GLOBALDATA PLC Retail banking, like most other industries, is currently being hit by political and economic uncertainty.
Former Head of Payments and Head of Strategy for Lloyds Banking Group
Cadbury says: "As McKinsey recently reported, all customer groups - even those aged over 50 - now prefer digital channels. As a result, the key barrier to removing branch and telephone banking - and all the cost-saving this represents - has all but disappeared. This is leading to a massive rethink of the banking proposition.
"According to statements by the
"This impacts 27 different business divisions which have all contributed to the approximate 60,000 job cuts the bank has made since its 2008 acquisition of
"Meanwhile, the number of full-time staff employed by
Significant bank job losses announced in 2019 include:
-
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- Commerzbank 4,300 (one-tenth of its workforce)
- Barclays 3,000
- Société Générale 1,600
"Going forward, a recent study by
"Looking more broadly at the available 'Senior' roles, based on vacancies at present, the overarching trend for opportunities is for specialists with deep technical knowledge.
"Some predict this is a trend that is here to stay.
"Whether it be retail banking or beyond, the key trait that will enable an individual to thrive in the future will be a willingness to adapt and learn.
"In an uncertain world, where many skill sets may not be readily available, recruiters and recruitees alike would be best to look for these softer skills; something which is currently very much a secondary consideration when it comes to recruitment.
"Until recruiters find a way to hire for adaptability rather than short term impact, the industry will continue to be highly inefficient."
"If it is an established high street lender it will claim to be in transformation mode, transitioning to a culture embracing agility and innovation.
"Moreover, the bank will try to assure its shareholders that it is learning from the GAFAs.
In particular, it will claim that its digital culture is one that seeks to attract and retain the brightest digital leaders.
"And if it is a digital neobank, it will claim that its culture from day one is one of innovation and nimbleness along the lines of a Google or an Amazon.
"Don't be kidded and don't be conned by such assurances from bank CEOs at the next set of quarterly investor presentations.
"Some of the brightest and most innovative digital leaders have upped sticks from
"As RBI reports, (link below) we are not seeing as many new senior digital roles at the banks as they might have us believe.
"The percentage of digital positions at most banks remains less than 10%. By contrast, most tech companies have a digital staff density of about 40%.
"And looking at the digital neobanks, the evidence is that they are not hiring from the incumbent banks.
"Lastly, but ominously, there is evidence that banks are struggling to attract and retain senior and talented data scientists."
ENDS
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