OPPORTUNITIES IN BANKING INDUSTRY

Bankers Association of the Philippines assures that the digital revolution will not result in displacement but will require more entry-level positions as banks expand and open more branches

Amid a technological disruption in the banking industry, the Bankers Association of the Philippines (BAP) said it will continue to open its doors to entry-level applicants who are interested in a career in banking.

The group is set to launch its “career opportunities” section in its website that contains a directory of human resources personnel universal and commercial banks need.

BAP expects more bank branches to open following the move toward financial inclusion.

“We need graduates who are willing to take up the challenge in moving the sector forward in the age of the digital revolution. As the banking industry moves forward, it is crucial to have capable individuals who are willing to work for the benefit of our country,” said BAP managing director Benjamin Castillo, in a statement.

This initiative, according to Castillo, is contrary to expectations that intelligent technologies would result in job displacement in industries such as banking.

BAP stressed that rapid digitalization does not pose as a threat to the human resources needed in the banking industry despite growing preferences for emerging technologies such as artificial intelligence and data sharing over traditional means.

“Contrary to what is expected, the banking industry will not lay off workers just because we have entered the digital age,” said Castillo.

“Banking clients both enjoy over-the-counter and online transactions. Banks need to cater to the different demands. We are diversifying,” he added.

BAP said emerging technologies are expected to assist banks to provide financial and banking services that are more personal and relevant to their customers.

It noted that technology has its own limitations, especially in developing trust between the client and the bank.

Moreover, the group said the continued increase of bank profitability and sustained economic growth will drive more jobs from the banking sector, making the banking profession an in-demand opportunity for fresh graduates who want to establish their careers as bankers and financial consultants.

There are over 12,000 bank offices spread across the country. /