Connectivity technologies helping tackle financial services talent shortages

Technologies like 5G and collaboration software tools can allow financial institutions to access specialised talent globally.

Collaboration tools can play a significant role in integrating gig workers and remote workers into financial services organisations. Credit: Prostock-studio/Shutterstock.

Companies in the financial services sector should invest in connectivity technologies to help tackle talent shortages, according to a new report.

GlobalData’s The Future of Work in Banking and Payments report outlines that technologies like 5G and collaboration software tools can allow financial institutions to access specialised talent globally and facilitate their integration into workflows, thereby overcoming skill gaps in critical areas.

Of the particular value of 5G, the report says: “5G provides several key advantages that make it important for all layers of the banking and payments value chain to invest in. 5G forms the foundation of future communication capabilities. The ultra-reliable and low-latency communications capabilities of 5G enable faster and more secure communication networks, which are essential for supporting technologies like augmented reality (AR) and virtual reality (VR) in training and maintenance operations.

“5G connectivity also plays a crucial role in enabling remote work and work-from-home capabilities within the banking and payments sector. With the high-speed and low-latency connectivity offered by 5G networks, employees can access critical banking systems, collaborate with colleagues, and engage with customers from anywhere, at any time.”

Elsewhere, the report details that collaboration tools can play a significant role in integrating gig workers and remote workers into financial services organisations.

“Platforms such as Microsoft Teams, Zoom, and Trello enable efficient task management and virtual collaboration, making it easier for gig workers to contribute effectively to regulatory compliance audits and digital projects,” it explains.

The report notes too that artificial intelligence (AI), which separately is transforming decision-making efficiency and enabling improved data analysis within the financial services sector, can help to further boost the productivity gains delivered by collaboration tools.

It gives the example of Zoom’s AI companion which enhances productivity by generating meeting summaries, drafting reports and analysing presentation delivery. “This functionality is particularly useful for tasks such as regulatory reviews, risk assessments and client presentations,” the report adds.