Weekly Newsletter - 17.07.2024

Journey into Finance’s Future: AI, Digital Ecosystems, and Regulatory Technology

Author

Learning Ledger
July 17, 2024 • Estimated Reading Time: 5 minutes

Despite recognizing the importance of skills development, both employers and employees face challenges in implementing effective learning and development (L&D) programs. A recent survey highlights the barriers and opportunities in this area.

  • 🚧Barriers to Uptake: Time constraints, financial limitations, and lack of motivation hinder employees from engaging in L&D programs. These barriers prevent continuous upskilling, which is crucial for adapting to technological advancements.

  • 😖Employer Concerns: Employers struggle to train employees quickly enough to keep pace with AI and tech developments. They emphasize the need for a flexible workforce and focus on soft skills to bridge the skills gap.

  • 🙌Employee Motivation: Employees value skills development for career advancement and increased earning potential. However, only half have pursued formal education or training outside of work in the past five years.

  • 🚦Organizational Priorities: Aligning learning programs with business goals and fostering a culture of learning are top priorities for L&D professionals. Investing in L&D initiatives is seen as essential for talent acquisition and retention.

Addressing the skills development disconnect requires overcoming barriers and fostering a culture of continuous learning. By aligning L&D programs with business goals and investing in employee development, organizations can enhance retention and productivity.

Source: HR Drive

Digital ecosystems are reshaping the financial sector by fostering collaboration and innovation. Open APIs and new standards like ISO20022 enable banks, fintechs, and consultancies to connect and create value. Experts highlight the modernization of legacy systems, improved customer experiences, and the integration of financial services into non-financial platforms. Future trends include expanding beyond open banking to open data, enhancing service personalization. However, regulatory and security challenges remain critical. Digital ecosystems promise a collaborative future for financial services.

Source: FinTech Magazine

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As AI tools become more prevalent in workplaces, HR's involvement is crucial for successful implementation. McLean & Co. highlights that HR leaders can develop strategies that balance AI benefits with risks, ensuring a smooth transition. Despite this, HR is often excluded from AI discussions, which can lead to issues like bias and security threats. To mitigate these risks, companies should form AI strategy committees, assess AI maturity, and communicate plans effectively. Upskilling employees is also essential, with many workers eager for AI training opportunities.

Source: HR Drive

In today's complex regulatory landscape, compliance officers play a vital role in ensuring businesses adhere to laws and regulations. Embracing Regulatory Technology (RegTech) solutions is essential for streamlining compliance processes and mitigating risks. RegTech includes tools like AI, machine learning, and blockchain to automate tasks, improve reporting, and manage risks. For small businesses, RegTech offers cost-effective compliance, reducing labor expenses and human errors.

Source: TechRound

Reskilling is now a strategic necessity for companies to stay competitive. Experts agree that effective reskilling involves commitment from all leaders, continuous learning, and collaboration. Despite progress, challenges remain, such as finding the right candidates and measuring impact. Successful programs require aligning investments with strategy, involving top managers, offering incentives, and leveraging external expertise. By prioritizing reskilling, businesses can address skill shortages, attract talent, and maintain a competitive edge in a rapidly changing work environment.

Source: Harvard Business Review

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