Insight

Is the banking sector the future of telecoms recruitment?

By Charlie Knight |

 

Recent years have seen the banking industry dragged kicking and screaming into the 21st century. With mobile phones, broadband internet and the inception of the internet of things, people want more than waiting in long queues to talk to a disinterested member of staff behind two inches of glass. With the banking sector set to continue changing, we take a look at how this might affect the recruitment of telecoms professionals in the sector.

The introduction of online banking and banking apps has not been enough to stop an influx of new organisations such as Apple and Google beginning to encroach on the banking sector with offerings such as Apple Pay and Google Wallet. While giant technology and telecommunications companies will never be able to fully replace banks, the rise in non-banking companies offering mobile banking applications represents a missed opportunity for the banks.

Digital and mobile banking will continue to grow in 2015 and beyond as slow movers look to enter the market and those with existing offerings look to shore up their positions. With each new change to telecoms and technology trends, banks will need to update their digital and mobile banking services to ensure that they remain current and relevant to their customers.

The term ‘big data’ has been used (and often overused) in a number of industries. Banks however have been slow to derive any value from the huge amount of information they have about their customers. While it is probably concerns over privacy and security that has prevented them from using the data they have on their users, they are now becoming aware that consumer tastes have changed. Consumers today are happy for companies that they actively engage with to use their data if it means providing them with a better service, better deals or saves them time and energy. 

Precisely how banks might use the data available to them is still to be seen, however it is an area that we expect to see continued growth in during 2015 and beyond. This will no doubt require a large number of IT, telecoms and technology specialists to plan, implement and maintain these new systems.

Across domestic and business users, cloud computing is becoming more and more popular. Having their business applications on the cloud allows banks to offer their services from a wider range of locations and makes accessing data and applications from those locations quicker and easier. More and more banks are making the most of what cloud computing offers and we expect this trend to continue throughout 2015 and beyond.

One of the main reasons banks have been slow to move into using cloud computing or any other new technology is ongoing concerns about security. Demand for professionals with experience working within data security and security systems will continue to grow as banks move their services online. Managing consumers’ desire for convenience married with their demand for security will continue to be a huge tasks for banks for the foreseeable future.

The face of the banking industry is changing. More banks are moving their services online and innovation now plays a real part in attracting new business. This has increased demand for IT, telecoms and technology specialists across the board and we expect this trend to continue throughout 2015 and beyond. Given the number of new systems, structures and processes we are expecting to see banks implement next year, we expect to see significant demand for professionals with experience of systems design, systems implementation, BSS or OSS.

Source: Vine 14


Charlie Knight

Written by Charlie Knight

Charlie has 3 years experience in digital marketing, helping B2B technology companies grow their businesses through inbound marketing before joining Vine Resources as Content Marketing Manager. In his spare time, Charlie enjoys travelling and the great outdoors, and he recently hiked from Mexico to Canada for charity.