Top 5 talents needed in banking and the experiences to check for

Daniel Callaghan

24 Apr

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The banking sector is one of the most rapidly changing industries, with digitisation transforming roles, creating new opportunities, and altering the expectations of both employees and employers. Banking employers should seek to future proof their hires by looking out for skills and experiences which will continue to be most relevant as the space further shifts over time.

Technical Skills

The banking sector is changing. While previously heavily reliant on trustworthy individuals to oversee paper-based transactions, almost all banking is now automated, meaning that banking employees must be comfortable with, and proficient in, the use of technology. This may also mean that retraining, or reskilling, current employees in the use of newer systems is necessary.

Change leadership/change management skills

An influx of challenger banks who embrace new technology from the outset means that established banks must be prepared to make massive changes to their way of working to keep up. However, these changes can be disconcerting for current staff who may be resistant to change. To ensure success, existing employees must be supported which will enable banks to fully leverage organizational and process changes. Candidates with superior communication and leadership skills will be able to support teams while a “big picture mindset” will be useful in strategy and planning.

Diversity

While banking has long been considered a somewhat stuffy profession, disruptions in the sector have led to an increase in demand for more diverse and dynamic skill sets and specialities. The new reliance on technology and the expectation of customers for instant banking, smart phone apps and digital banking means that trusted and experienced data scientists, developers and engineers are now some of the most sought-after specialists in the industry.

Innovation

The banking sector is progressing, and that is thanks in some part to internal innovations. Google famously encourages its employees to suggest changes which might develop the business in new ways, and imitating this approach is now common across all industries. The banking sector is catching on to the previously untapped innovation potential of their staff members. Morgan Stanley specifically looks for entrepreneurial skills in their candidates, which might highlight an ability for innovation.

Flexibility and Resilience

Don’t discount resilience as just another fashionable buzzword. Banking frequently requires employees to work under pressure and maintain superior performance despite a changing environment. The ability to work well as part of a team is also crucial, with teams required to thrive despite a challenging and dynamic business landscape. A resilient nature might be an indication of a candidate who will thrive in a banking role.

The banking sector is experiencing exciting changes, and employers can build an enduring workforce by seeking diverse talents and experiences which might not have been obviously attractive to recruiters in the past.

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FAQs

What background check do I need?

This depends on the industry and type of role you are recruiting for. To determine whether you need reference checks, identity checks, bankruptcy checks, civil background checks, credit checks for employment or any of the other background checks we offer, chat to our team of dedicated account managers.

Why should employers check the background of potential employees?

Many industries have compliance-related employment check requirements. And even if your industry doesn’t, remember that your staff have access to assets and data that must be protected. When you employ a new staff member you need to be certain that they have the best interests of your business at heart. Carrying out comprehensive background checking helps mitigate risk and ensures a safer hiring decision.

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What are the benefits of a background check?

In a competitive marketplace, making the right hiring decisions is key to the success of your company. Employment background checks enables you to understand more about your candidates before making crucial decisions which can have either beneficial or catastrophic effects on your business.

What does a background check show?

Background checks not only provide useful insights into a candidate’s work history, skills and education, but they can also offer richer detail into someone’s personality and character traits. This gives you a huge advantage when considering who to hire. Background checking also ensures that candidates are legally allowed to carry out certain roles, failed criminal and credit checks could prevent them from working with vulnerable people or in a financial function.