how to make sure you're in demand
Banking and finance are changing swiftly, mainly driven by increasing consumer expectations and fintech disruptors. Here are the trends to watch to keep you ahead in the job market.
The finance and banking industry has recently seen its fair share of fluctuations. Keeping ahead of changing customer expectations, managing the introduction of new financial technologies, and monitoring shifts in competitor sets and the regulatory landscape are just as crucial as the nuts-and-bolts finance side of the game.
So it goes without saying that the type of talent and roles required within the sector have been affected.
While the Australian business and finance job market was reasonably strong at the end of last year, no one can become complacent regarding keeping one foot ahead of the job market in such a swiftly changing industry.
so, where to begin?
According to Randstad client PwC's recent report Escaping The Commodity Trap & The Future of Banking in Australia, there are many key changes to keep an eye on, including:
changing demographics
The population is becoming older, increasingly urbanised, more prosperous and diverse, and more interconnected across national boundaries. There is a minor distinction between 'wealth' and 'banking' products and advice in customers' eyes.
Marketing and service propositions have to be targeted to increasingly narrow (though potentially global) customer segments.
changing technology
Information systems are becoming more open, modular and capable. For banks, this increases the scale and speed with which they can leverage data, analytics and communications to create richer, more targeted value propositions for specific microsegments or individuals.
changing consumer behaviour
Consumers are better educated, more law-abiding, tolerant, confident, and trusting – and better informed, aware and ready to assess and retract their trust.
As they do more of their business online and communicate with friends and peers over multiple social media channels, they are increasingly confident in identifying the best offer, at the best price, from anywhere in the world.
Asiafication
Asia is becoming ever more relevant to Australia economically, socially, and culturally. The domestic economy is linked to the fortunes of Asian economies, and of China in particular, not just in exports but also in foreign-direct investment, business partnerships, domestic services and residential real estate.
Familiarity with Asian (including subcontinental) languages, currencies, culture, norms and national idiosyncrasies is no longer imperative for trade finance teams or branches in specific suburbs but is inc. Still, it is a professional requirement for an Australian banker.
stay on top
You can ensure you’re well-positioned in this ever-changing banking and finance sector and ultimately improve your job prospects by continuing your education – and that means keeping up to date with reports like the one mentioned above and obtaining certification in your chosen field. This will ensure compliance status and ongoing knowledge.
It would help if you also kept on top of current job trends. For instance, there’s high demand for roles in risk and compliance, analytics, customer experience, lending, digital marketing, and project and change management. Also worth noting is hard to fill positions, which currently fall across actuarial, pricing, underwriting, analytics, technology risk and financial advice.
And finally, networking with peers within the industry or in your area of specialisation is also a wise move toward sustaining your future in finance.
