3. The importance of recruiting digitally skilled employees for every level in banking
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 banking services. Yet however, the lower level employees would not be able to support the effective implementation of those systems due to their lack of knowledge and experience which will end up in causing the customers to be mislead and dissatisfied in the particular bank.
The human resources division of the bank has a pivotal
role to play in this regard where they will have to ensure that the new recruits
are well versed in harnessing the power of digital technologies in the banking
sector while striking a balance in maintaining their levels of knowledge
updated at all times using the latest training opportunities and courses
recognized in the banking sector.
In a sector like banking where caution and security
dictates above all else, nobody likes to shoulder the responsibility if
something experimental in the technology front would go wrong and if any
sensitive customer data or bank details would be lost or compromised as a
result. Such fears are more prominent among new recruits who may not have been
thorough with the digital technologies. Therefore, it is very important to
consider the education, experience and exposure to digital technologies when
hiring new recruits for all levels in banking sector.
References
Economy & Policy News. (n.d.). Business Standard India. [online] Available at: https://www.business-standard.com/article/economy-policy/cash-deals-cost-1-7-of-gdp-visa-116100500617_1.html(accessed [Accessed 10 May 2022]
McKinsey & Company. (2018). A bank branch for the digital age. [online] Available at: https://www.mckinsey.com/industries/financial-services/our-insights/a-bank-branch-for-the-digital-age.1
This is very much need in current situation. We need to move forward with the technology, yet we are far behind. People still reluctant to accept online transactions. Ex. opening a FD. still people come to the bank and tend to spend their valuable time.
ReplyDeletein on another cover, People may have a fear of loosing their jobs while being digitalizing. that's because only one person has to sit in front of a system.
There are skilled people in the market, but when it comes to banking sector, those candidates need to be full fill other requirements. ( having university degree. completion of IBSL exams.)
Over all I believe that Digital Transformation is very much acceptable.
Totally agree with you chulaa It is much needed for banking . Most of the bankers are struggling with time factor and this is the key to overcome that challenge
DeleteDigital transformation is much needed for banking. People are struggling with time it is compelled to digitalize businesses to survive.
ReplyDeleteDigital banking now takes a part of main roll in banking system. To introducing the digital banking for employees, it is better to touch the HR strategies by doing mentoring, developing, inspiring, involving with the talents. So that can improve the skills of employee. Then they will be activated effectively and efficiently, in no time at the digital banking for reaching goals.
ReplyDeleteEmployee may turn over in any organization because of the job dissatisfaction. The turnover is caused by people seeking more money, better benefits, more opportunities to progress their career.Specialy lack of work life balance, low motivation, unsuitable working environment will be leading to the turnover.
ReplyDeleteBy rewarding, motivating and creating psychologically safety environment, can overcome the the employee turnover.
Having sufficient in-house skilled talents aids in improving the business significantly. Hence, digitally up-skilling employees lead to successful business transformation. Every team requires digital training to bring an overall positive impact across the organization.
ReplyDelete