Bridging the Gap: Employee Technological Incompetency and Banking Products with Emerging Technologies

-

The banking sector is undergoing a global technological transformation with the introduction of banking products of cutting-edge technologies such as automation, digital wallets, online banking platforms, metaverse branches, QR/contact-less payments, usage of chatbots and artificial intelligence(AI). These advancements are transforming modern banking products and services, creating new opportunities for efficiency, security, and customer engagement.

 

Such innovative banking product recently introduced to Sri Lankan citizens is the metaverse bank branch “DFCC Galaxy” launched by DFCC Bank PLC. DFCC Galaxy offers an entirely new banking experience for virtual world users providing a range of banking services such as account opening, lending/credit operations, customer service or call centre operations using chatbots and live agents etc. (DFCC Bank PLC, DFCC Galaxy 2023).


Banking organizations must be proactive in bridging the gap between the personal competencies of the employees and the technology improvements. It is crucial to invest in employee education and training initiatives, with a particular emphasis on reskilling and upskilling workers to fulfill the demands of the customers of a digital age. In order to meet the unique requirements of banking professionals, these programs should cover a variety of subjects, such as artificial intelligence (AI), blockchain, cybersecurity, and FinTech applications. (World Economic Forum, 2020)


References

DFCC Bank PLC (2023) DFCC Galaxy. Available at: https://galaxy.dfcc.lk/#:~:text=DFCC%20Galaxy%20is%20a%20metaverse,other%20users%2C%20and%20play%20games. (Accessed: 30 March 2024).

World Economic Forum. (2020). Jobs of Tomorrow: Mapping Opportunity in the New Economy. Geneva: World Economic Forum.

Comments

  1. Amesha J ColinsApril 6, 2024 at 7:58 PM

    I understand that ! Banking organizations should invest in employee education and training to bridge the gap between personal competencies and technology improvements, covering subjects like AI, blockchain, cybersecurity, and FinTech applications to meet the unique demands of digital customers.... This is a good blog about the organizations investing in organizations

    ReplyDelete
    Replies
    1. Jerome PereraApril 12, 2024 at 12:04 PM

      Yes, with the competition among the banks along with the launch of innovative banking products, it is important for the banks to invest on employee education and training to gain a competitive advantage in the customer service perspective.

      Delete
  2. Sudesh WeerakkodyApril 8, 2024 at 11:25 AM

    Leadership is critical in any organization when changing with tech trends. In PCBB article shows the technical gap in an organization during the pandemic situation including banks PCBB. “Bridging The Technical Skills Gap.” 2021. Digital advancement has given incredible enhancements to the network of frameworks, processing power, and usable information (Feyen et al., 2021).

    ReplyDelete
    Replies
    1. Jerome PereraApril 13, 2024 at 1:22 AM

      Agreed. Leaders must be proactive in embracing technological changes and prepare an environment that with innovation and adaptability. Transformational leadership style motivates employees to engage with new technologies and to rethink traditional processes and systems (Avolio & Kahai, 2003).

      Delete
  3. Wasula RangodaApril 8, 2024 at 6:32 PM

    Thank You Jerome . This article admirably sheds light on the ongoing technological revolution in the banking sector, showcasing how emerging technologies are reshaping products and services to enhance efficiency and customer engagement. Additionally, it effectively emphasizes the importance of bridging the gap between employee competencies and technological advancements. Nevertheless , I believe while investing in employee education and training is crucial, there are potential challenges and drawbacks to consider. Such as cost associated with implementing comprehensive training programs, the time required for employees to adapt to new technologies, and the possibility of resistance or reluctance to change.

    ReplyDelete
    Replies
    1. Jerome PereraApril 13, 2024 at 1:53 AM

      Thank you for the comment. Yes, there are drawbacks as you mentioned. However, the banks can overcome these by emphasizing on the need of technological knowledge to maximize the individual career growth and also by calculating the ROI for L&D initiatives which will help on the strategic decisioning of investing in L&D and to find alternatives.

      Delete
  4. Arundathi EgodawatteApril 9, 2024 at 9:42 PM

    Yes, as the banking industry continues to innovate and adopt new technologies such as artificial intelligence, blockchain, and digital payment systems, employees must have the necessary abilities and knowledge to effectively leverage these tools and deliver value to customers.

    ReplyDelete
    Replies
    1. Jerome PereraApril 13, 2024 at 2:25 AM

      Yes. Many people have shifted away from traditional bank branches and they instead opting to use banking apps and online platforms for their financial transactions. Hence, it is important to uplift the technological knowledge of the employees to cater these customers of a digital age.

