The concept of an automated workforce comes with many advantages to businesses who want to see better results, happier clients and more profitable outcomes. With this shift in technology, however, the concerns of whether digital automation will replace humans are many. In fact, a recent Oxford University study estimated that 47 percent of currently existing jobs in America are at high risk of potential automation in the coming decades.

So does this truly mean that the human workforce will be replaced by machines before 2030? Not necessarily. In fact, we believe technology is only here to help the job market grow, become smarter and savvier.

According to a recent Chron.com article, “Technology has changed some careers and professions in ways that benefit the employer and the employee. For example, the early days of car manufacturing involved a mechanical assembly line that required a great deal of manual human labor. However, as of this article’s publication, many car makers use a combination of robotic machines and man to help produce a final product. Robots not only increase the quality and efficiency in making the automobile, but factory workers might suffer less bodily injury from prolonged and repetitive actions.”

The Benefits of an Augmented Workforce in Finance

In finance, those who are able to combine their knowledge of the financial sector with computer science and math are highly sought after to help develop the algorithms which increasingly drive this field.

Additionally, in order to provide the best possible services for customers, the human touch will be key to reach a high level of satisfaction. Fortunately, through automated onboarding processes that will save customer-facing roles precious time, these customer relations will only be enhanced and strengthened. 

Machines Will Empower the Workforce

According to a recent Business Models Inc article, Airbnb, the giant startup known for enabling homeowners to rent out their homes (and couches) to travelers is the perfect example of employee empowerment through machine learning. “Airbnb is currently developing a new AI system that will empower its designers and product engineers to literally take ideas from the drawing board and turn them into actual products almost instantaneously,” the article explains.

So how can this be translated into finance?

Machines will allow organizations to better predict and understand customer behaviors, better forecast ups and downs and better serve their audience. This, however, can’t happen without knowledgeable teams that can enhance their skills with new technologies.

Embracing Technology is the Future of Human Workforce

Even though it’s valid for workers to have concerns regarding machine learning and their job security, it’s important to understand that technology, if used wisely, is here to help organizations grow by making the day-to-day tasks easier and increasing productivity. As technology and automation experts, Virtus Flow can help.

Virtus Flow, A Tool That Empowers Human Interactions

Built with end-customers in mind, at Virtus Flow we understand that the center of your business are your employees, customers, the relationships you have worked hard to build and your processes. This is why our solutions have been meticulously designed to help you engage with customers, grow, and empower your teams — not replace them.

To learn more about our DPA solutions, financial processes automation, dynamic forms capabilities and much more, visit our website and contact us today.