5. How to re-design and re-orient career paths in banking

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 typically provided at the front desks in banks must be retained with value additions for employees by way of knowledge products and resources on digital banking.
• The professions in banking must be opened to all educational backgrounds and disciplines provided that the recruits possess the knowledge and exposure necessary to serve effectively in banking sector.
• The knowledge and qualifications in ICT and cyber security must be regarded as mandatory for any and all newly recruited banking professionals.
•  The legal and policy reforms should be introduced to protect the banking sector employees from various threats and harmful implications arising from the misuse of certain finch products and services with some level of potential to be abused by criminal elements.

While these are certain key points worth considering when redesigning career paths in the banking sector, by no means that the above points shall be considered as the only central elements in that regard. The career redesigning process for a sector like banking is indeed very robust and might require extensive inputs from experts in different relevant sectors.

References

Baskerville, Richard and Capriglione, Francesco and Casalino, Nunzio, Impacts, Challenges and Trends of Digital Transformation in the Banking Sector , (2020). Law and Economics Yearly Review Journal - LEYR, Queen Mary University, London, UK, vol. 9, part 2, pp. 341-362, ISSN 2050-9014, Available at SSRN: https://ssrn.com/abstract=3835433

Varadaraj, Dr.A. and Al Wadi, Dr.B.M. (2021). A Study on Contribution of Digital Human Resource

Management towards Organizational Performance. THE INTERNATIONAL JOURNAL OF MANAGEMENT SCIENCE AND BUSINESS ADMINISTRATION, 7(5), pp.43–51.