Digitisation has not only changed customer experience and operational efficiency in the banking industry, but it has also changed how banks manage their talent. Digitisation has led to a shift in the skills required for banking jobs.
As banks become more reliant on technology, there is a growing need for employees who are tech-savvy and have a deep understanding of digital channels and processes. Banks are now hiring employees with backgrounds in data analytics, computer science, Masters in Statistics, UI/UX professionals and other technical fields to help them develop and implement digital solutions. This has created new opportunities for talent, especially those who are skilled in emerging technologies.
Digitisation has led to a change in the way banks attract and retain talent. Banks are now competing with other industries, such as tech and fintech, for the same pool of talent. In order to attract and retain top talent, banks are offering more flexible working arrangements, such as remote work and flexible schedules. They are also investing in training and development programs to help employees acquire the skills they need to succeed in the digital age.
Digitisation has also led to a change in the way banks foster innovation and creativity. Banks are now encouraging their employees to think outside the box and come up with new and innovative ideas. Large banks are engaging with employees and creating their own captive venture arms to support employees to incubate their ideas. They are also creating innovation labs, hackathons and incubators to help employees develop and test new products and services.
What is expected of Leaders in the industry is to rapidly adapt to digitization, by embracing technology, leveraging data and analytics, and building a strong digital culture. Many traditional banks across the globe have set up Digital only Banks like MoX by Standard Chartered, Neo by Mashreq, Liv by Emirates NBD, by doing so, they are able to stay ahead of the curve and deliver exceptional customer experiences in an increasingly digital world.
Silicon Valley is coming and if banks don’t up their game, then tech companies will take over the industry’s business. There are hundreds of startups with a lot of brains and money working on various alternatives to traditional banking”. – Jamie Dimon, Chairman, President and CEO of JPMorgan Chase
The Banking model is under threat from fintechs and big techs, which are targeting the banks profit streams across payments, consumer lending, and wealth management. Time will tell what the future holds for the industry.
