How financial companies use digital to enable workers

The question as to whether humans or machines will dictate the future of business is yet to be determined. With many prominent tech figures consistently debating the future of digital employment and consumerism, individual industries also pay consistent attention to how their lines of work are changing due to digital innovation. The Best Workplaces™ in Finance and Insurance consistently have to be aware of the changing digital landscape to remain competitive while maintaining strong employer brands.

The growth of business in this day and age depends on the use of tech to streamline services. The financial services industry is no different. As seen in our research on how organizations can begin to close the gap between culture and technology, all industries are quickly being absorbed into one industry: digital services. Industries as they currently exist (marketing, consulting, financial services, etc.) will soon be sub-industries of the umbrella (tech) industry.

What are the specific HR challenges of the financial services industry?

Some of the critical HR challenges in financial services, as with most industries, have much to do with tech. Communication, collaboration and employee learning are just a few of the functions that financial service companies continuously modernize using used tech.

Financial services companies are making bold changes in Canada to become tech companies that operate in finance. Scotiabank has particularly created a digital factory that consistently upgrades the organization's approach to customer service.

According to GPTW Canada’s Best People Practices Hub, which hosts a database of thousands of practices, including those pertaining to how financial service companies are infusing digital innovation into their business models, banks and investment firms are updating their mindsets to create a workplace that uses digital innovation to communicate with, educate and engage their workforce.

Here are some progressive practices found in the hub:

• Royal Bank of Canada: To bring tech into the employee collaboration practice, RBC developed Bright Ideas to enable employees to brainstorm using a web-based platform. It allows employees to develop and promote collaborative ideas. Participants can flexibly complete a questionnaire, post their ideas and interact with other bright ideas. The tool also allows employees earn rewards and recognition for successful ideas.
• LGM: LGM Financial Services implements a culture of ongoing education to condition their current and future workforce to adapt to changing markets. Employees are encouraged to enrol and participate in continuous learning activity as a springboard to new possibilities. LGM pays tuition fees up-front: for technical training, professional designations and more.
• Scotiabank: ScotiaLive, Scotiabank's global communication and collaboration platform is designed to facilitate executive communications, engage employees at all levels and enhance collaboration across functions globally. It gives employees access to collaboration on teams through blogs, discussions, personal profile pages and connection with colleagues across the organization. It also maximizes value of institutional knowledge of the company.

Where do you see progressive steps being taken in the financial service HR? What are some effective ways you have seen financial service companies integrate technology into their people management? Let me know in the comments below.