Banks absorbing more workers amid shift to digital technology

The Bankers Association of the Philippines (BAP) said rapid digitalization does not pose as a threat to the hiring of more workers as banks continue to open their doors to entry-level applicants.

Benjamin Castillo, managing director of BAP, said the banking industry is not laying off workers as the over 12,000 bank offices in the country play 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 for banking and financial services across the country,” Castillo said.

The organization said 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 lay off workers just because we have entered the digital age. Banking clients both enjoy over-the-counter and online transactions. Banks need to cater to the different demands, we are diversifying,” he added.

Emerging technologies are expected to assist banks to provide financial and banking services that are more personalized and relevant to their customers.

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

BAP said the continuous increase of bank profitability and sustained economic growth would yield more jobs from the banking sector.

It added the banking profession continues to be an in-demand 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 said.