Banks want to attract and retain talent but cannot compete based on remuneration alone to motivate staff. They must create a cohesive team, a likable workplace culture, and a productive learning environment to support their employees’ professional and financial development. Creating a cohesive environment that facilitates learning and development will be a top trend in the banking industry in 2023.

It is evident that the disruption caused by the pandemic has transformed how people’s practices will be configured in the banking industry for a long time to come. From enabling remote working to focusing on human capital needs like reskilling the workforce and managing digital disruptions, training and development will be critical to building an agile, collaborative, and learning-focused organization.

Given how quickly the financial sector is entering the digital sphere, upskilling is essential. To function more
effectively in the modern workplace, the banking professional’s role must be adjusted to include digitalization and digitization skills.

“If digitization is a conversion of data and processes, digitalization is a transformation.” More than just making existing data digital, digitalization embraces the ability of digital technology to collect data, establish trends and make better business decisions. The top goal for bank leadership and HR in the banking sector will be assisting managers and staff in managing data.

To be successful, the bank of the future will need to embrace emerging technology, remain flexible to adopt evolving business models, and put employees and customers at the center of every strategy.

The banking industry is positioned to witness a whirlwind of changes in the coming year. These trends will transform processes and systems and shape the future of the industry. Banking organizations in this fast-paced world of work will have to go beyond simply coping with change. They will need to face challenges head-on and learn to be agile in the face of disruptive changes.

Utah Bankers Association partners with the American Bankers Association, OnCourse Learning, and SBS Cybersecurity to assist Utah banks with the training and development of staff. Go to the Education & Events tab at utah.bank to find the certification, webinar, and on-demand training programs you need to make 2023 the best training year yet.