      Delete
  5. Jayani ElvitigalaApril 10, 2024 at 12:51 AM

    The article highlights an important aspect of the evolving banking sector, particularly focusing on the integration of cutting-edge technologies into banking products and services. The introduction of innovative solutions like the metaverse bank branch "DFCC Galaxy" by DFCC Bank PLC demonstrates the industry's commitment to embracing digital transformation to enhance customer experiences and operational efficiency.
    And also offering comprehensive training programs covering topics such as artificial intelligence, blockchain, cybersecurity, and FinTech applications, banks can empower their workforce to adapt to the demands of the digital age. This proactive approach not only enhances employee competence but also positions banking organizations to capitalize on the opportunities presented by emerging technologies, ultimately driving innovation and competitiveness in the industry. (Hearn, 2023)


    ReplyDelete
    Replies
    1. Jerome PereraApril 13, 2024 at 2:36 AM

      Thank you for the comment. Nice to see some insights of Jonathan Hearn's "Embracing Digital Transformation: The Future Of Banking".

      Delete
  6. Nilakshi MadushiniApril 11, 2024 at 4:00 PM

    One of the key challenges facing banks is ensuring that employees are proficient in using emerging technologies such as artificial intelligence, blockchain, and data analytics. Many employees may feel overwhelmed or intimidated by these technologies, leading to a reluctance to adopt them in their daily work routines. Addressing this technological incompetency requires a multifaceted approach that combines comprehensive training programs, user-friendly interfaces, and ongoing support and guidance.

    ReplyDelete
    Replies
    1. Jerome PereraApril 13, 2024 at 3:20 AM

      Yes. The banks should emphasize the importance and the usage of technical knowledge on online banking products while providing ongoing support and guidance to sustain and reinforce employees' learning and adoption efforts.

      Delete
  7. DilshadApril 11, 2024 at 5:49 PM

    Artificial intelligence (AI) offers great potential for the Sri Lankan banking industry to boost productivity, tailor offerings to individual clients, and enrich interactions between staff and clients. To fully realise AI's potential and see its broad acceptance in the business world, we must first conquer obstacles connected to data, infrastructure, and personnel.

    ReplyDelete
    Replies
    1. Jerome PereraApril 13, 2024 at 12:01 PM

      Yes. AI provides applications such as customer support, risk management, fraud detection and predictive analytics. However, the banks have to manage the data governance and compliance, since they are dealing with sensitive information of the clients.

      Delete
  8. Himashmy BenaragamaApril 12, 2024 at 1:02 AM

    This blog effectively highlights the evolving landscape of banking with emerging technologies and emphasize the importance of bridging the gap between employee technological competency and the adoption of these cutting-edge banking products. It's true that investing in employee education and training initiatives, particularly in areas like AI, blockchain, cybersecurity, and FinTech, is crucial to meet the demands of customers in the digital age.

    ReplyDelete
  9. Jerome PereraApril 13, 2024 at 12:09 PM

    Thank you for the comment. Yes, it is important to uplift the technological competency of the employees with the rapid technological development of the banking applications.

    ReplyDelete

Post a Comment

Popular posts from this blog

Kolb's Experiential Learning Theory

-
Image
Master the Product before You Present! It is important for the banks to ensure that every banking employee gain a firsthand experience of the new banking products and applications which will allow them promote the product and to cater the customer queries. When it comes to experiencing the emerging technological banking products, using Kolb's Experiential Learning Theory can be considered as a useful strategy to reduce employee incompetence in banking. Concrete experience, observations and reflection, formation of abstract concepts and generalizations and testing implications of concepts in new situations are all crucial components of learning, according to Kolb's theory. The following are some applications for each step of Kolb's model that pertain to employee training on banking products: Concrete Experience : Employees should engage in hands-on experiences with new technological banking products. This could involve simulated training or real-life interactions with the ba...
Read more

Learning & Developments Methods

-
Image
There is no single approach to learning which is effective for every individual or every company. Individuals are used to different learning styles and organizations aim to have diverse learning outcomes. As an example, the 70/20/10 model is a renowned methodology for organizational learning. It showcases a balanced approach that emphasizes the importance of on-the-job training. However, in some scenarios, workplace learning occurs without formal learning. Also, there are some specialist professions that require years of formal learning and job training.   Hence, there is a vast range of L&D delivery methods that will be useful differently for individuals and businesses. Formal learning Lectures, classes and seminars which are goal-oriented and instructor-led with limited learner interactions.   Informal learning Can be considered organic, unstructured and self-directed. Tasks, feedback, and co-worker interactions in the workplace along with individual study will direct fo...
Read more