The traditional banking sector is one of the largest sectors to have undergone a massive digital transformation over the last two years. The onset of the pandemic no doubt accelerated it.
However, other factors such as the growth of fintech and the rise in consumer expectations have also nudged banks into investing in improving the digital onboarding experience.
All stakeholders – consumers, employees, investors, and clients – are used to leveraging superior digital products for all their needs, be it messaging apps, online shopping, or social media, so why should banking be any different?This is where digital Human Resources (HR) onboarding solutions make all the difference. Tech-enabled HR onboarding solutions stream the process via a unified, data-centric platform that makes onboarding a highly simple yet, streamlined and scalable process.
Let’s understand the advantages HR onboarding solutions bring to the banking sector:
Bring Scalability and Flexibility to Onboarding
The sheer scale of the banking sector means that it is run by mammoth teams located across continents, countries, states, and districts.
Many banks are also working with hybrid models today. It is easier to scale in such a dynamic environment when digital onboarding becomes a streamlined, data-driven process.
For instance, if you decided to onboard an employee from a remote location, perhaps, a village in India, due to their unique skill set, digital onboarding is the best approach. It allows you to expand your hiring footprint and attract the best talent from anywhere.
Onboard Multiple Types of Stakeholders
HR onboarding solutions enable stakeholders of many profiles to be onboarded in large numbers. In the context of banking, they can include employees, consumers, clients, investors, members of the media, and regulators.
The onboarding process can be customized for different segments to suit their specific roles and needs. Within segments, it can be further segmented into new joiners, job applicants, interns, remote employees, industry leaders, and executive placement clients.
HR can design relevant onboarding workflows for each segment.
Organize and Host Training with Ease
Banking is a dynamic industry. With new digital tools and regulations being introduced every day, banking workforces need to be well-informed and up-to-date to help banks compete in an increasingly competitive environment.
HR onboarding solutions are designed to help trainers curate and deliver training across a large geographical footprint. Video conferencing is an in-built feature that can be leveraged extensively. The platform is designed for higher engagement, thus making live learning more interactive.
Banks can also live stream sessions by senior leadership, industry stalwarts, and trainers with ease, confidentiality, and more control over outcomes and deliverables.
Access Learning from Anywhere, Anytime
Banking workforces come across difficult questions from consumers every day. Such a unified online platform enables banking to curate in-depth online resources that can be tapped for clarifications, self-learning, and referencing during roadblocks.
For instance, the material can include training videos and compliance checklists. Being able to access such information in real-time can help banking workforces, especially at the frontlines, be more efficient in supporting consumers and clients.
Send Important Updates in Real-Time
This is a highly regulated sector, and new guidelines often need to be implemented with immediate effect. By accessing a unified platform, internal stakeholders can send regulatory updates to large numbers of users and internal press releases to members of the press with ease, accuracy, and speed.
This is extremely important in a high-stakes sector where news can result in stock prices rising and plummeting in seconds.
Data-Driven Solutions
HR onboarding solutions come equipped with a robust analytics dashboard that helps internal stakeholders have access to a wealth of insights.
For instance, they can assess the effectiveness of learning resources and if new material or approach needs to be implemented. They can track the engagement of teams during live training or when guest lectures are being live streamed.
With such data at their fingertips, HR teams can build a data-centric approach to designing new learning resources, training, and events.
Data Safety and Security
The data within a banking ecosystem is extremely sensitive and vulnerable to phishing attacks and hacking.
Make sure to partner with a platform that prioritizes data security without compromise. You need to ensure that data within this ecosystem stays extremely secure, especially with access in homes, during commutes, and other unsecured locations.
Encourage Lateral Hiring
Attrition is a huge drain on a bank’s finances, eating into profitability in an era where banks face stiff competition from fintech platforms and the decentralized finance ecosystem. As banks struggle with attrition, one approach to improve employee value proposition is to encourage lateral hiring.
HR onboarding solutions have a superior job management board that allows HR teams to post job descriptions and sift through candidate resumes easily. Employees can apply internally or recommend their peers for relevant job roles.
Incentivizing them can be a game-changer for banks looking to attract and retain the best talent and reduce acquisition costs.
This approach can also encourage more diversity in the leadership ranks, as banks promote people from within.
The Takeaway:
The global banking sector as a service market is projected to reach a market size of $11.34 B by 2030, growing at a Compound Annual Growth Rate (CAGR) of 17.1% up to then. Scalability, efficiency, accountability, transparency, and diversity are major goals for the banking sector, which is looking to keep expanding its market share.
Early investments in robust HR onboarding solutions can be a game changer for the sector and can aid in accelerated growth.
Kytes’s well-designed HR onboarding solutions offer a streamlined experience for banks to engage with a wide range of stakeholders in the sector’s ecosystem. This is a unified platform that offers rich communications, learning and collaboration tools, and a data-centricity to help banks grow faster and more inclusively.
Partner with Kytes to plan a superior onboarding experience for your employees, customers, and other stakeholders in your banking business. Build a robust foundation for streamlining all onboarding, training, learning, and event-related engagement, automate a range of tasks, and drive higher ROI in your business outcomes.
