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Commercial Banking is Becoming More Tech-Forward in 2022

Commercial Banking is Becoming More Tech-Forward in 2022

Commercial banking is becoming more digitized, and industry leaders are taking note of the potential it offers. The investments banking institutions have made in digital technology are yielding a greater ROI in two significant areas:  streamlined tech systems and improved relationship-building.

Technology and relationship building are no longer separate initiatives in an industry once considered emotionally absent from their customer’s needs. Digitization has reduced manual hours and increased customer-facing time.

Commercial banking is becoming more reliant on relationships, too

Relationships in commercial banking are possible because of tech trends like these:

  • Fintech disruption in the form of blockchain and open banking. Central government bank systems are looking at blockchain ledgers and accepting a variety of digital currencies.
  • Bringing in relationship managers (RMs). RMs in commercial banking have become the bridge between digitization and customer relationships.
  • Third-party services. Intuitive apps, digital portals and streamlined systems allow for greater banking convenience. The options offer immediate global access and geographically diverse work systems.

Digital initiatives in commercial banking do more than bring tech-forward opportunities to the industry. It’s paving the way for developing long-term relationships between bankers and their customers because the processes are becoming more efficient.

As a result, banks must hire talent comfortable using and working with technology. This same talent must also have the customer-facing skills that launch long-term relationships in commercial banking.

Top skills needed for commercial banking in 2022

As commercial banking continues its adoption of digitized processes and services, they’ll also be clamoring for talent who is comfortable using technology and keeping up with the newest tech trends.

Commercial banks will need people who exhibit the following skills:

  • Willingness to work with emerging digital trends
  • Ability to show empathy toward customers.
  • Collaboration with diverse teams

In return, workers expect to be valued for their contributions. They also expect a more informal work environment and greater flexibility – something commercial banking has lacked in the past.

Digitization continues to dominate the conversation about commercial banking. Increasing demand for a digital banking experience from millennials and Gen Zers is transforming how the entire banking industry operates. As commercial banking embraces tech-forward processes that free up time for building customer relationships, the industry expects to bring in a lot of new jobs.

Does your company have the expertise to hire the best people in these emerging segments? Commercial banking recruiters can be your lifeline.

 

Commercial Banking is Becoming More Tech-Forward in 2022

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