Standard Bank, Absa and Nedbank are hunting for South Africans with these skills
South Africa’s banking landscape has seen a seismic shift over the past decade, driven largely by the rise of digital banking, and the legacy banks are hunting for South Africans with skills in technology, data analytics, and customer experience management.
The transition to digital banking, accelerated by technological advancements and shifting consumer preferences, has revolutionised the banking experience and reshaped the nature of employment within the sector.
Banks like Standard Bank, Absa, Nedbank, and FNB have been aggressively adapting their operations to remain competitive while creating a demand for new jobs and skills.
The rapid adoption of digital banking in South Africa is mainly due to increased mobile penetration, growing access to the Internet, and a rising consumer appetite for convenience and efficiency.
In recent years, South African banks have invested heavily in upgrading their digital platforms, enhancing mobile apps, and implementing AI-driven solutions to streamline processes.
This has enabled customers to conduct transactions, apply for loans, and manage their finances without visiting physical branches.
Standard Bank’s FY2023 annual report highlighted the importance of its digital transformation strategy, which has led to significant operational efficiencies and improved customer satisfaction.
The bank reported that its digital banking platform accounted for over 70% of transactions, demonstrating the centrality of digital banking to its business model.
Similarly, Absa’s annual report underscored the bank’s commitment to becoming a digitally-led bank, emphasising its continued investment in technology to improve service delivery and reach more customers in underserved areas.
Nedbank also highlighted how digital transformation has enabled the bank to achieve operational excellence, reduce costs, and deliver innovative services to its clients.
The bank’s focus on delivering a superior customer experience through digital platforms has seen significant growth in digital banking adoption, especially in light of the COVID-19 pandemic, which accelerated the move away from traditional in-person banking.
Jobs and skills in demand
The digital transformation of banks has led to a significant demand for new skills, particularly in technology, data analytics, and customer experience management.
Banks are no longer just financial institutions; they have evolved into technology-driven entities that require cutting-edge expertise to remain competitive.
Absa has outlined a clear demand for various roles that support its digital ambitions.
Absa told BusinessTech that it is actively sourcing talent in areas like:
- Data engineering
- Cybersecurity
- Software engineering
- Artificial intelligence
- Customer journey management and
- Risk management.
These skills are essential for ensuring smooth operations across digital channels and safeguarding customer data in an increasingly online world.
Additionally, power skills like critical thinking, problem-solving, and emotional intelligence are also high on Absa’s list, reflecting the need for employees to be agile and adaptive in a fast-changing environment.
Nedbank, on the other hand, is particularly focused on building its capabilities around emerging technologies.
They are actively recruiting for roles related to:
- Artificial intelligence
- Machine learning
- Data science, and
- Quantitative analytics.
These skills are crucial for leveraging data-driven insights to enhance client experiences and streamline operations.
In addition to tech roles, Nedbank is also keen on hiring cyber risk and climate risk specialists, acknowledging the rising importance of sustainability and security in banking.
The focus on ESG-related skills, such as Sustainable Finance, underscores the growing significance of environmental and social governance within the sector.
Standard Bank’s recruitment efforts similarly reflect the broader industry shift towards data-driven decision-making and advanced technological solutions.
The bank has expressed a critical need for:
- Cloud engineers
- Software engineers
- Data analysts, and
- Cybersecurity engineers
All of these positions are integral to ensuring the efficiency and security of their digital infrastructure.
Moreover, the demand for relationship managers and acquisition bankers indicates that, despite the growth of digital platforms, personal relationships with clients remain important, albeit supported by data analytics and digital tools.
Skills shortage
As the demand for digital banking skills continues to rise, South African banks face a notable challenge: a shortage of qualified professionals in areas like AI, cybersecurity, and data science.
This skills gap has prompted banks to not only focus on external recruitment but also to invest heavily in reskilling and upskilling their existing workforce.
Nedbank, for instance, has committed to proactive workforce planning and people development initiatives, ensuring that its employees are equipped with the skills needed for the digital age.
Standard Bank’s approach is similarly focused on preparing its workforce for the future.
In addition to sourcing new talent, the bank is dedicated to developing internal expertise in areas such as technology and risk management.
These strategies are vital for maintaining a steady pipeline of talent that can meet the banking industry’s evolving needs.
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