Working in the Financial Sector 4.0

by Dr. Laura Stiller (Senior Consultant, IBM Consulting, IBM Deutschland GmbH)
from the handbook Digital Competence and Future Skills

Even before the Covid-19 pandemic, banks were under pressure from new competitors. Since the financial crisis of 2008, more and more young start-ups, so-called fintechs, have been entering the market. In addition to fintechs, big tech companies like Google, Apple & Co. are also targeting the financial market.

Digital transformation poses many challenges for the financial market and the established players. Figuratively speaking, the banks are in a war on two fronts. Externally, they must overcome the technological challenges for new innovative financial products and services and fight against fintechs and technology companies for their right to exist. Externally, established banks are struggling with the challenges posed by outdated IT infrastructures, the digitization of business processes and, most importantly, building the digital skills of their employees. This article shows from different facets what these developments and market conditions mean for the digital competence development of the employees of companies in financial markets.

The handbook Digital Competence and Future Skills provides comprehensive insight into the future of competencies and learning and the transformation of business. For the first time, leading companies from a wide range of industries around the world provide concrete insights into their comprehensive approaches to transformation, competence management, culture change, and learning and development. In addition, leading scientists and institutions use the latest research findings to assess where we are today and what is to come in the future.

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