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.
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.
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.
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.