Digitalisation in the banking field
I have worked over 20 years in a bank or in a company that provides IT-systems to banks. If I think 20 years ago, when I was in my first job in a bank, data was not a thing where decisions based on. We used systems to open accounts, loans, transfer money, but the internal processes were somethimes very manual. 20 years ago, there was a lot of silent knowledge what the work based on. If I think for example lending process from 20 years ago, compared to it now, the amount of data has increased a lot. And because of all the data, it has been possible to automatize lending process so that it can be done without human touch in most cases. Digitalisation is a big thing in the banks. As banks have a lot of data about customers and their behaviour, using that data is important for effiency.
For the future I would see the point of view should change more and more towards customers. So far the digitalisation and automatization has been done very much from the banks point of view. So what would be possible to do more that benefits the customer? What gives more value to the customer? I think banks should try to predict customers needs before they even know those themselves. For example, if customer starts getting student grant instead of salary, banks could propose customer to take installment free period to their mortgage. Or if the customer has a child, bank could offer the services based on the age and remember birthdays by offering something that is needed in that age. Bank could also notify customers if there is some changes in the customers behaviour, like if the customer has more money in the account than usual and could transfer those to funds or if there the customer is expected to have more bills coming than usually.
Work in the future
Work in the future will change, that is for sure, but so it has changed also before. Nothing stays the same and we just have to adapt jobs so that we can use machines and humans in the best way possible. I am not afraid that the work will be replaced by machines and robots, because there still be human action needed. Jobs can be different, but they wont go away and people don’t have to do simple tasks that can be digitalized and people can cocentrate on the more intesrenting tasks. Also the communication, negotiation and human interaction are something I think we don’t and can not replace totally.
Life in the future
Everyday life in the future will include more devices and you can connect almost everything together with those. You can for example use a mirrow as a touch-screen. Cars and vehicles will evolve and you don’t have to do all the simple things as drive by yourself. When everything is so available in everywhere, it is important to teach people skills how not to be overwhelmed with all the information coming to you everywhere. People still need simple thing and brains needs to rest. There will be a lot of helpful things for people in the furute as long as they take care at themselves at the same time. It will be interesting to see how the life will change in my own lifetime and how I am able to manage with all the changes when I am older. Propably I will need my child’s support and guidance when I am older.
Safety and security
Digital world is here to stay and big data is everywhere. There are many possibilies for people to misuse all the data and information to hurt others. So there is a need not only to protect customer data, but also to protect the misuse of the data. Also one aspect of the problem is that does people undertand how their infomation is used. In 2018 General Data Protection Regular came into force and that has been a big change to most companies atleast. In banks in order to fullfill all GDPR regulations, a lot of development was needed to systems. Customers can ask to have all data of themselves and customers also have a right to be forgotten and all they data removed. Also there is a timelines how long what type of information can be stored. GDPR is taken very seriously in banks, and there is continous training and processes to fullfill GDPR regulation. In my personal life I havent really gotten in touch with GDPR other than seeing the information how customer data is used in many forms and sites.
Self evaluation
I thouht I was pretty aware of current Digi Society, but it was very interesting to see how the future is predicted for both work and in the everyday life perspective. I liked that these were shown as videos, because reading things for the future is harder than actually seeing something and being able to visualise the future. It would be nice to learn more about the possibilities of the future innovations in different areas.
I also like this blog writing a lot more than Word documents and I have enjoyed establishing this blog.
Blogs I commented:
Mari, I’m glad, I found your blog. I believe that banks are one of the forerunners of digitalization. I have worked in health and social services for as long as you have in the bank, and digitalization is pro-gressing quite slowly in the field. Of course, the industries are not comparable. It’s great when you feel that banks still have the opportunity to develop digital services. It will be interesting to see how the development proceeds.
It was interesting to read your blog. I work in healthcare myself, but I found a lot of similarities in our jobs. Also in healthcare at the beginning of my working career there was a lot of silent information, which over the years has been transferred to the internet. As the amount of data has increased, automation has had to be increased. And at the same time, I am of the opinion that healthcare should also strive to identify customers’ needs in advance. Your point of view as an employee of the bank was also interesting, because the problems of banks in services come up very sensitively on social media. Banks are quickly blamed, even though people should also constantly increase their knowledge about using services safely.