Digitalization expected to create more jobs in banking sector

As more financial institutions embrace digitalization to improve efficiency, the Philippine banking system will continue to create new jobs for Filipinos and not resort to mass layoffs, according to the Bankers Association of the Philippines (BAP).

The BAP assured the public that rapid digitalization does not pose a threat to the manpower needed in providing quality banking services despite more people – especially millennials – now preferring to use emerging technologies such as artificial intelligence and data sharing over traditional means.

“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,” BAP managing director Benjamin Castillo said in a statement on Monday.

The local banking industry is seen continuing to open the doors to entry-level applicants who are interested to pursue a career in banking.

With over 12,000 bank offices in the country, the banking industry plays a big role in job creation.

“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,” 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.

The BAP also noted that the continuing increase in bank profitability and sustained economic growth would yield more jobs from the banking sector.

The expected influx of applicants in the banking industry prompted the BAP to launch the “careers opportunities” section on 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.