Expert Comment: Predictions for 2020

“In 2020, as technology continues to advance, the role of the finance professional will keep evolving in tandem. Developments in AI, ML and RPA mean that routine administrative tasks will be automated, and while people will still be needed, it won’t be for those roles that machines can do perfectly 24 hours a day, seven days a week. However, this evolution to automation will drive a higher importance for personal interaction, driven by customer demand. Finance professionals will therefore be required to harness their communication skills, alongside improving relationship management. 2020 will be the year that businesses gain the confidence to take the leap and adopt AI, ML and RPA and as a result, we will see these technologies become a lot more pervasive.

“There is currently uncertainty around new technologies due to the threat of job losses, but these fears are misguided as new roles will materialise to work alongside the tech in order to make more intelligent, informed decisions. With more data available, the analysis of big data will offer greater ability to monitor the risk of investment capital, allowing businesses to take more calculated risks thus increase the number of clients they are able to take on. Subsequently, finance professionals will need to improve their analytical skills. However, it’s likely we could see a skills shortage in 2020, as demand from employers increases while the availability of workers with these abilities stagnates.”

By Marieke Saeij, CEO, Onguard