My Soon To Be Obsolete Skills

This is is not a drill. Brace yourselves, fintech is coming.

For self development purpose, I’ve listed all of my current skills and assesed if that skill will be still worthy enough, let’s say, for the next 10 years. I did a little research on how banking industry will develop in the near future. If you have the same background as me, be prepared tho because this is not a good news.

One of the most advanced skill I have is auditing bank branch services. I did run control testing to make sure if the control, risk, and governance in a branch are properly managed. Sounds too complex? I review banking processes done by teller, customer service, relationship manager and their supervisor. Secondly, retail lending audit, which I review outstanding loans to make sure that the process of credit initialization to credit granting is inline with the regulations and there’s not risk left unmanaged. My past 4 years basically revolved along these two topics.

And then, this is happened:


Thousands of taxi and motorised rickshaw drivers have brought the Indonesian capital Jakarta to a standstill in a rowdy protest against what they say is unfair competition from ride-hailing apps. Convoys of blue and white taxis operated by PT Blue Bird and PT Express Transindo Utama blocked the city’s main thoroughfares on Tuesday, while clashes broke out between some drivers of traditional taxis and motorbike riders working for the online apps.The drivers are angry that services such as Uber, Grab and Go-Jek are offering rides at lower prices, claiming they are not paying taxes and are operating without official permits.

March 22, 2016. Al-Jazeera

Uber, Grab and Go-Jek app first appeared in Jakarta in 2015, and only within a year, they succeed changing (at least) Jakarta transportation. It offers cheaper, safer and more convenient modes of transportation that the incumbents failed to provide. Just like in the other countries, the uberization took place disrupting local business ecosystem and regulations. Hence, the regulator adapted. It opened my eyes. The technological disruptions come suprisingly fast and can’t be avoided.

Bad news for me, a lot of articles floating around the internet predicted, because of technological disruptions, soon my skills will be obsolete. A report from Business Insider Indonesia said it best:

The bank branch will become obsolete. It will be some time before the final death rattle, but improving online channels, declining branch visits, and the rising cost per transaction at branches are collectively leading to branch closures.

Meanwhile, another article already talked about the second wave of fintech. One of the comments that really spot on is this:

A couple years ago, I had a conversation with a renowned Silicon Valley venture capitalist and he then said “FinTech is like a Tsunami. When you see (a) Tsunami, you are dead. Let’s have a breakfast together again five years from now. Our conversation will start with……Hey! there used (to) be a company called bank.” – Tanaka Maasaki

Ultimately, the Financial Service Authority (OJK) clearly has been fully aware about fintech growth, therefore preparing the much needed regulations. On April 2016, OJK Chairman, Muliaman D. Hadad, also encouraged the banks involved in the program to partner with fintech startups, in order to offer more innovative solutions (

Upcoming major changes in banking industry are inevitable. It’s how we prepare ourselves that matters in the end. Continuous self development is a must. So, my fellow bankers, once again this is is not a drill. Brace yourselves, fintech is coming.


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