Page 48 - Banking Finance October 2024

ARTICLE

Will Brick-and-

Mortar Banks Get

Schooled by FinTech

Startups? The Talent

Vinoth Mani M
War for India's Senior Manager (Research Officer)

Union Learning Academy - People
Banking Future Excellence, Union Bank of India

The Indian banking sector is on the cusp of a transformation. FinTech startups are revolutionizing
the industry with innovative products, seamless digital experiences, and a culture of agility. But
this disruption extends beyond just technology.

T he Indian banking sector is on the cusp of a Similarly, cybersecurity has emerged as a top priority for

banks in an era of escalating cyber threats. Bank of
transformation. FinTech startups are revolu-
America, a leading global bank, has ramped up its
tionizing the industry with innovative products,
seamless digital experiences, and a culture of
experts and investing in advanced technologies to
agility. But this disruption extends beyond just technol- cybersecurity capabilities by recruiting cybersecurity
ogy. The real battleground for future success lies in at- safeguard customer data and financial assets.
tracting and retaining top talent.
Moreover, the advent of digital banking has made proficiency
in digital marketing indispensable for banks seeking to
The Evolving Skills Gap:
engage and retain customers in a crowded marketplace.
Traditional banks have long valued experience in areas
HDFC Bank, one of India's largest private banks, has been
like loan processing and branch management. However,
proactive in leveraging digital marketing channels to reach
the future demands a different breed of banker - one well-
customers, launching targeted campaigns across social media
versed in data analytics, cybersecurity, and digital
platforms and digital advertising networks.
marketing. Can banks adapt their talent acquisition
strategies to find these unicorns? In light of these developments, traditional banks are facing
a pressing imperative to adapt their talent acquisition
Take, for example, the rise of data analytics in banking.
strategies to attract and retain professionals with expertise
Banks are increasingly relying on data-driven insights to
in data analytics, cybersecurity, and digital marketing.
understand customer behavior, personalize services, and
Failure to do so risks relegating them to the sidelines in
mitigate risks. JP Morgan Chase, one of the world's
an increasingly competitive and technology-driven industry.
largest banks, has invested heavily in data analytics
talent, establishing specialized teams to harness the The Soft Skills Advantage:
power of data for strategic decision-making. While technical expertise is crucial, FinTech startups

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