reduced
requirement of real estate.
•
Consumers and clients of retail banks will continue
to push for digital banking and services, presenting
challenges for banks with legacy technology
infrastructure and geographically dispersed regional
property portfolios.
•
Banks that fail to invest in technology will suffer
compared to leading innovative banking brands
who invest substantially in client and customer facing
technology, applications and services. In order to provide
these digital services at the front end, banks will need to
digitise internal processes and workflows, and therefore
automating significant proportions of back and middle
office jobs.
•
A recent study by academics at Oxford University
2
suggests that 47% of today’s jobs could be automated
in the next two decades. Banks will be able to use
this opportunity for significant rationalisation and
consolidation of their property portfolios, with significant
cost reductions and reduced complexity in the portfolio.
16
The future of the financial workplace
|
September 2014
