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FREMONT, CA: Technological advancements are bringing about many transformations in the financial industry. The adoption of these technologies has made banks change their business models, and many basic processes are changing. In alignment with these changes, banks now have to reconsider the kind of workforce they need as the role of employees is changing drastically. Financial firms should look for certain desirable qualities in their new hires.
• Communication Skills
As automation takes over, back-office tasks for employees will see a reduction. Interpersonal skill based duties will become more prominent, replacing the functions that require cognitive abilities mostly. Businesses these days depend more on building relationships, and hence, an employee who communicates well becomes crucial for the firm.
• Innovative Approach and Entrepreneurial Spirit
Banks look forward to talent that can lead them to innovative products and services. The dependence on human labor is going to reduce as automation kicks in, and banks will prefer people who can be of advantage in taking initiatives to help firms achieve growth. Someone who likes to explore ideas is of value to the company.
It is expected that banks will keep evolving, along with the evolution of technologies. Hence, a workforce that is curious and interested to learn is highly desirable. Banks will need flexible employees who can be trained in short periods to handle the changing nature of work. Cross-functional teams will be in demand.
• Problem-Solving Abilities
Contrary to popular belief, physical bank outlets are here to stay. People still prefer a human advisor when they want their bank related issues resolved or if they want to know about a product. This implies banks will need staff that is adept at problem-solving. The ability to quickly understand the situation and offer meaningful solutions are must have skills.
• Technology Savvy
The transformations have brought technology into every fold of the banks functioning. An employee has to have digital fluency and the capability to pick up technical skills with ease. Technical aptitude and passion to keep learning is a key criterion.
Financial organizations are going through a phase of transformations. An employee base which can fit into the emerging roles is the need of the moment.