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What skills are needed to work in digital banking?
Six out of ten candidates stop applying for a digital banking position after reading the requirements.
Digital banking has emerged as the new standard in how we manage our finances. This shift has redefined the profile of the banking professional, requiring a set of skills and competencies that go beyond traditional financial knowledge.
According to Paulo Stoll, Executive Manager – Finance, Banking & Insurance at Cornerstone, “The banking sector has become much more demanding in Peru, but the job market still falls short. Six out of ten candidates stop applying for a digital banking position after reading the requirements.”
According to the talent management expert, it is essential that banking professionals understand the competencies the sector demands today and, furthermore, that they work to continuously develop them. These are the 7 competencies most in demand in the digital banking sector:
1. Digital literacy: Technology is the foundation of digital banking. Professionals must be comfortable working with digital systems, online banking platforms, mobile apps, and data analytics tools.
2. Cybersecurity and data protection: With the rise of digital transactions, information security has become a priority. Professionals must understand the principles of cybersecurity and be familiar with best practices for protecting customer information.
3. Analytical Intelligence: The ability to interpret large volumes of data and turn them into actionable insights is more crucial than ever. Digital banking professionals must analyze trends, customer behaviors, and market patterns to make data-driven decisions.
4. Digital customer experience: Digital banking revolves around the user experience. “In our Finance, Banking & Insurance division at Cornerstone, demand for UI/UX professionals increased by 40% in 2023 compared to the previous year,” says Paulo Stoll.
5. Innovation and Growth Mindset: The digital banking sector is constantly evolving, requiring an open and change-oriented mindset. “During the hiring process, we look for professionals with proven experience in identifying and implementing innovations and improvements, both in products and processes,” states the Cornerstone executive.
6. Financial and Regulatory Knowledge: Although the focus is on digital skills, in-depth knowledge of the banking sector, financial products, and the regulatory framework remains indispensable. Understanding the laws and regulations affecting digital banking is crucial to ensuring compliance and operational integrity.
7. Change management: The ability to manage change and maintain resilience in the face of challenges is a valuable skill. In this context, Paulo Stoll notes that “Companies have increased their investment in change management programs year after year.”
