siliconindia | | November 20199Agile workspaces encourage learning and collaboration, and this is a constant rather than a time-bound exercisetechnologies, rather than technology being merely an enabler. However, any digital transforma-tion is incomplete without also trans-forming the workforce. Ensuring the workforce is future-ready is very im-portant because the FinTech space is in a constant state of flux, with new technologies being adopted every day. Automation, machine learning, AI, blockchain, robotic process automa-tion (RPA), Big Data and IoT have all begun to change the contours of how goods and services are designed and delivered. This means many opera-tional and customer-facing roles are on their way out. At the same time, the rise of AI-powered chatbots and digi-tal assistants in Indian banking is also allowing financial institutions to divert their energies towards innovation and customer acquisition. According to a 2018 World Economic Forum report on `The Future of Jobs', by 2022, 62 percent of an organisation's information and data processing and information search and transmission tasks will be performed by machines compared to 46 percent today. According to the EY-FICCI-NASSCOM report on the future of jobs, 70-75 percent of jobs in the banking and insurance sector in India would need new skill sets by 2022. The report lists-out new job roles such as cybersecurity specialist, blockchain architect, and robot programmer, among others. Accordingly, threatened jobs in the BFSI sector include underwriter, teller, cashier, data entry operator and data verification personnel. These statistics are enough proof to show that the future is one where the frontiers of human-machine collaborations will be pushed. Enter UpskillingThe FinTech disruption ushers-in the need for upskilling (upgrading current skill sets of the workforce in a related role) or reskilling (training employees in new skills required for a completely new role). Banks and financial institutions are already in the process of doing so, in order to serve the new-age digital customer seamlessly. Nearly 74 percent of firms surveyed in the EY-FICCI-NASSCOM report are in the process of reskilling current employees. The WEF report cited earlier also forecasts that by 2022, 54 percent of all employees will need `significant re- and upskilling'. The report adds that about 35 percent may need extra training of up to six months. It lists-out analytical thinking and innovation, apart from active learning and learning strategies as skills that will gain prominence by 2022.A 2017 IBM report titled `Upskilling India' notes that 70 percent of venture capitalists it surveyed said startups were unable to find employees with the right skills. This is an indication of a talent/skills gap in the country, calling for upskilling measures from the government, educational institutions and industry. What does upskilling entail?The workforce of the future, irrespective of the industry, will be an agile one. Agile workspaces are flat structures, where there are no hierarchies. There are no silos, and there's democratisation of information. Agile workspaces encourage learning and collaboration, and this is a constant rather than a time-bound exercise. Such spaces are also tech-integrated, and the workforce is diverse. These workplaces of the future will have employees who are creative thinkers, and have a high emotional quotient (EQ). Soft skills will be valued and sought after. Also, the employees of the future have the capacity to adapt in real-time to introduction of emerging technologies. The FinTech workspace of the future would need an agile workforce, considering the number of disruptions it will continue to see. In conclusionThe total transaction value of the FinTech market in India is estimated to grow from $66.1 billion in 2019 to $137.8 billion in 2023. Considering the huge potential of this market, upskilling is no longer a luxury but a necessity. All stakeholders, including employees themselves, need to focus on being prepared for a future where new skills and job profiles will take-over. Robin Bhowmik, Chief Business Officer
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