The Future of Work in Financial Services: A Crossroads In The Workplace

by Ryan Kao, Strategy & Innovation Manager, Quesnay

On November 12, Quesnay and Rise Barclays hosted a half-day TechTalk where we explored the Future of Work in Financial Services with keynote speaker Stephanie Coleman (Director, Financial Services Advisory, PwC), a panel of esteemed experts, and a showcase of startups tackling the challenges of emerging workplace trends.

 
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Panel Members:

Stephanie and our expert panel illustrated how, in this technological age, the industry faces a myriad of intriguing challenges and opportunities. 

  • The pace of change is making it more difficult than ever to properly assess the capabilities and desires of multi-generational workforces, while avoiding stereotypes and biases.  

    3% of jobs are at risk of automation by 2020, 30% by 2030 (PwC)

→ How should leaders affect change and foster innovation across large workforces with disparate career goals?

  • Emphasizing and fostering true culture change and continuous learning as a way of life, rather than a set of workshops or tools, is critical to ensuring workforce buy-in.  Maintaining forward momentum for innovation is a real issue for workers that may not see immediate benefits.  

46% of CEOs name “significant retraining/upskilling” as the most important factor when attempting to close the skills gaps impeding innovation (PwC’s 22nd CEO Survey of 1,378 CEOs in 90 territories)

→ How can leaders set the right tone, encourage internal enablers, and fight off skepticism and cynicism?

  • Diversity of backgrounds is vital to the future workplace - this is undisputed and obvious (if not universally adopted) - but companies must also avoid remaining homogeneous when it comes to skills, methodologies, and tools.  Diversity in all areas of business will build resilience and enable faster discovery of new and stronger solutions. 

Companies with higher-than-average diversity had 19% higher innovation revenues. (Harvard Business Review)

→ How will leaders know when to shake up the system or when to cut through the noise?

  • Beyond the internally-focused questions, as more advanced technology (i.e. artificial intelligence, machine learning, facial recognition, etc.) is introduced at varying levels of every industry, broader questions regarding ethics, values, and a company’s core mission will become more complex.  

Behavioral science can be applied to nudge people to act in ways that are either consistent or inconsistent with their long-term best interests. (Deloitte Insights)

→ It’s more essential than ever to attempt to answer these questions - but who should be addressing these questions?

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One of the most prevalent examples of the changing workplace environment is the growing gig-economy.  Freelancers across all industries, wishing for more flexibility and multiple income streams, are looking to emerging platforms built specifically to support their unique financial needs from a more flexible payment schedule to a different approach to wealth management.

After a short break, the packed room returned to hear from a diverse showcase of four startups providing cutting-edge solutions for both gig-workers and those institutions open to supporting their market.  Presenting startups included:

    • Novo offers improved and innovative small business banking experience by providing an AI-powered business checking account that helps businesses understand their finances better.

  • Oona Roktya, Co-Founder & CEO, Lance

    • Lance provides freelancers with a path to financial success, from setting up LLCs and business banking accounts to suggesting real-time tax savings and insurance policies

  • Jay Widlitz, Co-Founder, Braindrop

    • Braindrop is a corporate learning platform that connects business teams with virtual experts, coaches and speakers to solve challenges and improve employee mindset.

Quesnay’s Final Takeaway:

Advancements in technology, alone, will not properly prepare businesses for the future. Leaders in all industries must strive to foster genuine culture transformation, consistent and reliable coaching, and develop new styles of empathetic and flexible communication methods in order to ensure the workforce remains equipped for 2020 and beyond.

The Future of Work in Financial Services half day TechTalk was the second event in an ongoing series of events hosted by Quesnay, in New York, NY, to unpack trends of a changing workforce.

Contact us if you’re interested in participating in the next event in 2020!