Suits The C -Suite Facebook Messenger X LinkedIn Share IN BRIEF: • The banking industry faces a growing skills gap as demand for expertise in data science, cybersecurity, and software development surges to support digital transformation efforts. • While automation and AI are seen as productivity drivers, banks are still grappling with how to effectively integrate these technologies and scale their operations. • The most competitive banks will adopt a strategic approach to workforce transformation, prioritizing upskilling and reskilling employees to ensure the integration of new technologies and improved customer experiences. The banking industry has long been at the forefront of technological innovation, with an increasing need for a highly skilled, tech-savvy workforce as the shift to digital continues. Digital transformation in banking goes beyond just updating legacy systems and adopting new technologies. It involves rethinking entire processes and the way banks interact with customers. One of the most significant challenges banks now face is closing the skills gap. According to the EY Work Reimagined Survey,57% of Chief Risk Officers (CROs) globally consider talent to be one of the most significant long-term risks facing the banking industry. Additionally, 52% of respondents reported challenges in attracting the right talent to […]
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