As 2019 draws to a close, LMA Recruitment looks back at the year’s trends and focus ahead to what 2020 has in store for the Banking & Finance industry.
Banking and Finance firms focused on growth in 2019, as opposed to the restructuring efforts that had been targeted in previous years. With the focus firmly on revenue growth, cost reduction is no longer the main concern for firms worldwide. Banks this year have utilised the economic stability and have made efforts to enter new markets and develop new products.
With Fintech firms moving quickly to entice the customer bases of banks over to digital banking, the need to develop new software’s and products has never been more vital. Banks are also considering their customer experience and engagement to improve customer retention and attract new customers. The need to recruit the top talent available in the industry has proved essential to ensure successful and steady growth. As Fintech firms continue their efforts in 2020, banks must continue to work on software and products aimed at improving customer experience to avoid any substantial customer losses.
The situation surrounding Brexit and politics in the UK has arguably had the most significant effect on the Finance & Banking industry in 2019. Investment in the UK economy has slowed until a clear solution for Brexit has been announced. The industry is waiting with bated breath for the conclusion of Brexit and while there doesn’t seem to be much anxiety about the issues, a lot of investment progress has been halted until complete clarity is provided. With the UK’s election upon us, the industry should be able to make rapid strides of progress very soon and 2020’s fallout of Brexit will most probably prove to be the main talking point for the next year.
The digital transformation is present in almost every industry, and the Banking & Finance industry is no exception. The rapid move from legacy to digital platforms is aiming to increase the ease and cost-efficiency in which data can be analysed and utilised in the industry. According to a study from Protiviti, 6 out of 10 finance leaders consider analytics for strategic insights to be their top priority in 2020. Some firms may be reluctant to embrace the new digital changes; however, to keep pace with competitors, they may not be able to avoid digitalisation in 2020.
According to software firm Ibby, next year will see a substantial increase in live chat options for customers, as the need for flexible support options becomes increasingly more important. Along with live chat, self-service banking improvements are also forecast to be made, for everything from contactless payments to digital currencies and transferring money abroad.
LMA Recruitment are experts in finding the best talent for the Banking & Finance industry. To find out how we can solve your hiring challenges for 2020, contact one of our consultants.