The world of commercial banking has been going through some exciting changes during the past year. From the development of new FinTech apps to evolving regulatory standards, these changes are offering a number of new positions for both entry-level and experienced candidates.
Here at James Allan Executive Search, our commercial bank recruiters always stay abreast of changes affecting potential candidates. In this article, we’re sharing some of the top industry trends you should be aware of:
Technology is revolutionizing the world of commercial banking. With a variety of new financial apps and digital platforms appearing, FinTech founders are targeting a wider range of demographics, and their products are empowering more people than ever before to take control of their finances.
Along with the rise of FinTech products, our commercial bank recruiters are seeing many new positions that are designed to help consumers make the most of these apps and platforms, such as virtual bank tellers and product designers. These changes in customer demographics also reflect a push toward diversity recruiting.
Commercial banking is one of many industries that is taking advantage of automation and AI technology. This means that many banking institutions are searching the talent pool for technical positions, such data scientists and data engineers. Hiring managers also want to see candidates who are business savvy, but who are also highly analytical and can derive meaningful insights from user data.
Since AI technologies are automating certain tasks, our commercial bank recruiters predict that some lower administrative roles may not be as plentiful. However, workers in these positions should consider making the shift to customer service or customer success roles, which help consumers make the most of the digital banking products available to them.
Financial institutions are grappling with how to remain compliant with GDPR and other global and domestic regulatory laws. As a result, FinTech companies and others in the commercial banking industry are seeking highly talented candidates who can interpret these laws, as well as implement new company policies to ensure compliance—and all while finding ways to make compliance a more efficient process. Our commercial bank recruiters are seeing a need for positions such as regulatory analysts, compliance officers, and similar roles.
Fighting against cyber attacks is a priority for most companies, but especially for those in the commercial banking industry. Since these companies hold sensitive financial information, cybersecurity is a must. And these days, hacking technology is becoming more and more sophisticated.
Financial institutions understand cybersecurity is of major importance to consumers. Even a single data breach can cause consumers to switch banks altogether. That’s why commercial banking is focusing on hiring cybersecurity experts to safeguard their valuable data, and to protect the integrity of their brands.
James Allan Executive Search specializes in matching qualified candidates with some of the top employers in banking, finance, and insurance. To speak with our commercial bank recruiters about available positions, schedule a consultation or submit your resume online.