Future Finance: How Emerging Technology is Transforming Skill Sets in the Financial Sector

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The finance industry is undergoing a rapid transformation as new technologies such as artificial intelligence, blockchain, cloud computing, and big data are reshaping the way financial services are delivered and consumed. These technologies are not only creating new opportunities for innovation and efficiency, but also new challenges and risks for the finance professionals who need to adapt and evolve their skill sets to stay relevant and competitive in the changing landscape.


The Rise of Digital Finance

According to a report by Forbes Finance Council, digital finance is expected to account for 46% of global financial services revenue by 2025, up from 29% in 2018. This means that more and more financial transactions and processes will be conducted online, through mobile devices, or via digital platforms that connect customers, providers, and intermediaries. Digital finance is also enabling new business models and value propositions, such as peer-to-peer lending, robo-advisors, crowdfunding, and decentralized finance.

The Impact of Emerging Technology on Finance Skills

The adoption of emerging technology in finance is not only changing the way financial services are delivered, but also the way they are performed. As automation, analytics, and artificial intelligence take over routine and repetitive tasks, finance professionals will need to focus more on higher-value activities that require human judgment, creativity, and empathy. These include:

  • Strategic thinking: Finance professionals will need to develop a strategic mindset that can anticipate and respond to changing customer needs, market trends, and regulatory environments. They will also need to leverage data and insights to identify new opportunities and risks, and to design and implement innovative solutions that create value for their organizations and stakeholders.
  • Communication and collaboration: Finance professionals will need to communicate effectively with diverse audiences, both internally and externally, using various channels and formats. They will also need to collaborate across functions, geographies, and cultures, as well as with external partners such as fintech startups, regulators, and customers. They will need to build trust, rapport, and influence with their stakeholders, and to manage conflicts and negotiations constructively.
  • Digital literacy: Finance professionals will need to acquire a basic understanding of the key technologies that are transforming their industry, such as artificial intelligence, blockchain, cloud computing, and big data. They will also need to learn how to use these technologies effectively and ethically, as well as how to protect themselves and their organizations from cyber threats and data breaches.
  • Lifelong learning: Finance professionals will need to adopt a growth mindset that embraces change and challenges as opportunities for learning and improvement. They will also need to continuously update their knowledge and skills through formal education, online courses, certifications, mentoring, coaching, and self-directed learning.

How to Prepare for the Future of Finance

The future of finance is exciting but also uncertain. To succeed in this dynamic environment, finance professionals will need to be agile, adaptable, and resilient. They will also need to take proactive steps to prepare themselves for the new demands and expectations of their roles. Some of the ways they can do this are:

  • Assess their current skill sets and identify their strengths and gaps
  • Seek feedback from their managers, peers, customers, and mentors on their performance and areas for improvement
  • Set realistic and specific goals for their personal and professional development
  • Create a learning plan that outlines the resources, activities, and timelines for achieving their goals
  • Seek out opportunities to apply their learning in real-world situations
  • Monitor their progress and celebrate their achievements
  • Seek out new challenges and experiences that expose them to different perspectives and contexts
  • Network with other finance professionals who share their interests and aspirations
  • Stay updated on the latest trends and developments in their industry
  • Be open-minded and curious about new ideas and possibilities

The future of finance is here. Are you ready?

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