The banking industry is undergoing a transformational period, and digital transformation is at the forefront. As technology continues to advance, many banks are faced with the challenge of reskilling their workforce. Reskilling can be beneficial for both employees and employers alike, but it requires an investment of time and money on both sides of the equation.
This article will discuss how digital transformation impacts businesses and employees in banking, identify key skills needed in this rapidly evolving industry, outline strategies for reskilling efforts that are effective and scalable across multiple locations/teams within an organization—and finally measure ROI (return on investment).
The Impact of digital transformation in banking
In this section, we'll discuss the impact of digital transformation in banking and how it has affected the need for reskilling. We'll also look at some key digital skills that are needed and strategies for reskilling your workforce. Finally, in this article, we'll explore some challenges that may arise during this process and how to overcome them so you can measure ROI when it comes time for a return on investment (ROI).
The need for reskilling in banking
In today's banking industry, digital transformation is driving changes at every level. As a result of the shift to digital services and automation, banks are facing new challenges in their business models along with new opportunities for growth.
The industry has evolved from a simple transaction between a customer and an institution into a complex ecosystem of partners, customers and competitors who interact with each other through multiple channels both online and offline at any given time during their relationship with the bank or financial institution they're working with at that moment.
Identifying key digital skills
Identifying key digital skills is a process that requires an understanding of the specific banking industry, role and job function. For example, if you're a product manager in retail banking who specializes in credit cards and home loans, your key digital skills might be different from those needed by an IT analyst working on mobile app development for corporate clients.
The good news is that there are many tools available to help identify these essential digital competencies and even more tools for developing them over time.
Strategies for reskilling the workforce
As you begin to plan and implement your digital transformation strategy, it's important to keep in mind that humans are at the center of this process. Your employees will be responsible for designing new products and services, implementing technology upgrades, operating new machines and tools and they'll need training on all of these things.
If you're starting from scratch with no existing employee base or culture in place, then it may make sense to hire externally rather than hiring internally. This way you can build up a new workforce with fresh ideas about how things should work and what kinds of skills are needed to get them done successfully.
However if there is already an established team working on similar projects (or even different ones), then bringing them into yours will allow them time learn about each other's strengths while sharing knowledge between departments which can only benefit everyone involved!
Overcoming challenges in reskilling
Reskilling is a long-term process, but it's not something you can do in the course of one year. It requires continuous effort and collaboration between departments and teams across your organization. As such, this transformation will require leadership from all levels of management who are willing to step up and take on new roles as they arise.
Additionally, reskilling requires technology specifically, training tools that allow employees to learn at their own pace while still being able to access information when needed or requested by supervisors or managers who oversee their progress through the process (or lack thereof).
This may seem obvious at first glance; however, many companies overlook this aspect when planning their reskilling initiatives because they don't realize how important it is until after they've started down this path already!
Measuring the ROI of reskilling efforts
A key metric for measuring the success of reskilling efforts is ROI.
The first step in measuring ROI is to identify how much it costs to re-skill employees, then compare this figure against the benefits that will be achieved by doing so. These benefits may include lower turnover rates, higher productivity levels and improved customer satisfaction scores.
The role of leadership in reskilling
As we've seen, leadership is critical in the success of reskilling. Leaders must provide the vision and strategy for reskilling, communicate that vision to employees, and be visible in the process itself.
Leaders who want to create an effective change management program for digital transformation need to be aware of some basic principles:
- The first step is understanding what motivates people at work. What are their goals? What are their hopes for themselves and their families? How can leaders help these motivations align with business goals?
- Next comes communication both internally among employees and externally with customers or other stakeholders (like shareholders). This communication needs to be clear, concise and consistent across multiple channels including social media platforms such as Facebook or Twitter as well as more traditional methods like email newsletters sent out weekly by HR departments with updates on newsworthy events happening within the organization over past few days/weeks/months etc...
Assessing the evolving banking landscape
In order to prepare your workforce for the future, it's important to understand what the banking landscape will look like.
In today's digital economy, banks are facing many challenges and opportunities as they try to find their place in a rapidly changing environment. Banks need to figure out how they can be successful in this new world while also adapting their existing business models--and that means rethinking everything from customer experience (CX) strategies through technology investments and talent development programs.
Understanding these changes will help you determine which skills your employees need now or may need in the near future so you can reskill them accordingly before it becomes too late.
Tailoring reskilling programs to employee needs
The first step in creating a successful reskilling program is to understand the needs of your employees. You can do this by asking them what they want to learn, how they learn best and what obstacles are standing in their way. When you tailor your approach based on these insights, it will lead to better results for everyone involved.
Tailoring your approach means:
Tailoring it for individual employees
What does each person need? Do they have different motivations? What kind of support system do they need from their manager or team members? How can we make sure each person has access to whatever resources are necessary (time off work)?
Tailoring it for teams
Are there any specific areas where teams should receive training together that aren't covered by individualized training plans? How can we get everyone working together seamlessly after completing their initial lessons so that there isn't any downtime before starting new ones together as a group again.
Later on down the road once everyone feels comfortable enough with those skills already learned previously through self-guided study sessions done independently outside work hours.
Implementing technological tools for effective reskilling
As you begin the process of reskilling your employees, there are several technologies that can help make it more effective. The most important thing to remember is that technology should be used as a tool and not as a substitute for developing new skills.
Learning management systems (LMS)
An LMS allows users to access content from anywhere and at any time, which means they don't need physical access to an instructor or trainer. This also makes it easier for companies like yours because you won't need dedicated instructors or trainers anymore; instead all learning can be done remotely via your LMS system.
Social learning platforms
Social platforms like Slack allow teams within organizations like yours to collaborate together on projects while reducing their reliance on email communications alone.
By encouraging employees within different departments across various levels within your organization interact with one another through these kinds of platforms instead of just sending emails back-and-forth between them all day long (which would no doubt get annoying very quickly), they'll eventually develop stronger relationships between each other over time too!
Creating a supportive learning environment
It's important to create an environment of support and collaboration. A learning plan, resources and tools, and ongoing training will help employees feel confident in their abilities as they learn new skills.
For example: Set up a mentorship program where more experienced employees can share their knowledge with others; give each employee access to the same types of tools so everyone has equal footing when it comes time for practice; provide feedback on performance after each task is completed (or at least every few tasks).
Bankers are facing a challenge that they have never seen before in their careers. The digital age has brought with it new challenges, but also new opportunities for banks to reach new customers and grow their businesses.
If you want to stay ahead of the curve and avoid being left behind by competitors, then it's time for you to take action!