Going, Going and Gone are the jobs
A study released today by the Monetary Authority of Singapore (MAS) and the Institute of Banking and Finance (IBF) highlighted three technology trends which are shifting the nature of job roles in the financial services industry in three to five years: robotic process automation, advanced analytics and artificial intelligence leading to the convergence or displacement of a third of the job roles eg bancassurance officer in retail and corporate banking, and investment performance analyst in asset management.
How to remain relevant for the future ?
It is very difficult to predict the future and predict what jobs will hold out as the winners, it is still good to follow some basic logical rules:
- learn as many things as possible – from engineering to humanities to programming, from front office to back office and across industries. Diversification of knowledge and experience is the key.
- Create deep knowledge and be a top specialist for whatever that you are doing. With less jobs going around, the jobs are likely to goes to the one who is best at it. This helps in your career longevity.
- Take learning as a personal value and start self-learning early and consistently. Explore and leverage on online e-learning resources, skillfuture portal etc and pick all the new knowledge every day.
- Focus on the non-repetitive, non-replicable elements – the creative and artistic elements of the job. These elements are difficult to handle by the artificial intelligence and therefore will likely to remain in demand in the future.
- Nurture and grow your network. Machines and automation can replace jobs but it can never take away the human relationship around the job. Who gets the job in most of the time depends on who you know.