Employability skills of branch banking employees at Standard Bank Bloemfontein in the digital banking era
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Date
2020
Authors
Jacobs, Brendan
Journal Title
Journal ISSN
Volume Title
Publisher
University of the Free State
Abstract
Rapid technological development, changing customer behaviour towards online and electronic banking and an ever-increasing number of new, innovate role players in the financial services industry - such as digital banks and Fintechs - has seen a changing demand for employability skills of bank employees. The continuous growth in the use of technology in banking services has placed banks under pressure to employ staff with the required skills to deal with the technological advancements and simultaneously add value to customer relationships. The primary objective of the study was to identify employability skills of branch banking employees at Standard Bank Bloemfontein. The primary objective was supported by determining the current employability skills gaps of employees and establishing how digital banking influences the employability skills of banking employees. Furthermore, the study investigated which technical and soft skills are required of employees at Standard Bank to establish if they can adapt to the constantly changing technological environment. In order to achieve the research objective, a literature review was conducted which included an overview of employability and theoretical employability models. The literature review also considered an overview of traditional banking, new entrants and emerging trends in banking as well as an in-depth look into digital banking. The research was qualitative in nature and entailed semi-structured interviews with Universal Bankers based at various Standard Bank branches in Bloemfontein. Whilst 28 participants were initially identified via non-probability sampling to be interviewed, data saturation was reached after 14 interviews were concluded. Considering the impact of the Covid-19 pandemic, all interviews were conducted electronically via Microsoft Teams. The foremost findings from the study aligned to the theoretical detail identified in the literature review. Feedback from respondents was categorized into six main themes which largely aligned with the literature review conducted. These findings included the importance of branch banking employees having the necessary technical and digital skills to perform their duties. Furthermore, bankers need to understand and embrace the concept of enhanced customer convenience. There has been a significant shift in customer behaviour and bankers need to understand and adapt to that fact. Further findings were that bankers must be able to coach customers on digital and product alternatives and need to continuously upskill on digital solutions. Lastly the importance of high levels of emotional intelligence was identified which is critical in engaging and adding value to customers that do visit the branch and need to be flexible and able to adapt to frequent change.It was concluded from the study that employability skills gaps are acknowledged and present in the frontline banking staff interviewed. Since there are varying levels of competence and readiness for the rigours the future hold, the following recommendations were made from the study:
- A comprehensive skills audit needs to be undertaken for all bankers in frontline positions to identify the technical and digital skills to be developed.
- Personal Development plans need to be developed for all frontline bankers
- Structured and frequent digital and technical training needs to be provided to all frontline banking staff.
- Emotional intelligence and people skill interventions to be prioritized for staff
- Rotation of roles and functions must be encouraged in branch to increase versatility of bankers and
- Change agents and digital champions need to be introduced in branches.
The study concluded that the branch banking employee of the future requires a different set of employability skills than the branch banking employee of the past. There is a joint responsibility on employees and employers alike to ensure such employability skills are developed and sustained.
Description
Dissertation (MBA (Business Administration))--University of the Free State, 2020
Keywords
Employability skills, traditional banking, digital banking, digital solutions, banking alternatives, branch banking employees, technological environment, customer convenience, personal development and skills development