Information Technology Jobs Are Key to Digital Transformation in Banking and Finance


Your Online Capability Is Key to Long-Term Success

Information technology jobs in banking are replacing traditional banking jobs at quite a pace, and with good reason. According to a recent survey from Provident Bank, only two in 10 banking customers prefer going into a bank branch rather than conducting their financial business online. When asked why they stay with their current bank, 82% of customers cited their bank’s online and mobile platforms as a major reason.

Banks and financial institutions that are behind the digital transformation curve won’t be long-term winners.

How Do You Transform Your Digital Presence?

Digital transformation is key to providing a loyalty-building online presence, but it isn’t easy. Showering customers with new digital features will not be enough to retain them.

Your online presence must be built and developed on a solid foundation – within a digital infrastructure that supports the needs of your customers and the development of innovative services. Customers desire seamless interactions that can be personalized to needs. Your digital team must be capable of delivering this.

Get your digital offering right, and you’ll build customer loyalty that will drive business growth in the 21st century.

Simplicity Must Be Matched by Security

Seamless and simple customer products and services have been enabled by cloud technologies. Banks are now able to provide interactive customer experiences and faster services – such as chatbots and automated loans. However, this ease of use – while capturing and retaining customers – also requires you to place extra emphasis on building and maintaining the infrastructure to support them and boost the security around them.

Data is more easily shared in the cloud, but consumers are also extremely concerned that it can be more easily hacked. The industry has made some headway in tackling this. Javelin’s 2019 Identity Fraud Survey found that the number of victims of identity fraud in the United States fell from 16.7 million to 14.4 million between 2017 and 2018. However, while this is good news, the amount of money affected rose and cell phone account takeovers increased from 380,000 to 680,000 victims.

As we move forward, the concerns over account security will not dissipate, and so it is incumbent on banks to continue to improve their digital security capabilities to protect their customers from fraud, data loss and identity theft.

Hiring Key Skills Is Crucial

When building out and maintaining your digital transformation, the skills you hire will be crucial to your success. You’ll need your people to possess the technical skills to do their jobs, but you’ll also need people with business acumen and the soft skills to build an effective digital team.

Digital transformation in banking is a continually evolving process, in an environment which requires agility and flexibility. Locating talented hires with the correct mix of hard and soft skills, and the experience you need, is not easy. Many of the hard skills are found in organizations in which project work is undertaken within rigid guidelines – the nature of digital transformation requires approaches aligned with those you find in start-ups.

If you are struggling with attracting and hiring talented candidates into your information technology jobs to fuel your digital transformation, contact TotalTek today. The demand for high-quality employees in this space is only going to grow – don’t get left behind.