Banks Adopting - Talent Management Framework

HR functions in banks are evolving in line with the challenges posed by nextgen banking, fintech onslaughts, digitization etc. Three top HR professionals share their experiences in this exercise

Banking is one sector that is exceptionally impacted by the emerging technologies and swiftly changing customer expectations. The sector is also challenged by disruptors like fintechs and telcos, which strive to offer financial services with agility and speed. The traditional business models are virtually under attack and their viability depends on adapting to the realities of the digital evolution and meeting the ever-changing customer needs. Digital is what the banks have to rely on. In this futuristic journey, it is the HR in banks that has a pivotal role - in deciding on priorities, in positioning the bank as a resource for talent and in devising strategies and execution plans to ‘future-proof’ the organization. It is a challenge to create an environment that facilitates and manages change.

To what extent the efforts of Indian banks in general in ‘future proofing’ their personnel have been successful?

“This question would have to be looked at from two perspectives,” says Makarand Khatavkar, group head – Human Resources, Kotak Mahindra Bank. “One is our ability to retain talent and the second is from the outlook of developing the candidate to take up future roles and not become redundant in this fast-paced world of digitization, automation, artificial intelligence, big data analytics and the like,” says he.

TALENT RETENTION