1. What is Digital Transformation?
The technologies which have changed the way we live and work, taking the
mechanical and analog processes we use to do day-today tasks with approximate
rounded figures into specific digital numbers and exact measurements etc. can
be simply introduced as the digital technologies. The simple transformation
that changed our basic wrist watches with spinning arms which tick, into
becoming smart watches with digital numbers, that could do much more things
such as fitness tracking, making and answering calls, scheduling appointments,
dictating text messages etc. than just displaying time. Attest to the
advancements that the digital technology made in our everyday lives.
When it comes to banking sector, people no longer like to wait on queues to mark the transactions manually on their passbooks. Instead they have their instant ATM cards made within minutes and go to automated teller machines to conduct all sorts of financial transactions within a matter of seconds, which in the old ways would have taken minutes or even hours to complete with human intervention. Now the digital technologies in banking sector have gone far beyond the ATM experience and have provided various financial transaction capabilities right at the consumers’ fingertips through online banking mobile applications and digital wallets.
All these marvels do not come without risks. The security of online
platforms and the verification processes have radically changed with this
advent of digital technologies. That’s why the employees starting all the way
from the top managerial sectors in banking have to embrace digital
transformation of banking sector to remain updated and relevant to this sector.
In a sector like banking where caution and responsibility towards the
clients remain the top priority, it is not an easy task to urge the rather
skeptical employees in all levels to adapt to the changes brought forth by
digital technologies. To that end, the author wishes to present the following
five steps and components to consider when transforming the human resources in
banking sector to embrace digital technologies.
1) Recognize and incentive employees showing adaptability, creativity and inquisitiveness
for digitization
2) Recruited
digitally skilled employees for every level in banking
3) Establish a better rapport and centralize the services of Information Technology Divisions
and other technology divisions in banking sector.
4) Rgn and re-orient career paths in banking
5) Inspire innovation in training and in branding
In the next posts in this series, we will be discussing the above five aspects in detail in relation to the banking sector.
References
1) Singh, S. and Ltd, P.M.M.P. (2015). 5 e-desithings HR can do in digitization of banks. [online] People Matters. Available at: https://www.peoplematters.in/article/technology/5-things-hr-can-do-digitization-banks-10858 [Accessed 01 May 2022].
2)
SearchHRSoftware. (n.d.). What
is digital HR? - Definition from WhatIs.com. [online] Available at: https://searchhrsoftware.techtarget.com/definition/digital-HR#:~:text=Digital%20HR%20is%20the%20digital
[Accessed 01 May 2022].
3) HealthMetrics. (n.d.). 10 HR Digitalisation Practices That Your Organisation Can Implement. [online] Available at: https://healthmetrics.com/m/10-hr-digitalisation-practices-that-you-can-implement-right-away/ [Accessed 01 May 2022]
Hi Anusha,
ReplyDeleteThis is a good topic which is important to get informed with the fast moving world. However, according to my opinion, despite the multiple benefits of digitization, Sri Lankans have been slow to adopt to accept the technology, preferring to stand in line at a bank, wasting time that might be saved with an app or online platform. Fear of disclosing personal information, a lack of trust or a sense of insecurity, and lack of awareness may be the factors for slow adoption. Therefore, it is critical to raise public awareness about the need of digitalization while at the same time conducting digital transformation of human resources to ensure effective technology utilization.
Hi anusha, nice topic..consider about present world digital transformation is very important factor. Specially within this like pendemic time period most of us realized value of this digital transformation. But consider about Sri Lanka like country, still we have not proper engagement this like topic. Some orivate organizations are used.but government organizations are stil work with lots of documents. Lack of knowledge is main reason for that. Also some people are fear to use available technologies as well ( online banking, eassy pay option ). So this is very important & timely topic that need to be discussed by everyone.
ReplyDeleteDear Anusha,
ReplyDeleteThis is a timely topic. Digital transformation remained an important trend in banking in this 21st century. Through Digital Banking, we can now easily make transactions, check their account balance or even make transfers just with a single click of a button on their smartphone or any other digital device. No more requesting or looking over paper statements or withdrawal slips any longer.
In my opinion, employees need to be well informed to transcend digital technology in the banking system of modern society. To keep the latest technology in the banking system as well as in other sectors systematically, all the staff there must implement continuous training and development programs. Must be constantly trained from security person to top management. it's more fruitful and this service can easily achieve the goals of the bank.
ReplyDeleteHi Anusha
ReplyDeleteTransformation of the banking sector will not be achieved without a transformation of its management style.
Adopting a more participative and responsive management style, which is based on taking the initiative, will enable this sector’s practices to genuinely evolve. The managerial approach must take greater account of everyone’s degree of autonomy and talent…