A new report has revealed six new banking jobs of the future expected as the industry focuses on digital evolution, with a view to how that will impact on people in the workforce.
The study commissioned by HSBC analyses the challenges and opportunities on the horizon for the banking industry and has used that to predict six new types of jobs of the future.
“Many of the roles and job titles of tomorrow are unknown to us today,” said Josh Bottomley, global head of digital, retail banking and wealth management at HSBC.
One thing is certain, however – artificial intelligence will not replace human intelligence.
Blending the best technology with the power of people will be the difference between good and great when it comes to customer experience.
Now, the new titles don't have the catchiest of names, so perhaps in the coming years they'll get condensed into something snappier. But for now, here's some insight into why algorithm mechanics are universal service advisers are expected to be high in demand in the not too distant future…
1.) Mixed reality experience designer
With a growing focus on augmented reality, HSBC reckons: "Overlaying our physical world with a layer of digital data allows use to create any imaginable character or object and locate them in physical space as if they were real, and this technology will likely be used to carry out some of our banking needs in the future."
Key skills expected of these recruits will include designing the aforementioned three-dimensional interfaces and making them slick and user-friendly, so that will need know-how in aesthetic design, branding and 3D mechanics.
2.) Algorithm mechanic
We're increasingly passing off decision-making onto algorithms, but HSBC says these operate in a fast-changing environment of shifting regulations and evolving products. Being able to constantly tune them to help improve banking customer experience will be a sought-after skill.
Risk management, service design and financial literacy will also be expected in the role.
3.) Conversational interface designer
Chatbots are already used in banking to field simple queries, and conversational interface design is a growing skill that HSBC says will help make best use of voice and text chatbots, and one set to become more important as the tech becomes more mainstream.
An individual delivering chatbots that both solve immediate challenges and "surprise and delight customers" will need a mixture of creative, linguistic and anthropological skills.
4.) Universal service adviser
Gone are the days of branch-only services from banks. Today, customers may want serving via chat app, voice, or in a branch. With that, HSBC thinks, comes the need for highly skilled service agents who can help customers across a range of products. They may need to switch between virtual and physical environments at any time to help tackle customers' troubles – and will need to make the switch seamlessly.
The customer adviser of the future will need both product and domain knowledge along with excellent customer communication skills and empathy, according to HSBC.
5.) Digital process engineer
Many typical banking customer interactions, such as bringing someone on board or replacing a lost card, follow standard processes that balance security and regulatory requirements. The report says the rate of change of these processes is likely to pick up – along with their complexity – so a digital process engineer would analyse and assemble these workflows.
As for skills, a digital process engineer will need "great discovery skills, to understand large and interconnected workflows and diagnose problems and bottlenecks", along with creative skills to help test solutions and new concepts.
6.) Partnership gateway enabler
Digital relationships with banking partners like fintechs and global tech companies will need careful monitoring and negotiation, according to the report. With so much data – both cash and customer data – flowing between organisations, HSBC notes someone will need to keep "a watchful eye" on conduct, and ensure regulatory compliance at all times.
They will need to balance technical knowledge with an understanding of security and risk management, while communication skills for partner engagement would also be a big boost.