Digital Transformation of Human Resource Management in Banking Sector

  Innovation is a buzzword often used with different implications across many sectors. In relation to the banking sector however, innovation may have its limits. Among the key considerations in regards to moving forward in a rapidly evolving banking sector, innovation can be useful in various ways. Training is one of such areas where innovation in banking sector fits in perfectly. In a sector like banking where certain protocols and standards must be put in place to ensure proper management of operations, a properly trained staff is essential. However, training numerous people hailing from diverse backgrounds and different levels of exposure to handle the operations in banking sector could be quite challenging especially when it is necessary to get them all to fall in line with those protocols and standards. That’s where innovation in training can shine through its unique capability to simplify processes. This simplification directly affects the final outcome of the trainings whe...

Banking sector which remained largely stagnant for the last few decades, has now evolved into a rapidly changing sector with the advancements in finch. As a result of these advancements, many of the services typically provided by human employees in banks, have been automated with the introduction of self-banking services. Therefore, a complete overhauling and redesigning of careers in the sector of banking is now in order. Although this is a broader topic that requires extensive discussion and deliberation, the key points on redesigning and reorienting career paths in this sector can be highlighted as follows. There needs to be proper frameworks in place to regulate the digital components and human interventions in banking sector. More attention must be paid towards the safety and security elements when introducing digital banking solutions, paving ways for typical banking employees to become experts in different digital transaction methods. Some of the basic banking services typical...

In a security-conscious and trust-oriented sector like banking, the majority of employees are skeptical about experimenting with new technologies. They do have good reasons for this as well. However, building trust between the information technology division and other related divisions with the rest of the staff in the bank, can eliminate many of these trust and confidence issues. Inviting the ICT division staff to sit through the training on digital systems provided for the other banking staff is a nice way to kick start this process. The ICT division staff can be encouraged and perhaps even trained in advance to voluntarily come forward and support the rest of the staff members in navigating difficulties and challenges they encounter during training. Even the training related activities can be designed in such a way that the input of the ICT division staff becomes essential for the other staff to complete certain steps of the training. Thus the confidence and trust of the non-I...

When digitization happens in a bank, the process can be tougher if the employees who are newly hired, would have to negotiate a steep learning curve in harnessing the power of digital technology. This could be true in a practical sense at all levels of the bank. For instance, regardless of whether the new recruits joining as trainee staff are very tech-savvy simply because they are young and better exposed to digital infrastructure, their knowledge and exposure to technology would be of minimum benefit if the newly joined operation managers or such high level employees are not aware of the technological applications in digitized banking systems. This would work in an entirely different way even if the lower level employees who are newly recruited to the bank would not have adequate knowledge and exposure to digital technologies. In such a situation, the managerial level of the bank will have sound knowledge, exposure and expertise to effectively integrate digital systems to provide b...

  Digitization in a sector like banking does not happen overnight. Simply investing on the best technological and security infrastructure does not guarantee a successful and smooth transition from manual systems to digital systems in banking. The role of the human resources management divisions of banks is instrumental in providing tempting reasons for the employees in different other divisions to adopt themselves to the advent of digitization. The easiest and the smartest step with this regard is conducting a cross-sector assessment of the adaptability of employees who are already with the bank. The employees who would be thus recognized through such an assessment can be incentive as champions and front-runners of the emerging system change in the bank. Yet another significant quality of the employees that can be beneficial for this change management process towards digitization in a bank is the inquisitiveness. Sometimes, if this inquisitiveness would be kept untapped an...