Automation is bringing profound changes to the industry and banks need to adapt their workforce now to remain competitive.
Automation and new technologies are beginning to have an impact on the workforce of the Banking industry. Recent research by McKinsey’s Global Institute suggests that 43% of all working hours in the banking and insurance industries can be automated using current technologies; this would put at risk the equivalent of 24 million global full-time equivalents (FTEs) over the next two decades. Banks who have identified this risk are adapting their organization, and are examining what new roles they require, and the skills and capabilities that they will need. These first-mover banks will have a major competitive advantage if they are able to introduce the right culture and skill base in tandem, and then be able to leverage off this to create the most effective automation solution.
Vito Giudici and Maya Horii from McKinsey will set out their thoughts on how banks can assess their future workforce needs, and what plans they need to make so that they have the appropriate mix of reskilling, hiring, and outsourcing in their workforce. The most successful banks are likely to act quickly and start building the workforce of the future.
Vito is a Senior Partner and core leader at McKinsey’s global banking practice, he also chairs the Asia Banking Knowledge Committee. Before transferring to Tokyo in 2013, he supported retail- and private-banking clients in Europe, the Middle East, and Africa.
During his time at McKinsey, Vito has worked with domestic and international financial institutions, focusing on issues related to digital banking, retail distribution and consumer finance. Some of his most recent projects have involved advising on large-scale digital transformation programs, and the design and launch of banking and insurance businesses.
Maya is a leader in McKinsey’s Public Sector Practice and a hub leader in the Organization Practice. Over the past few years, she has provided expert advice on organizational issues, including on organizational improvements for public-sector institutions and private companies, merger management, and development of HR and leadership skills. Prior to that, Maya worked with development organizations, and public and social sector institutions in McKinsey’s Washington DC office for nearly 10 years. She has also been involved in projects developing solutions in Africa and Asia for agriculture, economic development, energy development, and the provision of financial services for low-income earners.
Maya graduated from Harvard with a BA in Social Studies, and an MA in Public Administration from the John F. Kennedy School of Government.