Banking
Banking on the Future of Work
By Millie Clarke
The disruption of technology is revolutionising industries across many levels. As businesses evolve during the unprecedented revolution in the workplace, appropriate operating models must be put in place to meet the continuous demands of clients and the world around us. The future workforce must be equipped with the necessary tools to allow them to easily adapt to the ever-changing world that will require digital skills, organisational adaptability and a different kind of leadership at all levels.
The banking industry specifically, has faced significant disruption from changes in client expectations, geopolitical landscape shifts and development of artificial intelligence (AI). There is often anxiety linked to disruption, as it cannot always be predicted and organisations need to be ready to take advantage of new developments now for the future.
To remain competitive, organisations will need to retool their structures and their approaches to work to make use of the new technologies with full effect. Redesigned business structures and processes with a new focus on talent must be looked at as a priority.
Research suggests that through 2030, the time spent using advanced technological skills will increase by 50 percent in the United States and by 41 percent in Europe, with the fastest rise in the need for advanced IT and programming skills1.
Additionally, automation will accelerate the shift in career skills with an increasing demand for technological abilities, while other skills such as, basic cognitive and manual skills will be less in demand. Data scientists, agile developers, engineers and scrum maters will become important in the new world of work. Those who can work across functions and businesses will be more valuable.
At Standard Chartered, we believe to have a competitive advantage with a future fit workforce we need to embrace digitisation and incorporate advanced technologies into the workstream. We have taken proactive steps to help drive the growth of the business by embracing these changes early on and promote innovation across all parts of the Bank, in our drive to make banking simpler, faster and more convenient for our customers and to stay relevant in our markets. We are experimenting with disruptive business models that create optionality for the Bank, including investing in fintech’s and start-ups outside the Bank, and establishing new partnerships and solutions that have the potential to change how we approach and think about banking.
Most banks are looking at replacing their legacy systems to ensure the new technology will improve their operating effectiveness and improve the customer experience. We see a lot of improvements around account opening, mortgage payments, new hire processing – even IPOs are being done by algorithm! Automation will have an impact on the way we deliver and consequently our workforce and talent strategies.
Looking at what lays ahead, I foresee three challenges facing the role of Human Resources (HR) in developing a talent strategy for the future of work. The critical questions we need to ask ourselves are:
How do we identify the skills needed to compete in the new world?
How do we prepare for the technology disruption and re-train our existing staff to be ready?
How do we attract digital talent, knowing that we have to compete with other industries for this same talent pool?
We have invested heavily in our ‘People Strategy’ to ensure that we harness our unique individual strengths which build the organisation. Newly developed HR technologies and tools are used within Standard Chartered to create a consumer grade experience with HR through mobile friendly and online portals. The training of more than 1,200 senior executives took place, towards positively transforming the culture of the Bank, focusing on supporting our employees and enabling them to become more comfortable with innovation and the development of new ideas, even if these ideas were not successful. We are retraining our staff on agile to ensure we remain competitive in the new world of work. Through our on-line learning platform staff can choose a varied number of programmes and develop themselves at their own leisure.
The scale, scope and complexity of technology and its transformative powers is something organisations are still yet to fully comprehend, especially when it comes to the future of work and what the modern workplace will look like. However, it is important for banks to evolve as rapidly as technology – at least, they must try to. It is important for an organisation to be agile and continue developing to hold a competitive advantage and remain self-sustaining.
McKinsey Global Institute https://www.mckinsey.com/featured-insights/future-of-work/skill-shift-automation-and-the-future-of-the-workforce
By Adedapo Adesanya
Access Bank Plc, the banking subsidiary of Access Holdings Plc, has entered into a binding agreement with South African-based Bidvest Group Limited for the acquisition of 100 per cent equity stake in Bidvest Bank Limited.
The deal for the 24-year-old South African lender is due to be completed in the second half of 2025, upon regulatory approval.
This shows Access Bank’s further expansion plans in line with goals set by its late founder, Mr Herbert Wigwe.
The agreement to acquire 100 percent stake in Bidvest Bank reflects Access Bank’s commitment to strengthening its footprint in South Africa and consolidating on its position as the continent’s gateway to global markets as it seeks to optimise the benefits of recent acquisitions and accelerate its transition towards a greater focus on efficiencies.
