Digital Transformation of Financial Sector and Challengies for Competencies Development

Abstract

The development of Information and communication technologies (ICT), AI and robotics has a significant impact on the competencies of companies operating in financial sector. Digital transformation leads to changing existing competencies rapidly, as well as necessity of developing new competencies specifically related to the use of ICT, Artificial intelligence and robotics in business processes, development of new products and updating existing ones. The purpose of research is to investigate the challenges for development of competencies in the financial sector impacted by the development of ICT, AI, Robotics and other knowledgeintensive technological solutions. The application of new technologies is topical for companies, especially those the financial sector. New technologies related to the digitalization of business processes, automatization and the use of Artificial intelligence require different competencies from managers and specialists, such as computer science, big data analysis, predictive analytics, cybersecurity, co-creation, working with virtual assistants