Acquiring digital technology skills is a new challenge for financial institutions, he writes SCOTT McGLINCHEY
No matter where you are on your digital transformation journey, whether you are a traditional highway banker or a startup fintech, one challenge is basically the same: acquire the digital skills and abilities needed to move your road map forward.
With the expansion of CVD 19, the business world has changed dramatically, with companies learning to work remotely and connect with customers, and unprecedented adoption of technology for businesses in all industries.
The demand for technology is growing, and the fight against technology is a struggle. The skills in cloud engineering, cyber security, application development and artificial intelligence are just a few of the areas that are being imported.
As a result of this new growth need, the cost of acquiring such skills will increase in the coming months. Organizations must also increase their attractiveness for recruitment.
As customers continue to receive digital transactions – aggravated behavior – providing a customer experience with a diverse and innovative product and service portfolio is essential for financial institutions to create or maintain competitive advantage.
This is true for these traditional organizations, which are slow to update their digital offerings, leaving behind their creative, online peers.
Can you compete?
Finding the right people with the right technology is not easy.
As financial institutions focus on technology, competition from other employers is on the rise.
Fintech companies continue to expand and flat hierarchies, established workplaces, and sometimes fair shareholders are promising to attract technologists.
Larger banks may suffer some disadvantages when compared to other markets, so their products take a relatively long time to reach the market.
This may be restricted to developers who prefer faster workflows. It is understood that many large banks are experiencing technological delays and even more advanced development approaches.
Of course, this is often unfair, as many banks, especially during the epidemic, have proven that they can quickly improve and deliver digital products and services.
How can you look to meet demand in the coming years?
While traditional hiring methods may be sufficient to increase market attractiveness in the short term, a new initiative is needed if banks are to attract and develop the skills needed to maintain competitiveness.
1. Establish a digital academy approach to develop future talent
One way organizations can grow and develop skills is by taking a digital academy approach, providing bright, driven school students, graduates, and others who want to develop careers in technology and take on roles of interest. In particular, we support our clients to develop this approach in a number of ways:
- Helps to design the learning program collaboratively
- Professional accreditation
- Providing work experience allows participants to practice and improve their new skills
2. Re-training staff exit
According to a report by McKinsey Global Institute, By 2030, 14% of the global workforce digitalization, automation and artificial intelligence (II) will be disrupting the world of work, and jobs may need to be changed. Many companies focus on re-training employees by providing the skills needed to enter desirable roles. One example of this is MasterCard, which encourages their employees to compete with beginners, encouraging them to develop new skills in the learning process.
3. Partner with third parties
Another option is to partner with a partner who provides measurement and flexibility by providing access to their own talent pool. This works well if you want to add specialists or speed up a program and don’t have the time or resources to hire. This can be seen as a low-risk model rather than a recruit because they do not increase self-esteem or do not have long-term overlaps. Just as a person does not have the right qualifications, the chances of getting a “wrong” punishment are also reduced, and he is on the lookout for another partner who can fulfill his responsibilities.
None of these options address the gap in technology skills on their own, and a three-pronged strategy can provide the organization with the immediate support (working with a partner) to meet the long-term need for technical skills. (Academy and staff retraining).
Banks that have been able to acquire this right and develop a sustainable model to protect and develop their talents are more likely to rise to market share.
Scott McGlitch is CEO of Digital Services and Solutions, which aims to help companies create value and create opportunities through the power of technology.
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