BANKING AND FINANCE: Southeast Asian countries have the world’s highest adoption rate of mobile banking, setting recent records regarding total transactions and investment in new mobile technologies. With borderless financial cooperation on the rise, in-demand technology talents are required to ensure this growth is maintained by a lack of training in crucial positions further down the track.
HR teams must therefore direct their organisations to implement continuous professional development. They need their training partners to upskill new and existing personnel in order to best take advantage and react to the mobile banking boom.
According to McKinsey’s 2021 Personal Finance Survey, the number of Southeast Asian banking customers actively using digital banking tools jumped to 88% that year (12 months into the pandemic), compared to 65% in 2019. The survey also found that more than 60% of Asian consumers were open to switching to a purely digital-focused bank.
Due to this rapid transformation, the banking and finance industry is focusing almost entirely on uncovering talent who have an aptitude for designing and engineering mobile technology. Such heightened competition in recruiting these positions from outside the company, HR teams are realising that expanding their strategy to also look within their own organisations is imperative for continued growth.
Identifying high-performing, adaptable candidates already employed within the institution serves three purposes. Firstly, it allows existing employees to learn new skills commensurate with today’s banking and finance industry requirements. Secondly, it saves time and millions on recruitment strategies that may or may not bear actual fruit. Finally, those employees selected for additional training will likely show more loyalty to the organisation that has established such faith in them.
This is an excerpt from the Future Proof: Overcoming HR Challenges in Banking and Finance
Access the full report here.
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