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South Africa’s banking industry has undergone significant changes over the past decade, largely because of the rise of digital banking and the implementation of AI. Major banks such as Standard Bank, Absa, Nedbank, and FNB are adapting their services to remain competitive, resulting in an increasing demand for new roles and skills.
What skills are banks looking for?
Traditional banks are currently seeking South Africans with skills in technology, data analysis, and also customer experience management, as reported by Business Tech.
Markedly, banks have transformed from traditional financial institutions into tech-savvy organisations that need advanced skills to stay ahead in the game.
Two major contributing factors to banks’ future growth and success are technology and also talent.
Current available jobs at Absa include:
- Specialist Test Analyst
- Lead Full Stack Developer
- Product Engineer
- UI/UX Design Specialist
- Trade Consultant
Most of Nedbank’s current vacancies are in the ‘Experienced Professionals’ category. Available jobs include Technology/Domain Specialist, Software Quality Engineer, and also Data Engineer.
Standard Bank’s latest advertised positions include:
- Software Engineer
- Analyst
- Automation Engineer
- Quality Engineer
Francisco Uria, KPMG’s Global Head of Banking & Capital Markets, stated that the ‘battle for global talent is already here and all the players are competing for skilled people required for the new economy to come’. He added that attracting and retaining talent is already a key differentiator in all industries, and banking is no exception.
“In our increasingly digital society, the demand for skills in technology is growing rapidly.”
BANKSETA
Changing landscape
A research paper published by the North-West University (NWU) states that ‘Artificial Intelligence (AI) has become a critical part of the banking industry globally, and South Africa is no exception’.
The increasing adoption of AI in the banking industry brings with it certain challenges but also opportunities. AI keeps improving and better algorithms lead to easier access to large data impacting everything from risk assessment to relationship management.
The Financial Sector Conduct Authority (FSCA) has stated that South African banks are embracing AI models. FNB, for example, has implemented it to improve customer experience and to flag problematic documents among other things. Nedbank uses it to streamline processes and mitigate risks, among other things. The bank also uses digital-only channels to extend its services.
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