5 IT Staffing Trends in Banking
As the banking industry continues to grapple with an ever-changing technology landscape, it is essential to understand the environment that shapes it. According to Everest Group's report How to Achieve More for Less - Maximizing Value, the global economic environment is changing rapidly, with increasing regulatory pressures and a shift towards digitalization. As the report states, "Macroeconomic factors are putting significant pressure on financial institutions to reduce costs while maintaining a focus on innovation and customer experience."
Also, highlighted in the recent report from the Everest Group's IT Service Providers 2023 Forecast: The Top 5 Themes for Growth and Wallet Share, "The banking industry is under immense pressure to remain competitive and offer a differentiated customer experience. To achieve this, banks are investing heavily in digital technologies and services." This emphasizes the importance of IT staffing in the banking industry and the need for skilled IT professionals to help banks achieve their ambitious goals.
The pressure to achieve more for less has made it even more crucial to pay attention to IT staffing trends in the banking industry.
Here are the top five trends for 2023:
- Cybersecurity - As banks become more reliant on technology, cybersecurity is a top priority. American Banker notes that banks are looking for IT professionals who have expertise in cybersecurity. The increasing prevalence of cyber threats means that banks need professionals who can identify and mitigate potential risks to their systems and data.
- Cloud Computing - The banking industry is increasingly moving towards cloud computing solutions. According to the U.S. Department of the Treasury, banks are looking for IT professionals who have expertise in cloud computing, particularly in managing the migration from legacy systems to cloud-based solutions. This trend is expected to continue in 2023 and beyond as banks seek to improve scalability and flexibility while reducing costs.
- Data Analytics - Banks are also looking for IT professionals who can help them make sense of the vast amounts of data they collect. According to Deloitte, data analytics is a key area of focus for banks in 2023. IT professionals who have expertise in data analytics, machine learning, and artificial intelligence are in high demand as banks seek to use data to gain insights and make better business decisions.
- Emerging Technologies - As mentioned by Forbes, banks are seeking IT professionals who have experience with emerging technologies, such as artificial intelligence, machine learning, and blockchain. These technologies have the potential to revolutionize the banking industry, and banks are eager to stay ahead of the curve by hiring professionals with the skills to implement them.
- Collaborative Working - Finally, banks need IT professionals who can work collaboratively with other departments. As technology solutions often involve multiple stakeholders, IT professionals who can communicate effectively and work well with others are in high demand.
In conclusion, as the global environment changes rapidly, the banking industry must adapt to new challenges and stay ahead of the curve in terms of technology adoption. The demand for skilled IT professionals in the banking industry is expected to continue to grow demonstrably in 2023, with a focus on cybersecurity, cloud computing, data analytics, emerging technologies, and collaborative working. With a shortage of skilled IT professionals in the industry, banks are turning to IT staffing firms to help them find the right talent. The right IT professionals can help banks achieve more for less by driving innovation and improving the customer experience, all while reducing costs.
Lorien, is a technology, transformation, and digital talent solutions specialist. We are powered by Impellam Group, a connected group providing global workforce and specialist recruitment solutions. We combine tech expertise with the scope, depth, and breadth of large-scale talent solutions.
Driven by both clients and candidates, covering the US and Europe, we work with all sectors, sizes, and tech needs – from start-ups to established banking companies and those who use tech to propel them further.
Lorien has a Center of Excellence (CoE) team which can provide Market Rate Analysis (MRA) from proprietary and industry-renowned data sources to better support our Fortune 500 and other client companies and to leverage these insights for enhanced client talent attraction, competitive positioning, and workforce planning.
Our CoE, our Lorien Sr. Director of Strategy, and our North America marketing team partner together to create a unified commercial engine of insights to arm our clients with market research and competitive intelligence around trends, key skillsets, and current salary trends.
If you are interested in further exploring IT Staffing Trends for Banking, please contact Esther Maria Swaty, Lorien, Sr. Director of Strategy.
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