BAP sees more jobs in the banking sector
The Bankers Association of the Philippines (BAP) said that the banking industry continues to open its doors to entry-level applicants who are interested to pursue a career in banking. It added that with over 12,000 bank offices in the country, the banking industry plays a big role in providing jobs in the country.
“Banking employees are vital in providing quality service. With the effort of banks in financial inclusivity, we can expect more bank branches opening and job hiring to cope with the increasing demand of banking and financial services across the country,” said BAP managing director Benjamin Castillo.
According to BAP, rapid digitalization does not pose as a threat to the manpower needed in providing quality banking services despite more people, especially millennials, now prefer emerging technologies such as artificial intelligence and data sharing over traditional means. There are concerns from various sectors, however, that digitalization might lead to a mass layoff of banking employees.
“Contrary to what is expected, the banking industry will not layoff workers just because we have entered the digital age. Banking clients both enjoy overthe-counter and online transactions. Banks need to cater to the different demands, we are diversifying,” Castillo added.
Emerging technologies are expected to assist banks to provide financial and banking services that are more personalized and relevant to their customers. However, BAP noted that technology has its own limitations especially in developing trust between the client and the bank.
BAP also mentioned that the continuous increase of bank profitability and sustained economic growth would yield more jobs from the banking sector. It added that banking profession continues to be an indemand opportunity for fresh graduates who want to establish their careers as bankers and financial consultants.
The expected influx of applicants in the banking industry prompted the BAP to launch its “Careers Opportunities” section in its website where it posted a directory of human resources personnel of universal and commercial banks.
“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” Castillo ended.
Established in 1949, the BAP is the lead organization of universal and commercial banks consisting of fortyone member banks; twenty-one of which are local banks while twenty are foreign bank branches. The association continues to ensure public trust and lobby for policies that will improve and protect the welfare of the entire Philippine banking industry and its stakeholders.