“The banking industry is a service industry. It should serve others, before it serves itself.” – Christine LaGarde
In 2023’s challenging economy, banking institutions, the lifeblood of capitalism and ultimate service providers, must ensure they nimbly react to constantly shifting internal and external pressures — to survive, strive, and thrive.
Of all industries, U.S. banking was most over-ripe for dramatic disruption prior to the global Covid 19 pandemic. Post-pandemic, amidst recession, the situation has become stark.
In Michigan, excluding visionary all-digital finance entities (like Ally Financial, headquartered in Detroit), there are 136 FDIC-insured banking institutions, employing over 253,000 people (5.82 % of the employable Michigan population). Workforce experts at Right Management consistently learns from banking leaders’ challenges, goals, and plans.
Internal and external banking industry pressures confront those leaders, every day. They must:
- Agilely meet the issues presented by changing government regulations.
- Adroitly react to fluctuating rate variations, while maintaining operational quality and sustainable profit levels.
- Ensure institutional competitiveness in the face of both traditional and unorthodox competition (“neo-banks,” tech and communications companies offering alternative banking services, and more).
- Meet ever-increasing fast-paced customer service expectations of investors, corporations, consumers.
- Learn about, and quickly deploy, technology to both protect the integrity of transactions, and security of banking clients, while delivering transparency, and speed through new transaction methods/channels demanded by next generations of customers.
- Consistently evaluate how they are executing against banking’s most crucial performance area: risk management.
- And navigate sudden, and seemingly never-ending, waves of industry consolidation.
Complicating this, just like all U.S. industries, banks face overwhelming competition for new talent, new ideas, new energy. A well-integrated talent management strategy, recruiting and retention process, complemented by expert employee onboarding and empathetic off-boarding is the only way to achieve banking success, and retain and strengthen a bank’s sterling image, and attract more skilled colleagues.
How do financial institutions deliver high quality customer service, while simultaneously transforming an organization, and its digital and physical infrastructure, to provide consistent, meticulous reporting systems and well-oiled daily operations? They deploy new systems, and innovative technology (like robotic process automation, AI, advanced biometrics, cloud-based technology with extra levels of protection, iron-clad cybersecurity solutions, and more). Those systems require capable people, with the most up-to-date skills, to install, maintain, upgrade, and adeptly deploy them.
At all levels of a bank, leaders must rely on high-performing individuals with innate strengths, motivation, and ability to pivot and learn; and galvanize the transformation of those high performing team members into savvy leaders of the financial future. Those colleagues must vigorously support new partnerships with visionary fintech organizations, capitalizing on high-tech collaborations to achieve excellent outcomes for both institutions and customers.
To allow for Michigan banking’s essential technology needs, plans for re-skilling/reorienting the workforce, including provision of humane outplacement programs for less skilled workers, are paramount. Helping with assessments, pinpoint recruiting, coaching of high potential new colleagues, and more are all tools/programs Right Management Great Lakes also offers to assist banks to overcome their growing competitive barriers.
Without guardians of our economic resources, there is no economy.
Our bankers are key to the survival and thriving of Michigan, and its people. Right Management is honored to serve them, as they strive for maximum productivity, an economy filled with vitality, and fiscal security for citizens in a volatile world.