How to Find Top Talent in the Banking World

Unemployment in the United States is hitting all-time lows, which may sound great for the country, but in some sectors, it’s causing a labor shortage. Financial institutions that do have job vacancies are struggling to fill critical roles, especially with the digital transformation of the industry with a shift in focus to be more tech-savvy with elements like artificial intelligence, user experience design and software engineering.

The name of the game now is to focus on tech-driven processes, products, and talent. Millennials are taking over the job market and Gen Z’ers are currently prepping to enter it. With this in mind, it’s good to get a leg up on how to find top talent in tomorrow’s banking world today. Here are some things to consider.

What to Look for in Talent

To understand the right talent, you have to understand today’s customers. Banking has turned into a tech-forward industry with everything from chatbots to artificial intelligence helping to change the way customers get their personal banking information and services. That being said, banks can help out their cause by looking for talent who have experience with a digital background as well as accounting skills.

Beyond being tech-savvy, potential talent needs to flex out their soft skills, such as persuasion, argument and emotional intelligence. Financial institutions should focus their recruiting attention on finding employees who can demonstrate a desire to learn new skills to help make sure they can adapt quickly.

For banks, investing in your future in terms of talent is just as important as making sure your reputation is intact. There’s always a risk of bringing on new employees who are not cut out for a tech-driven job or a customer-focused job, which financial institutions find themselves to be both in today’s world. To avoid major issues related to negligence claims or data issues, banks can look into bankers insurance to protect their own finances and futures while making sure they bring on the right talent for the future of the company.

Ways to Recruit

With an emphasis on technology, it’s no secret that utilizing tech to attract new talent should be a focus. This can be done through a number of modern ways that are personalized and more agile than the usual resume and application system.

First, it’s important to have updated online application systems in place to make the experience of applying online as easy as possible. Some people get turned off by a long or confusing online application process, causing them to drop the process entirely.

Next, having a job website platform, such as LinkedIn and Indeed, available to do the applying for you will make the process more streamlined and accessible. Lastly, companies can use social media to not only attract talent, but offer up an opportunity to let them apply directly through social media platforms like Twitter, Facebook, and Instagram. There’s also a way in which Snapchat can create an online presence and entice potential talent.

It’s important to put an emphasis on technology in your recruiting efforts to attract more digitally savvy and tech-driven employees who can operate and move with the trends in the banking industry today.

About Financial Guaranty Insurance Brokers

Since 1983, Financial Guaranty Insurance Brokers has distinguished itself as a provider of Professional Liability, Cyber Liability, and Crime insurance products for entities of all types. To receive timely, personalized service from a knowledgeable and experienced staff, call us today at (626) 793-3330 to speak with one of our professionals.