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Employee Productivity

5 Qualities for the Banking Talent of the Future

In 2017, McKinsey predicted that automation would be able to take over approximately 30% of the tasks performed at banks within the next two to three years. That forecast was spot-on.

Automation technology has enabled banks to increase productivity, simplify work design and improve customer service, growing deposits and revenue without adding staff.

So, with the future at our doorstep, may we suggest 5 qualities a savvy bank should be looking for in potential talent.

1.Digital Fluency

  • A general comfort level with technology and the ability to quickly pick up on advancements are now essential characteristics of successful employees.
  • With the introduction of codeless design configuration, banks can tap digitally fluent individuals within the organization to create, test and refine new automation capabilities and experiences.

2. Interpersonal Skills

  • With automation covering many back-office tasks, the demand for interpersonal skills has skyrocketed. The ability to engage customers in value-add interactions and offer excellent experiences are now essential.
  • Today’s technology also offers any employee the tools to become a universal banker, leveraging data-science-based insights to recommend products tailored to each individual’s unique financial needs.

3. Entrepreneurial Spirit

  • A go-getter mentality goes a long way. As the role of many bank team members becomes less defined, they have the opportunity to take more initiative in creating and pursuing new projects that can enhance the customer experience and benefit the organization at large.
  • KPMG describes this persona as having a “tendency for exploration, which will drive them to go out of their way to find new areas of interest, to break the boundaries of the present, and to search for new opportunities for their organization, customers and teams.”

 

4. Adaptability

  • The ability to adapt to changing technologies, evolving processes, shifting responsibilities and a fresh repertoire of skills to master is essential.
  • Tough-to-teach skills such as creativity, curiosity, emotional intelligence and resilience will demand a premium in a work culture where change is the new normal.

5. Problem-Solving Abilities

  • According to Accenture, the top reasons customers will go into the bank of the future are to resolve an issue (67%) and to seek advice from a human advisor on complex products (61%) such as mortgages. Both scenarios require bank employees to think on their feet.
  • Employees must be able to quickly assess a situation and be able turn any interaction into an opportunity for product cross-sell is a must-have tool for the job.

As technology solidifies its foothold in financial services, the talent profile of bank employees needs to shift as well. The opportunity to “up-level” the skills of existing employees and recruit new talent opens the door to better customer service, innovative new programs and scaled relationship banking.  Change is here. Embrace it!

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