More than any other driver, technology is shaping the future of banking. Its impact is being felt internally as banks rush to evolve their offerings and externally as they respond to the threat from Fintechs and other rivals. Banking leaders are well aware of the need to rethink their existing business models. But do they know what skills their workers will need in the future and how those skills can be acquired? Or how the shape of their workforce needs to change and how this can be achieved?
Digital expertise will not only be crucial to banks’ ability to run their future operating models, it will also be vital to keeping the business evolving as technology advances.
The need to quickly develop a workforce with the right mix of these skills is hugely challenging. Competing head-on with leading technology firms, either on rewards or in terms of employee experiences, is a challenge for established players.
It follows that learning has a huge and essential role to play in shaping the future workforce. But this will not be easy either. Behavioural characteristics are hard to teach and banks face particular challenges from regulation, silos and legacy methods, along with a risk-averse culture that makes it hard for individuals to disrupt the status quo.
When it comes to building a digitally capable workforce, most banks face three major obstacles. Addressing each will require innovative thinking and significant changes to existing practice.
Learning professionals in banks have a critical role to play in enabling the digital transformation that established banks need to achieve. Winning in a technology-led world calls for the best digital capabilities to drive success and KPMG has a range of learning solutions to help address this growing challenge.