Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Monday, February 18, 2019 09:20:32 PM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

Tech transformation in FIs

By
08th-Feb-2019       
Comments
Share your thought
Post a comment »
Read all () »

Md. Harun-Or-Rashid :
Since 2008, Financial Institutions (FIs) have invested in technologies which significantly reduced average space per worker. The global financial crisis has been a wake-up call for the banking industry where regulations are affecting the workplaces in unexpected ways like leading to less flexibility, less collaboration and less innovation. Forward thinking banks are shifting their focus on environment.
FIs are no longer the employee of choice. How will they compete with tech firms to attract the brightest and the best? The future of the workplaces is about the future of peoples. As we change, as we become increasingly dependent on tech devices and as we work faster and become less tolerant of inefficient processes & technologies, we expect changes in the workplaces.
As such, Future workplaces would be:
Workplaces of the future will become more automated; Peoples remain the most critical assets of most FIs but are increasingly in the shadow of machines and in a maze of technologies. Executives of the organizations must figure out how to organize, how to operate and how to behave in a digital way and whether they can afford this change. Digital technology is having a profound effect on the 21st century FIs and changing the way we work, the way we manage, where we work, how we organize, the products we use and how we communicates. Traditional structures are becoming obsolete as the workforce shifts in its composition, demands and expectations. To capitalize, FIs needs to be proactive in understanding how work will be done in the future and what the workforce and workplace should look like. Example: Artificial Intelligence (AI); the machines haven't taken over, however, they are seeping their way into our lives, affecting how we live, work and entertain ourselves. The world runs on money and banks are essentially the gatekeepers and the banking & finance industry heavily relies on artificial intelligence like customer services, frauds protection, investments, trade finance services and much more. AI is the automated emails that you receive from FIs whenever you do an out of the ordinary transaction and that's AI watching over your account and trying to warn you of any fraud. By observing the routine aspects of our jobs, optimists argue, machines are freeing us up for more creative actives.  
Workplaces of the future will become more informal; With declining employee engagement and increasing burnout, how can companies build an irresistible employee experiences in today's 24/7, always on work environment? HR professionals, business managers and leaders at all levels will learn how to make their organizations more engaged, productive, collaborative and innovative. Who's chasing whom? Members of a generation of workers who can sell their talents anywhere are not necessarily lining up at your doors with hat in hand. Example: Future workplaces will far more informal by offering flexible working environments, relax dress codes, no formal name plate or title of the officers, prioritize technologies, keep up with mobile revolution and shift their perspective to attract the best deliverables and outcomes as well.
Workplaces of the future will become more soft skilled driven; It is a matter of survival and a time to think out of the box. To remain competitive and continue to exist, FIs need to migrate to a digital future which can better reach to customers, create more efficient processes and increase growth in ways that traditional business struggle to copy. However, technologies alone do not guarantee success in digital transformation. Companies need to ensure 3R theory (right people, right time and right place) that enables agility with the right people who have the right capabilities and are engaged to the extent that they will adopt and effectively apply the technologies. Example: Future workplaces of the organizations will largely depend on sales process and in the process of sales you can learn discipline, resilience, had a day with rejection, lot more about the organization. How do you connect with these types of peoples? Younger generation of the organization will handle these types of issues by inheriting soft skills (skills refer to positive attitude, good communications skills, time management abilities, problem solving skills, acting as team leader etc) rather hard skills (specific knowledge and abilities that are learned through education or training).
Workplaces of the future will become more portfolios based; How are we trying our younger generation becoming an entrepreneur in an effective way? Senior leaders are often more inclined to ask, how do we reduce human capital costs? How do we ensure that we get appropriate value from the money we invest in our people? Workers lives on both sides of the balance sheets; they're assets, not just cost of doing business. For example, people don't necessarily want to work from 9am to 5pm at office anymore. They want more flexible work, both in terms of the hours and the location. Websites that match employers with freelances are growing fast; and so is the potential for lower wages and inequality.
Workplaces of the future will become more unveiling (end of retirement); Sometimes, when an employer has a choice between two candidates, one with up-to-date skills and another with experience and a qualification with 20 years, there might be some logics for a risk averse employer to choose the first candidate. And it might also be because employer assumes that younger people are more adaptable, cheaper and more tech savvy and are going to stay with organization longer.  Example: Forget quitting at 65; everyone is going to have to stay on for longer, but we should exploit older peoples experience accordingly.
Finally, how we work in future will be more networked, more devolved, more mobile, more team-based, more project-based, more collaborative and more real-time. FIs still need great leaders, managers and employees at all level to get things done in an efficient and effective way. Remember, tech can only be rewarding while ensuring more than enough security.

