Preparing for Digital Banking Revolution: Evaluate Your Readiness with Alberta QUARCOOPOME
In the upcoming years, the workforce in banking is set to undergo a significant transformation, as predicted by the Director of the Bank Governance Leadership Network. According to him, within a decade, the workforce will be significantly smaller, with employees taking on different roles from those we're currently familiar with.
This expectation comes amidst the digital revolution sweeping across various industries, including banking. The advent of technologies such as Robotic Process Automation, Machine Learning, and Artificial Intelligence is impacting sectors like compliance, payments, and retail services. This means that not all existing jobs will remain, but new ones will emerge. As one bank employee succinctly put it, "Some jobs are lost; some new ones are formed. Basically, as with all other jobs that face the same challenge: skill up or ship out."
Embracing a digital culture is vital for banks following this trend. Culture, representing shared values and behaviors, plays a crucial role in guiding decisions and implementing strategies. All levels of management must support this culture to ensure its effectiveness. The culture should focus on the customer experience, driven by data, and remain adaptive to the rapidly changing digital landscape.
Building a digital organization also necessitates anticipating change and being prepared to adapt. This involves developing new processes, gaining new skills, offering innovative products, and adopting an approach to meet consumer needs. For employees not comfortable with technology, there's still hope. Banks may need to reassess their staff's skills and place them in areas of their expertise. For those whose roles are redundant, planned compensation benefits should be in place, with empathy towards those who need to transition.
A strong digital culture encompasses several components: innovation, data-driven decisions, consumer focus, collaboration, responsiveness, and transparency. In an innovative digital culture, employees are encouraged to embrace change, think creatively, and learn continuously. Data plays a significant role in driving decisions, and a focus on the customer journey is integral to the entire process. Collaboration between different departments and functions supports agile decision-making and enhanced cross-departmental interaction for the customer's benefit.
Banks are recruiting talent suited to working in a digital economy, prioritizing individuals with advanced technical capabilities and a collaborative and creative environment. This will be explored further in upcoming publications. Are you, as a banker, prepared to embrace change, upgrade your skills, collaborate with millennials, and work alongside technocrats to manage risk in the big data analytics era? The future of banking is upon us, and it's time to adapt.
References:[1] The Financial Brand Newsletter. The Digital Banking Report, 22 April, 2019[2] Jim Marous, co-publisher of "The Financial Brand" and publisher of the "Digital Banking Report"[3] Alberta Quarcoopome, CEO of ALKAN Business Consult Ltd., Author of "The 21 Century Bank Teller: A Strategic Partner" and "My Front Desk Experience: A Young Banker's Story"[4] Various Key Issues Emerge at BGLN Meeting in March 2018[5] 'The future of talent in banking: workforce evolution in the digital era,' BGLN's April 2018 publication.
- The Director of the Bank Governance Leadership Network predicts a significant transformation in the banking workforce over the next decade, with employees assumed to take on different roles.
- The digital revolution, including technologies like Robotic Process Automation, Machine Learning, and Artificial Intelligence, is impacting sectors like compliance, payments, and retail services in banking.
- New jobs will emerge due to the digital transformation in the banking industry while some existing ones may become redundant, requiring employees to skill up or risk being replaced.
- Banks need to foster a digital culture that focuses on the customer experience, data-driven decisions, innovation, collaboration, responsiveness, and transparency.
- Banks are recruiting talent adept at working in a digital economy, favoring individuals with advanced technical capabilities and a collaborative and creative environment.
- As a banker, one needs to prepare to adapt to change, upgrade their skills, collaborate with millennials, and work alongside technocrats to manage risks in the big data analytics era, as the future of banking is upon us.
