In 2021 we’ve seen that learning and development, and human resources are now challenged to identify the skillsets needed for businesses to move forward in almost an entire a virtual world. The digital platform has become the new norm to ensure business survival. KPMG’s Global banking M&A outlook, COVID-19: Impact on the banking sector, stated that:
“banks, even the most territorial and branch-centric ones, are forced to encourage the use of channels that have never been their strategic priority.”
According to a global study by Boston Consulting Group, 80% of companies believe it necessary to include digital transformation as part of their strategy. However, a report by The 2020 State of Digital Transformation, by Altimeter has revealed that a shocking 68% of traditional financial services firms have admitted to only being in the early stages of digital transformation.
Whilst it has been recognised that digital transformation is a vital part of a firm’s sustainability and survival, it is clear there is a gap within the financial services and a new, rapidly growing digital world.
The impacts of the pandemic could therefore make banks “even more inclined to accelerate the digital transformation path through partnerships and collaborations within the fintech community,” said KMPG’s report.
“Fintech is reshaping the banking and financial services industry through providing the innovation, features and functions that the banking sector hasn’t been able to provide by itself. These tech companies are now being looked on as valuable partners for companies who want to reach new goals and expand in different ways. Continued collaboration between banking and fintech is now, more than ever, a necessity for the new digital world” Hector Payne, Chief Learning Office, Alpha Development.
We’ve been supporting businesses within the financial services in providing suitable training solutions to support employees with the right skills needed as part of their digital transition. We have delivered over 900,000 hours of training to over 150,000 students over the last 15 years and have successfully transitioned to online training during the pandemic ensuring businesses are able to meet their objectives and focus on building their strategies whilst leaving the training to us.