Technology

Applications today, and expectations for tomorrow

We recently interviewed Timothy Ganesan Andrew, a senior business analyst in the banking and financial services industries, Victoria Kusherbaeva, a senior consultant and data scientist at IBM, and Esther Rajasekaran, a senior consultant in the banking industry. We asked each interviewee to tell us how they currently use technology, and how they anticipate it will be used in the future.

How is technology currently used in your industry?

Timothy:

In banking and financial institutions, technology is utilized for dashboard reporting, data analytics, business process automation and data infrastructure (which is required for efficient data governance). Advanced technologies such as artificial intelligence (AI) and machine learning (ML) are used for handling big data, scenario planning and optimizing business operations through the application of sentiment analysis, text mining, speech-to-text conversions, image/object recognition, predictive analytics, and data classification.

Victoria:

The Information Technology (IT) industry is all about how data is acquired, stored, processed, then analyzed. With the assistance of technology tools, information is extracted and used by industries for further decision-making. Data science is nearly impossible without the use of technology today and will be depended upon further in the future.

Esther:

Technology is used in optimization of business operations. It plays an important role in reducing redundancies, decreasing errors in business operations by automating tasks. For example, RPA (Robotics Process Automation) uses software bots to automate business processes ultimately streamlining enterprise business operations and reducing costs.

How do you see the future of technology in your industry — what will grow, change or become obsolete?

Timothy:

Many manual and repetitive processes requiring human resources will gradually become obsolete due to automation. Various business opportunities and values will be discovered as more advanced analytics (AI and ML) are utilized to ingest large and complex datasets, also referred to as big data. The quality, efficiency, and speed of business/banking operations will be significantly improved and accelerated through technology. Many software technologies are becoming more user-friendly, meaning users are not required to have programming knowledge and these technologies will become more accessible to employees at every level in an organization. There will be significant growth in the utilization of advanced technologies related to AI and ML.

Victoria:

One of the shifts in the data science area is towards cloud computing. Modern cloud solutions can store and process huge amounts of data and provide answers quickly and efficiently for the users on their business questions.

Esther:

Technology has the power to change our lives and these changes will accelerate in the next decade and beyond. For example, in the banking industry, open banking has given customers access and control of their financial data. It helps users to direct banks to securely share the financial data they choose using an application programming interface (API). It also empowers customers to obtain stronger and more meaningful control over their data. Hence technology has changed the way customers perform banking.

For those who wish to pursue a career in your field, what are the challenges and successes you have experienced?

Timothy:

The key challenge is acquiring the right amount of knowledge and experience to effectively introduce, implement, and advance current technologies in a business environment. This challenge could be addressed by continuous learning about currently available technologies and by continual exposure to business operations. In my opinion, achieving this balance is the key to success in technology-related roles in business/banking operations.

Victoria:

The data science field is full of challenges. When using applications to create any data science solution, its important to follow these steps; how to properly setup the business problem, how to transfer the problem into a mathematical language, how to program to address the problem, how to analyze results in reference to the original problem. In addition, there are technology tools that can be used to assist in facilitating the decision-making process, but even with their help, one should understand the purpose behind each step when using technology to provide a business operations solution.

Esther:

Digital transformation is the latest disrupter and expertise in managing and implementing all the new technologies is needed now more than ever. Information technology (IT) departments are suffering from gaps in critical skills such as cybersecurity, data analytics, cloud computing, and DevOps. The rate of technological change is outpacing training and continual training is required to keep up with the technology to meet business objectives and seize market opportunities.

What are the top two technology-related skills required to enter your area of practice?

Timothy:

Business intelligence and data infrastructure, which includes data storage, data analytics, data pipelines, etc.

Victoria:

Problem solving and the ability to adapt and use existing tools for your tasks.

Esther:

Data analytics and cybersecurity.

What are the top two essential skills necessary to succeed in your area of practice?

Timothy:

Business acumen and communication skills.

Victoria:

Communication skills to help with teamwork and resiliency, to overcome challenges and recover quickly.

Esther:

Teamwork and adaptability.

What advice would you give to someone looking to enter your industry?

Timothy:

Consider learning about currently available technologies (via reading materials, courses, training, etc.), and obtain real-life exposure to business operations. Actively seek a role as an intern business analyst in a tech-related business.

Victoria:

For the data science industry, you need to be passionate about solving problems using mathematics and technology.

Esther:

Analyze trends to look for emerging technologies and try to focus on the skills needed in the future for those technologies. This would entail being open minded and doing some research to see what skills and job opportunities may unfold in the future.

About the interviewees

Timothy Ganesan Andrew actively contributes to academic research in industrial optimization (including published work in books and journal articles). He also founded a tech start-up in Calgary called Fano Technologies, Inc., which focuses on developing sustainable technologies in agriculture.

Victoria Kusherbaeva is an applied mathematician, working with mathematical modelling, including optimization methods, ML, statistical modelling, as well as cloud technologies and other AI approaches. She has worked in condition monitoring, geophysics and research and in a variety of industries including oil and gas.

Esther Rajasekaran is a senior business consultant who has worked in the banking industry for over 15 years and has a Certification in Business Data Analytics. Her latest work is in digital transformation projects, which includes automating and moving operations online, leading to optimized products and services.