(Md. Harun-Or-Rashid  is a banker)

Tariff
Add Rate

News Archive

Inside The New Nation

Editorial »

Take hard-line against tax eviction by working foreigners


THE international organisations and development partners working in Bangladesh did not surrender or renew the Customs Passbooks of their 395 non-Bangladeshi staff till the date. The National Board of Revenue had directed them to complete the task within the January 31 deadline, newspapers reported. According to NBR, employees of 21 ...

City »

40 DU students get Sumitomo Corporation Scholarship


City Desk  :A total of 40 under-graduate students from different academic years of Dhaka University (DU) have been awarded Sumitomo Corporation Scholarship of Japan today February 17, 2019 at Nabab Nawab Ali Chowdhury Senate Bhaban of the university.Dhaka University Vice-Chancellor Prof. Dr. Md. Akhtaruzzaman presided over the function while Treasurer ...

Cricket »

Sri Lanka sensation Perera hailed for Test-winning heroics


AFP, Colombo :Kusal Perera became a national hero in Sri Lanka on Sunday after scoring an unbeaten 153 to guide his country to a sensational first Test victory in South Africa.The country's cricket legends and politicians lauded Perera, who has become a linchpin for the ailing national side since fighting ...

International »

Japan PM nominated Trump for Nobel after US request


AFP, Tokyo :Japan's Prime Minister Shinzo Abe nominated US President Donald Trump for the Nobel Peace Prize last autumn after being requested to do so by Washington, a Japanese newspaper reported Sunday.Washington sounded out Tokyo over the possibility of nominating Trump for the prize after his landmark summit with North ...

Entertainment »

Shraddha Kapoor obliges fans amidst a busy schedule


Actress Shraddha Kapoor obliges for some selfies with her fans amidst a busy schedule. The actress was pictured today in London where she is working on her upcoming project Street Dancer 3D. The official Instagram handle of Manav Manglani had recently posted pictures of her taking selfies for her fans ...

Editorial »

Ensure safety for patients in the hospitals by any means


CITY'S Shaheed Suhrawardy Medical College Hospital has started operations after a messy situation caused by fire on Thursday evening. Director of the SSMCH said a total of 1,174 patients, including 72 children, were shifted to other government hospitals after the fire originated at the children's ward on the second floor ...

Sports »

Stunned Japan swimmers back stricken Olympic pin-up Ikee


AFP, Tokyo :Japanese swimmers have vowed to step up their efforts in support of Rikako Ikee, the poster girl for the 2020 Tokyo Olympics who has announced she is suffering from leukaemia.Earlier this week, the 18-year-old swim queen tweeted that she had cut short a training camp in Australia after ...

Football »

Capoue sends Watford into FA Cup quarter-finals at QPR's expense


Etienne Capoue's goal in first-half stoppage time was enough to give Watford a 1-0 win away to Queens Park Rangers (QPR) on Friday that saw the Hornets into the quarter-finals of the FA Cup.Both sides had opportunities in an even opening period that belied the fact that Watford are eighth ...

International »

Turkey has not revealed all about Khashoggi killing : Erdogan


AFP, Ankara :Turkey has not yet revealed all the information it has discovered about the killing of journalist Jamal Khashoggi in the Saudi consulate in Istanbul, President Recep Tayyip Erdogan said Friday."We haven't given all the elements we have at our disposal," the Turkish head of state said during an ...

Entertainment »

Fagun Haway' draws huge acclamation


Entertainment Desk :The premier show of 'Fagun Haway', a movie based on the 1952 Language Movement, draw a large number of film loving people at cinema halls.Actor turned director Tauquir Ahmed directed the movie which was released simultaneously at 52 cinema halls across the country.The story of the movie was ...

City »

The Namaz-e-Janaza of Poet Al Mahmud was held at the Jatiya Press Club on Saturday.


Editorial »

Save the Sunderbans to save the Royal Bengal Tigers


FOR the constant rise in sea levels and rapid climate change, the famous Royal Bengal Tigers of the Sunderbans could be disappeared within 50 years, especially from the Bangladesh part, according to a new study published recently in the journal Science of The Total Environment. A team of Bangladeshi and ...

City »

Members of RAB-2 nabbed one on Friday from Narayanganj for taking money from government officials from different areas in the country impersonating Anti-Corruption Commission official.


.

Cricket »

Feels like it`s a blessing to just be playing again: Steyn


Agency :Dale Steyn, the South African mainstay, continued to impress on his comeback trail, as he bowled at high pace and picked up four wickets over a long spell on Day 2 of the first Test of the two-match series versus Sri Lanka in Durban.The veteran fast bowler bowled at ...

Entertainment »

Shanta Jahan feels comfortable in hosting


Sheikh Arif Bulbon :Popular host of present time Shanta Jahan has to be engaged with hosting round the year in and outside the country in different stage shows and TV programmes. Besides hosting, she has more identities. She is also a model and TV actress. But she always feels comfortable ...

 
Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
 
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Email:
Write a comment to this news