In my previous blog posts in this series, I introduced the main theme and the trends highlighted by Technology Vision 2017, and took a look at how two of those trends—the growing role of AI and ecosystem power plays—will impact FS providers. In this post, I look at how another trend, the changing workforce marketplace, can add value to these organizations.

Accenture’s Technology Vision 2017 predicts that within five years:

  • Most industries will have new, dominant leaders with business structures based on small cores and powerful ecosystems.
  • On-demand labor platforms will emerge as a primary driver of economic growth in developed and emerging economies worldwide.

For FS organizations, the on-demand labor platforms that are forming will be immensely beneficial, increasing their agility and gearing the business for a digital future.

  • They provide a pool of talent to alleviate the looming skills crises in various geographies as a significant portion of the workforce retires.
  • They give FS firms all over the world access to born-digitals with the skills in customer experience, analytics, AI and other digital competencies they need to remain relevant.
  • They introduce a change-ready workforce primed for digital transformation and innovation, elements that will help differentiate organizations in this rapidly evolving sector.
  • They offer efficient ways for companies to plug gaps in their capabilities—for example, accessing top UX or data science skills on-demand—and to efficiently speed new products or initiatives to market.

With a number of platforms emerging to serve the needs and facilitate the entry of experienced and highly skilled candidates, nearly 30 percent of insurers and 24 percent of bankers say they are already testing the waters. They are adopting different strategies, using labor platforms in select areas of their businesses (48 percent of insurers) or more broadly, and teaming on-demand skills with internal skills for a blended approach on a project-by-project basis.

Insurers are already rethinking their approach to talent—62 percent indicated they plan to increase their organization’s use of independent freelance workers over the next year. Bankers are also seeing the advantage—81 percent say that organizations that successfully integrate a liquid workforce into their business model will gain a significant competitive advantage through innovation.

Firms that invest in people innovation today will unleash human potential and creativity and, by evolving their corporate structures, fill in a missing piece in the digital revolution.

For more about on-demand workforces and how they can support agility and digital participation by FS organizations, download the Accenture Technology Vision 2017 for Insurance and the Accenture Technology Vision 2017 for Banking reports.

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