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2 Quick Tips for Optimising Talent Management in Retail Banking

In recent years, buzzwords such as ‘fintech’ and ‘blockchain’ have been circulating the finance industry. For some, there has been a tingling of excitement at the opportunities digital integration in financial services can offer.

Yet, for traditional branches, the rise of the digital age has caused concerns, and the fear of falling behind their more ‘tech savvy’ competition, is continually growing. One of the main issues that traditional banks are facing is that of talent management and whether or not their employees are prepared for the digital changes in retail banking.

Why Retail Banks need to adapt to the Times

According to Thought Wire, retail banks that are still reliant on traditional branch banking models are running out of time to keep up with their competition. An expert in this field observed that bank tellers will be considered “the telegraph operators of the 21st Century”, as more customers prefer to bank online.

Therefore, retail banks need to ensure their employees are up-to-date with advances in technology to deliver optimal customer service and remain competitive.

But what does that entail? How can retail banks ensure they are prepared for the challenges that lie in wait? Here are two quick tips banks can use to optimise their talent management and stay ahead of the game.

Talent Tip 1: Employees who feel comfortable conversing with their managers about career pathways are more likely to engage in skill development

Ensure that employees are comfortable to start conversations about their own career paths and skill sets within the workplace. A good relationship between an employee and their manager is a key factor in developing their skillset, and will increase their willingness to learn. This will then allow them to move into new roles that will contribute to your bank’s competitive status and better your talent management.

Talent Tip 2: Don’t abandon your personal touch   

Despite the increase in technology use, a majority of customers will always want to interact with another human being. Retail banks need to ensure they mould their personal touch with digital technology, to deliver optimal customer service and solutions. Thought Wire, for example, have estimated that over 80% of global customers make use of digital banking channels, but 60% across all generations and income levels still want and need a human touch in their interactions.

For the opportunity to hear from an expert panel of CEOs from Maybank, Standard Chartered and ANZ on assessing talent potential and reality, book your place at the prestigious Retail Banker International Asia Trailblazer Summit.

Countdown to Retail Banker International Asia Trailblazer Summit and Awards 2018

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