Chief executives from across finance and financial services have predicted a technological change that will hit the sector ‘like a tsunami’, advising the next generation of talent to adopt a challenger mindset and focus on people.
The comments came as part of ‘CEO For a Day’, an initiative focusing on future leadership talent led by global executive search firm Odgers Berndtson. Open now to all UK undergraduates, the scheme will pair individual CEOs with a student, giving them a real taste of what it takes to run a major organisation.
Visa, Admiral Group, and the Royal Mint are among the companies taking part from the financial services sector.
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The finance function is also heavily represented, notably by Michael Izza, CEO of the Institute of Chartered Accountants for England and Wales (ICAEW).
“Technology is going to hit the profession like a tsunami,” explained Izza. “The entire sector is aware of this. We can already see the shape of the change but there is not enough acknowledgement of how disruptive it will be.
“Jobs we currently think of as core to accountancy will be automated – not just compliance work, but increasingly decision-making functions too.”
“This does not spell the end of the chartered accountant; it means finance professionals need to focus on being trusted strategic advisers, adding value by using their expertise and judgement to help business prosper.”
Preparing the next generation
Participating chief executives from the financial services sector agree that young people coming into it now need to be equipped to support unprecedented levels of change. Separately, Odgers Berndtson is partnering with TheCityUK on a research study to be published in spring that looks at the impact of technology on roles, skills and employment in financial services.
“Leaders of the future must be prepared to think differently to deliver results. They will be dynamic, creative and, most importantly, digitally-savvy,” said Anne Jessop, CEO of Royal Mint. “As a result of the advancement in digital technologies, customers now communicate with us 24 hours a day, 7 days a week using a range of channels.”
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“Our brand can be enhanced or damaged in an instant. The people who are successful in the business own the narrative, inspiring colleagues to put the customer at the heart of everything.”
The UK is one of 12 countries across the Odgers Berndtson global network taking part in CEO for a Day. So far almost 20,000 students across all the participating countries have applied, with almost 1,000 chief executives and young people taking part.
