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How Financial Services functions will operate

How Financial Services functions will operate

People, systems and processes will change

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How FS functions will operate

The final extract from the 30 Voices on 2030 research considers the five opinions below:

  1. Financial Services (FS) firms will employ fewer people, but pay them more
  2. Automation will completely eradicate manual processing
  3. Firms operate in the cloud, with IT managing procurement and deployment
  4. External partners will proliferate, including “innovators in residence”
  5. Distributed ledger technologies will render central counterparties irrelevant

As automation and AI accelerate, the workforce of the future will focus on higher-value work across the enterprise with a single view of the truth, rather than operating in siloed functions. This will require the  recruitment of staff with different skills. Organisations will employ fewer people overall, as the need for manual processing is eradicated, but their employees will be more highly paid, as they exploit their abilities to parse data for competitive advantage.

Businesses will not only be more collaborative internally, but will also work more closely with external partners, including innovators and entrepreneurs. They will leverage the flexible labour market to build such partnerships when needed, not least since collaborators may not want to formalise working relationships. These shifts will require a move away from legacy IT systems to cloud-enabled architectures that offer speed and agility. The role of IT will be to manage the procurement and co-ordination of best-in-class solutions “as-a-service” when they are needed, not look after on-premise systems.

Along with people and systems, process will change, too. More efficient straight-through processing will eradicate manual interventions – even outsourced business process contracts will no longer be required. Distributed ledger technology will underpin transactions, providing immutable records with no need for central counterparties.

© 2018 KPMG LLC, an Isle of Man Limited Liability Company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

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