How to make sure you're in demand
Banking and finance is changing swiftly, driven largely by increasing consumer expectations and fintech disruptors. Here are the trends to watch to ensure you keep ahead in the job market.
In recent years, the finance and banking industry has 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 important 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 when it comes to 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 a number of key changes to keep an eye on, including:
- Changing demographics
The population is becoming older, increasingly urbanised, richer and more diverse, while also becoming more interconnected across national boundaries. There is less of a distinction between 'wealth' and 'banking' products and advice in the eyes of customers, and 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 both the scale and speed with which they can leverage data, analytics and communications to create richer, more targeted value propositions for specific microsegments or even individuals.
- Changing consumer behaviour
Consumers are better educated, more law abiding, tolerant, confident, trusting – as well as better informed, aware and ready to assess and retract their trust. As they do more of their business online, communication with friends and peers over multiple social media channels, they are increasingly confident in being able to identify the best offer, at the best price, from anywhere in the world.
Asia is becoming ever more relevant to Australia, not only economically but also socially and culturally. The domestic economy is linked to the fortunes of Asian economies, and of China in particular, not just in terms of exports but also foreign-direct investment, business partnerships, domestic services and of course residential real estate. Familiarity with Asian (including subcontinental) languages, currencies, culture, norms and national idiosyncrasies is no longer imperative just for trade finance teams or branches in specific suburbs, but is increasingly 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 not only keeping up to date with reports like the one mentioned above, but going on to obtain certification in your chosen field. This will ensure compliance status and ongoing knowledge.
You also need to keep on top of current job trends – for instance right now there’s high demand for roles in areas such as risk and compliance, analytics, customer experience, lending, digital marketing, project and change management. Also worth noting are the hard to fill roles, 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 towards sustaining your future in finance.
Are you seeking new and uncharted territory in your career? Browse our latest job opportunities in Banking and Financial Services by clicking here.
By Andrew McKissock, Account Director – Banking & Financial Services, Talent Solutions
I am a motivated business professional committed to my craft, with 20 years experience working in the Financial Services industry across specialist executive recruitment & HR consulting, client account management & operational management role.