For centuries, the banking industry has served consumer and enterprise needs in unique and universally-critical ways. Community banks knew their members’ names, serviced family accounts for generations, and helped organizations large and small grow and do business.
But banking – like the rest of the world – faces tremendous change in the age of industry convergence. In recent years, technology has radically expanded the number of non-banking companies looking to solve financial services challenges. With the rise of FinTech, and the increased interest of other market players in offering financial products like Retailers, Big Tech, and Telecommunication providers, banks suddenly have new, agile competition for their clients AND employee base. Plus, global disruption brought about by the pandemic, shifting consumer expectations away from retail branches and toward exceptional digital experiences, and a lower return on equity all exist in the background.
Suddenly, banks need a way to reinvent themselves…fast.
The new Global Workforce Intelligence (GWI) Project industry-specific research report Consumer Banking Under Siege: Addressing the Digital Capability Gap provides targeted solutions to these industry-wide, global banking challenges. Stella Ioannidou, Senior Research Manager, Financial Services Industry Lead, leverages an innovative deep analysis of eightfold.ai’s extensive talent intelligence platform and The Josh Bersin Company’s global HR database to define the problems, identify the solutions, and highlight the trailblazer organizations setting the new standard. Highlights include the fact that:
- The digital transformation of banks is not a technology problem but a talent challenge.
- 4 out of 10 tech jobs for banks in 2022 will not be filled by tech professionals with industry experience, with the gap projected to grow exponentially in the next three years.
- Trailblazer banks have 1.3x more people in IT operations, 3.7x fewer people in middle/back-office and front-line service roles, and 2.3x people in transformation roles than their lower-performing counterparts.
The complete GWI Project: Banking Collection, including the Banking Under Siege report related case studies from BNY Mellon, ING, Scotiabank, and others, plus frameworks for business-level strategic decision-making are only available to corporate members.
Watch Stella Ioannidou, Senior Research Manager, Financial Services Industry Lead, share top findings, key insights, and best practices from her GWI Project Banking research:
- Analyst Article: Banking Unde Seige: The Digital Transformation Secrets of Trailblazing Banks
- Josh Bersin Article: Banking Under Seige: The Secrets to Digital Success in Financial Services
- Podcast: How Do Trailblazer Banks Pull it Off? Lessons for Every Company Here
- Webinar Replay Featuring Kathi Enderes: The Future of Financial Services: Exclusive Industry Insights from Josh Bersin’s Global Workforce Intelligence Project
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