The 4th revolution is reshaping the workforce in Financial Services. Read Accenture's view on how Nordic financial services companies can become change leaders.

1. HOW NORDIC
PLAYERS ARE
RESPONDING?
AI REVOLUTION IS
RESHAPING WORKFORCE IN
FINANCIAL SERVICES.
Nordic research results

2. Copyright © 2017 Accenture. All rights reserved. 2
WHAT DID WE FIND OUT?
AI and digital service revolution are happening
right now with exponential speed!
Business leaders / developers / change
drivers in financial service sector
DO NOT FULLY UNDERSTAND
THE SPEED AND EXTENT
of technological development and
workforce transformation.

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WHAT DID WE FIND OUT?
Financial service organisations must
start addressing workforce transformation
by driving change and supporting the
transforming workforce
BOTH INSIDE AND OUTSIDE THEIR
ORGANIZATIONS
There is a real urgency to plan reskilling,
augmenting workforce by AI and defining
new operating models in order to anticipate
the digital and automated environment.

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WHAT DID WE FIND OUT?
Financial service organisations have
untapped potential and good intentions to
PIVOT TO THE NEW AND
INCREASE CUSTOMER CENTRICITY,
however future existence requires right
actions today.
Harness analytics in order to understand the
customer value chain and ensure continued
relevance for transforming customers and
raising customer groups.

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WORKFORCE
TRANSFORMATION
IS DRIVEN BY
TECHNOLOGY
THAT RUSHES
RAPIDLY AHEAD…
Financial service sector
acknowledge that

6. 1 2 3 4 5
Digitalization (virtual business)
Intelligent automation
Connected applications
Ecosystems,cocreation and partnerships
Disruptive buisness strategies
Workforce mobility and migration
Global competition
Ageing of population
Work-related legislation
Copyright © 2017 Accenture. All rights reserved. 6
TRANSFORMATION DRIVERS
GROWTH OF EFFECTS IN SCALE OF 1-5
ACKNOWLEDGE

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FUTURE WORKFORCE
CONTINUOUS
LEARNERS
SELF-
EMPLOYED
DIGITAL AND
ADAPTIVE
NON-HUMAN
Intelligent automation
will become remarkable
part of workforce as it
takes over more and more
sophisticated task.
Entrepreneurship and
having several part-time jobs at
the same time will increase
together with other atypical
forms of employment.
Workforce become more
mobile.
End-to-end process will
extend across legal
entities. Workforce will be
eager and capable of using
digital services and be
change-positive.
Workforce must have
analytical and data
processing skills and work
will become the most important
learning program ensuring
continuous learning.
ACKNOWLEDGE

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VISIBLE CHANGES
Digital solutions and
automation enable fading of
customer service. Obligatory
operations become imbedded
and invisible parts of additional
services.
Growing demand of digital,
real-time services and
increasing customer
expectations towards service
levels.
SMEs and entrepreneurs
become new focus groups.
Employees in active working
age drive offering
development
Growing mismatch of people’s
skills and technological
development will in worst case
leave a lot of people behind.
TRADITIONAL
CUSTOMER
CONTACT LOST
NEW TYPES OF
CUSTOMERS
DIGITAL
SERVICE
REVOLUTION
FUNDAMENTALLY
DIFFERENT
LABOUR
MARKET
ACKNOWLEDGE

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HAS NOT BEEN FULLY
UNDERSTOOD AND
TURNED INTO STRATEGY
OR ACTIONS
…But the effects of
workforce transformation

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Artificial intelligence will
never be able to replace
analytical and
communication skills,
sentimental intelligence and
cognitive capabilities that
humans have.
1/2 of the executives do not believe
intelligent automation is replacing people
in complex back-office tasks and 1/3 on
customer interface in the near future.

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10 years is so short period
of time that in that time no
big advancements can be
made. However, according to Accenture’s
international survey 86% of executives
think that technology advancement is
marked by an exponential rate of change.

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Financial service providers
believe that they can manage
the change with assets such
as good
reputation and
loyal customer base.
Executives’ understanding of
effects of increasingly utilizing
automation is not aligned with
their understanding of future
needs of employees.
More automation
and more people in
management?

13. HOWEVER, THERE IS A LOT OF
POTENTIAL RECOGNIZED IN
WORKFORCE TRANSFORMATION
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Life insurers have been carrying wellbeing
responsibilities long before the raise of social
security, now that the level of the national social
security is decreasing life insurance companies
should stand up and speak.
industry experts think that pension
and life insurance companies
should have a role as
IDEOLOGICAL LEADERS AND
WORKING LIFE TRANSFORMERS
%

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What financial service
providers should do

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Kick-off reskilling and recruiting activities
• Putting AI to customer interface
• Adopting people first mindset and augmenting
workforce by AI
• Ramp-up for utilizing external workforce
• Cooperation in strategically non-differentiating
areas
• Focusing on customer value and business impact

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• Stop using IT as an excuse for not adopting agile
solutions
• Believing that AI will happen next decade – it’s
now!
• Taking granted your current position in the market
• Relying on your current skills, which might not lead
you in success in the future

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• Automating processes and speeding up
with implementations
• Driving activities that are improving time
to market
• Nurturing and building ecosystems

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To become a true change leader and drive
the change with a clear vision
START PUTTING PEOPLE
FIRST AND MAKE VALUE
AND OUTCOMES THE
FOCUS AREAS!

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MORE
INFORMATION,
PLEASE
CONTACT
ANNE LIND
Management Consulting Lead, Nordic Financial Services
anne.lind@accenture.com