Join us for this exclusive live demo showcasing our AI-powered Talent Intelligence Platform.
Register for a live demo →
Our latest product makes our AI-native Talent Intelligence Platform even more powerful as it unifies data to give a complete view of skills so you can build talent strategies to drive your business forward.
Read blog →
Disruption may be an overused term, but it certainly is appropriate for financial services. And it’s leaving banks in a quandary. In many cases, banks’ workforces were designed for a world where people walked into bank branches to make a deposit or withdrawal.
Now, consumers are likely to head to the cloud to make an instant payment on their mobile phones. To compete, banks need to rethink talent and transform, and do so quickly. Banks need to become tech companies that provide banking services essentially.
Find in this report:
Digital trends are reshaping banking, and banks need to transform fast to compete
Disruption may be an overused term, but it certainly is appropriate for financial services. And banks must adapt accordingly. In many cases, banks’ workforces are designed for a world where people walked into bank branches to make a deposit or withdrawal. Now, consumers are likely to head to the Cloud to make an instant payment on their mobile phones.
The movement of banking online has increased the importance of cybersecurity and other digital trends. FinTechs are competitors in some cases, and “coopetition” in others. These factors combined continue to put more pressure on banks to transform.
According to Boston Consulting Group, in today’s typical bank, up to 90 percent of employees are dedicated to day-to-day operations, with only the remaining 10 percent devoted to change and innovation.
To compete, banks need to rethink talent and transform, and do so quickly. They need to accelerate product delivery and be more flexible in responding to customers. Often having costly, complex tech stacks, they need to reduce IT spending, and increase technical flexibility and scalability. With increased security and regulatory risks, they need to adopt AI-driven risk management practices.
While banking organizations have made significant strides in meeting the digital demands of customers, the industry continues to face challenges when establishing digital-first talent strategies, with only 15 percent of the top in-demand skills currently being employed within their IT workforces.
Upskilling/reskilling helps bridge the skills gap between rising and declining skills
For each of the talent groups, we can see which skills are declining and which are rising.
For business support roles, for instance, data entry and GAAP Standards are declining. Social media management and digital marketing are increasing. For front office roles, cash management and call center support are on the decline, while digital sales and investment banking are on the rise.
This is where “adjacent skills” come in. By building upon adjacent skills, employees can be upskilled and reskilled into skills that are rising in the workforce.
Take a bank’s systems administrator, for example. It’s a role that’s declining in prevalence. There are a number of career tracks, and careers in rising roles, that a system administrator could pursue: business systems consultant; cloud engineer; network engineer; technology manager; or DevOps engineer.
We can analyze how the current and future (rising) roles are related; the relation, for example, between a Systems Administrator and a cloud engineer. There is a high degree of skills overlap. SQL skills, VMWare, and Troubleshooting skills are common in both positions. There are also a number of adjacent skills.
From there, we can see the new skills required for a systems administrator to transition into cloud engineering, such as Java, Python, and Amazon Web Services.
