 "Digital wave forces banks to re-align hiring strategy")
With a digital wave sweeping across industries, banks are now re-aligning their hiring to suit their increasingly technology-reliant requirements. Bankers said that they have increased their hiring from technology and consumer analytics background.
Zubin Mody, head of human resources (HR) at IndusInd Bank, explains that now the focus is no longer on hiring talent from other banks but has moved to employees from IT/ITes etc.
“The idea is to have employees who understand technology well and this is both at the backend level and even at the branch level. Therefore, now we look at new areas to recruit rather than the traditional way of hiring people from other banks,” he said.
With the focus now on digital, banks are also looking at hiring more technology savvy and young crowd, explain HR managers. As a result the campus recruitment by banks have also increased. Hiring experts say that this is also to get younger talent on board, who could be provided with necessary skill-sets on the digital front.
Rajesh Dahiya - Group Executive-Axis Bank, explained that in order to build a workforce that has strong customer analytical skills the bank has also tied up with campuses to build courses around the theme. “To build future capabilities of the people who are on the threshold of entering the workforce, we have tied up with NMIMS as their industry partner for their post graduate program where analytics is the core specialisation,” he said.
In the past year, banks, especially private sector lenders, the competition has moved on to the digital medium. Both on the retail and corporate front, lenders have been coming up with new digital solutions.
Deodutta Kurane, group president, human capital management, YES Bank explains that digital banking does require some skill sets which are synthesis of banking and technology and therefore the talent acquisition strategy requires to be differentiated.
“We do source talent from other banks for this space there are banks at different stages of maturity in the digital space in the banking industry especially for the digital space. Having said that, we may not find all the relevant skill-sets within the industry and we do look at sectors like IT/ITeS which has talent with requisite skill sets and knowledge since they are providing services/solutions to banks and have an understanding of how the system works,” he added
It is the rise in transactions on the digital medium has strengthened the bank’s focus in this regard. As per the Reserve Bank of India data, in the month of July transactions via mobile phones jumped to Rs 21, 456 crore compared to Rs 4422 crore in the same month a year ago.
Rituparna Chakraborty, Senior Vice-President at staffing company TeamLease Services explained that IT companies would be a big ground where these banks would have potential talent. "Digital strategy has to something that is formulated by a bank in-house. However, at present the demand is higher than the supply, though there is an ability among youngsters to pick up these skills at a later stage. Hence, there would not be too much of a challenge."
Though some banks are increasingly looking at developing this talent in-house instead of sourcing it from another bank. For instance, for building its mobile wallet offering- LIME, the bank developed an internal team.
Zubin Mody, head of human resources (HR) at IndusInd Bank, explains that now the focus is no longer on hiring talent from other banks but has moved to employees from IT/ITes etc.
“The idea is to have employees who understand technology well and this is both at the backend level and even at the branch level. Therefore, now we look at new areas to recruit rather than the traditional way of hiring people from other banks,” he said.
With the focus now on digital, banks are also looking at hiring more technology savvy and young crowd, explain HR managers. As a result the campus recruitment by banks have also increased. Hiring experts say that this is also to get younger talent on board, who could be provided with necessary skill-sets on the digital front.
Rajesh Dahiya - Group Executive-Axis Bank, explained that in order to build a workforce that has strong customer analytical skills the bank has also tied up with campuses to build courses around the theme. “To build future capabilities of the people who are on the threshold of entering the workforce, we have tied up with NMIMS as their industry partner for their post graduate program where analytics is the core specialisation,” he said.
In the past year, banks, especially private sector lenders, the competition has moved on to the digital medium. Both on the retail and corporate front, lenders have been coming up with new digital solutions.
Deodutta Kurane, group president, human capital management, YES Bank explains that digital banking does require some skill sets which are synthesis of banking and technology and therefore the talent acquisition strategy requires to be differentiated.
“We do source talent from other banks for this space there are banks at different stages of maturity in the digital space in the banking industry especially for the digital space. Having said that, we may not find all the relevant skill-sets within the industry and we do look at sectors like IT/ITeS which has talent with requisite skill sets and knowledge since they are providing services/solutions to banks and have an understanding of how the system works,” he added
It is the rise in transactions on the digital medium has strengthened the bank’s focus in this regard. As per the Reserve Bank of India data, in the month of July transactions via mobile phones jumped to Rs 21, 456 crore compared to Rs 4422 crore in the same month a year ago.
Rituparna Chakraborty, Senior Vice-President at staffing company TeamLease Services explained that IT companies would be a big ground where these banks would have potential talent. "Digital strategy has to something that is formulated by a bank in-house. However, at present the demand is higher than the supply, though there is an ability among youngsters to pick up these skills at a later stage. Hence, there would not be too much of a challenge."
Though some banks are increasingly looking at developing this talent in-house instead of sourcing it from another bank. For instance, for building its mobile wallet offering- LIME, the bank developed an internal team.