Strategic Intelligence: The Future of Work in Banking and Payments
Summary
This report provides an overview of the impact that future of work technologies will have on the banking and payments sector. The key technologies within this theme are split into five categories: visualization, automation, interpretation, collaboration, and connectivity. Several case studies are included to analyze the ways companies have responded to the impact of this theme’s growth and what they are doing to grow with this theme.
The future of work is taking on importance as banking and payment companies look to automate processes, improve customer experiences, and tackle staff shortages. Technologies such as automation, connectivity, and interpretation can automate routine tasks such as processing loans for high-value products like mortgages. This can lead to significant cost savings for large retail banks, allowing employees to focus on more strategic initiatives. The interpretation category is the most influential part of GlobalData’s future of work framework; all companies involved in the value chain need to invest in these technologies or risk losing their competitive edge.
Scope
- Artificial intelligence (AI) is transforming the financial services sector by enhancing decision-making efficiency and enabling improved data analysis. For example, banks are deploying AI for investment forecasting and portfolio optimization, benefitting from data-driven insights that increase accuracy and operational speed.
- According to the International Labour Organization, despite a decrease in unemployment compared to pre-pandemic levels, labor underutilization remains a major concern. Future of work technologies allow financial firms to hire from a broader talent pool, helping to close the talent shortage gap.
- Investment in visualization technologies within the banking and payments sector is becoming increasingly important as the industry continues to evolve and adapt to changing consumer preferences and technological advancements. Augmented reality, virtual reality, data visualization, and digital twins can revolutionize how financial institutions interact with customers, manage data, and make strategic decisions.
- Benchmark yourself against the rest of the market.
- Gain a competitive advantage in the banking and payments industry by understanding the potential of future of work technologies.
- Quickly identify attractive investment targets in the banking and payments industry by understanding which companies are most likely to be winners in the future based on our thematic scorecard.
- Assess the strategies that companies are adopting to succeed in the future of work theme.
- Executive Summary
- Players
- GlobalData’s Future of Work Framework
- The Impact of the Future of Work on Banking and Payments
- How visualization helps tackle the challenge of training
- How connectivity helps tackle the challenge of talent shortages
- How collaboration helps tackle the challenge of efficiency and compliance
- How interpretation helps tackle the challenge of reskilling employees
- How visualization helps tackle the challenge of financial inclusion
- Case Studies
- J.P. Morgan Asset Management’s Guide to Markets using AR
- Morgan Stanley introduces a GenAI-powered research assistant
- DBS Bank launches an in-house AI platform to drive career development
- The Future of Work Timeline
- Signals
- Mergers and acquisitions
- Company filing trends
- Hiring trends
- Companies
- Leading future of work tech adopters in banking and payments
- Specialist future of work tech providers in banking and payments
- Sector Scorecards
- Retail banking sector scorecard
- Who’s who
- Thematic screen
- Valuation screen
- Risk screen
- Payments sector scorecard
- Who’s who
- Thematic screen
- Valuation screen
- Risk screen
- Glossary
- Further Reading
- GlobalData reports
- Our Thematic Research Methodology
- About GlobalData
- Contact Us
- List of Tables
- Table 1: Mergers and acquisitions
- Table 2: Leading future of work tech adopters in banking and payments
- Table 3: Specialist future of work tech providers in banking and payments
- Table 4: Glossary
- Table 5: GlobalData reports
- List of Figures
- Figure 1: Key players in the future of work theme
- Figure 2: GlobalData’s future of work framework
- Figure 3: Thematic investment matrix
- Figure 4: JPMorgan Chase’s AR-based Guide to Markets
- Figure 5: The future of work story
- Figure 6: Company mentions of the future of work peaked in 2021 and have since declined
- Figure 7: AI features regularly in company filings in the financial services sector
- Figure 8: The number of active jobs has slightly increased since January 2022
- Figure 9: Who does what in the retail banking space?
- Figure 10: Thematic screen - Retail banking sector scorecard
- Figure 11: Valuation screen - Retail banking sector scorecard
- Figure 12: Risk screen - Retail banking sector scorecard
- Figure 13: Who does what in the payments space?
- Figure 14: Thematic screen - Payments sector scorecard
- Figure 15: Valuation screen - Payments sector scorecard
- Figure 16: Risk screen - Payments sector scorecard
- Figure 17: Our five-step approach for generating a sector scorecard
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