As mentioned in Section 2, firms are hiring more on-demand talent over full-time employees. Bankers recently said 16 percent of their workforce consists of independent freelancers, and nearly a third expect their use of them to grow by more than 51 percent in the next year.17
In this context, core procedures such as payroll become inherently more complex, which necessitates the need for better service delivery and a higher level of data integrity.
An integrated cloud solution can centralize, standardize, and automate core processes, while providing self-service tools for routine tasks. Your HR staff will have more time for strategic activities, such as new wellness programs. And with productivity gains, many companies report shrinking recruitment time from months or weeks to mere days.
Along with the cloud’s cost savings and scalability, an exciting value proposition is the ability to immediately use new SaaS-enabled functionality.
Take artificial intelligence, for example, which an Accenture study describes as potentially transformative for financial services:
Banks could pair artificial intelligence (AI) with people to fundamentally change not only the way bank employees work, but also the type of work they do—enhancing workforce efficiency, flexibility, compliance, and skills that engage the customer.18
Proactive banks will be the ones to help reshape the industry, set new standards that competitors will be expected to follow, redesign processes to be on pace with change, and form innovative cross-industry partnerships that capitalize on technologies for the good of people, processes, and profits.19
In a vertical plagued by constant change on both sides of a transaction, the promise of technological agility is a bright spot for companies that want to thrive. The future will surely bring more volatility to financial services, so when it comes to your workforce, you need the tools of tomorrow today.