The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Government is planning a study to identify the financial services jobs Bahamians must be trained to perform as a result of financial technology (FinTech) and other advances.

Brent Symonette, minister of financial services, trade and industry and Immigration, argued that business transformation alone was “not enough” to meet the sector’s growing and evolving demands - and that “workforce transformation is also needed”.

He added that his ministry’s research will analyse current labour demand in the financial services sector and identify emerging roles that will grow in demand with the adoption of FinTech, data analytics and automation.

“The Ministry of Financial Services plans to undertake a study that will analyse the current state of job roles in the financial services sector and how they can be augmented as technologies are leveraged to enhance or improve the performance of these roles,” Mr Symonette said.

“It is anticipated that job roles will be transformed as technology substitutes a significant proportion of job tasks, and remaining tasks across synergistic job roles converge into new roles. Across all job roles, individuals would be required to take on new or expanded tasks that have a higher element of judgment and creativity, while tasks of a more repetitive and rules-based nature are automated.

“The intent of the study will be to identify emerging job roles that would grow in demand with the adoption of FinTech, data analytics and automation in the financial services sector. The purpose of this study will be to provide a compass for financial institutions and individuals to prepare themselves for the future of work as the use of data analytics and automation becomes pervasive in the financial services sector.”

Mr Symonette said that across all industries, emerging technologies are creating challenges and opportunities for businesses and workers alike. “The study is a practical tool for financial institutions and workers to learn about the impact of key technology trends and prepare themselves as job roles evolve,” he added.

“Workers should stay agile and adaptable, adopt a growth mindset and embrace life-long learning to grow professionally and enhance career opportunities. We look forward to further strengthening our tripartite partnership to facilitate proactive efforts in helping workers adjust to the inevitable changes.”

Mr Symonette said: “Business transformation alone is not enough. We also need workforce transformation. This study will help us uplift our workforce, harness the power of data analytics and automation, and make The Bahamas financial services sector more efficient and more competitive.

“We are committed to support our local workers in tech skills training, so that they can continue to seize new and better opportunities that arise from technological shifts in the financial sector. This will require a deepening of the domestic pool of financial sector expertise to support identified niches and long-term development.”