Bidvest Bank, founded in 2000 is a niche and profitable South African financial institution providing a diverse range of services, including corporate and business banking solutions and diverse retail banking products.
As of its year ended June 2024, Bidvest Bank reported total assets equivalent of $665million and audited profit before tax of $20million.
Upon conclusion of this acquisition, Bidvest Bank will be merged with the bank’s existing South African subsidiary to create an enlarged platform to anchor the regional growth strategy for the SADC region.
This is coming just as the bank opened a new branch in Malta as part of efforts to focus on international trade finance after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
The Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
By Modupe Gbadeyanka
To strengthen Europe-Africa trade ties, Access Bank has opened a new branch in Malta. It will focus on international trade finance, employing approximately 30 people in its initial phase, with plans for controlled expansion over time.
It was learned that this Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
Access Bank Malta Limited commenced operations after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
Malta, a renowned international financial centre, and a gateway between the two continents, is strategically positioned to play a pivotal role in advancing commerce and fostering economic partnerships.
This strategic expansion into Malta enables The Access Bank UK Limited to leverage growing trade opportunities between Europe and Africa.
It underscores the organisation’s commitment to driving global trade, financial integration, and supporting businesses across these regions.
“By establishing operations in Malta, we will gain a foothold in a market that bridges European and North African economies, moving us one step closer to our goal of becoming Africa’s Gateway to the World.
“It further enhances our bank’s capacity to support clients with innovative solutions tailored to cross-border trade and investment opportunities,” the chief executive of Access Bank, Mr Roosevelt Ogbonna, stated.
“Europe has emerged as Africa’s leading trading partner, driven by initiatives such as the Economic Partnership Agreements between the EU and African regions and the African Continental Free Trade Area (AfCFTA).
“With Europe-Africa economic relations entering a new phase, The Access Bank Malta Limited is ideally positioned to deepen trade and meet the financing and banking needs of our clients in these expanding markets,” the chief executive of Access Bank UK, Mr Jamie Simmonds, commented.
Also speaking, the chief executive of Access Bank Malta, Renald Theuma, said, “Malta is uniquely positioned as a bridge between Europe and Africa, making it an ideal location for our subsidiary. This move allows The Access Bank Malta Limited to engage more closely with customers in Europe and deliver tailored financial solutions that drive growth and connectivity across both continents.”
By Adedapo Adesanya
The International Finance Corporation (IFC) and Goldman Sachs have announced a new partnership with African banks, including Nigeria’s Zenith Bank and Stanbic IBTC Nigeria to support the Goldman Sachs 10,000 Women initiative, a joint programme launched in 2008 to provide access to capital and training for women entrepreneurs globally.
The two Nigerian banks are part of nine financial institutions from across Africa which have agreed to join the 10,000 Women initiative committing to leverage the business education and skills tools the programme provides to create more opportunities for women entrepreneurs across the continent by providing access to business education.
Others banks include Stanbic Bank Kenya, Ecobank Kenya, Ecobank Cote d’Ivoire, Equity Bank Group, Banco Millenium Atlantico – Angola, Baobab Group, and Orange Bank.
Speaking on this, Ms Charlotte Keenan, Managing Director at Goldman Sachs said – “10,000 Women has had a powerful impact to date, but we know that there are more women to reach and more potential to be realized.
“We are delighted to partner with IFC to supercharge the growth of women-owned businesses across Africa, and mainstream lending to female business leaders. We remain committed to supporting entrepreneurs with the access to education and capital that they need to scale.”
Since 2008, the 10,000 Women initiative has provided access to capital and business training to more than 200,000 women in 150 countries.
“This expanded initiative marks a significant step forward in creating equitable economic opportunities for women in Africa, enabling them to build stronger, more resilient businesses and to realize their entrepreneurial goals,” said Ms Nathalie Kouassi Akon, IFC’s Global Director for Gender and Economic Inclusion.
Goldman Sachs’ 10,000 Women initiative complements the Women Entrepreneurs Opportunity Facility (WEOF), launched in 2014 by Goldman Sachs and IFC as the first-of-its-kind global facility dedicated to expanding access to capital for women entrepreneurs in emerging markets.
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