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Detours on the Road to Digital Banking
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Jonathan_Camhi
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Jonathan_Camhi,
User Rank: Author
7/10/2014 | 3:24:37 PM
Re: Detours on the Road to Digital Banking
The talent gap can't be overstated enough. We see how difficult it is to land data and analytics talent. With the rise of cloud, mobile and social, they need talent in those areas too. And the competition in all of those areas is going to be hard.
KBurger
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KBurger,
User Rank: Author
7/10/2014 | 1:15:03 PM
Re: Detours on the Road to Digital Banking
Here is the slide show link: http://www.banktech.com/management-strategies/4-trends-in-banking-it-employment/d/d-id/1278958
KBurger
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KBurger,
User Rank: Author
7/10/2014 | 12:43:51 PM
Re: Detours on the Road to Digital Banking
There are some interesting findings related to this issue in the InformationWeek 2014 salary survey -- some highlights are in this slideshow:
Kelly22
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Kelly22,
User Rank: Author
7/10/2014 | 12:05:15 PM
Re: Detours on the Road to Digital Banking
You're right, attracting talent is a tricky problem. Salary increases would help, but I think culture also plays a big part in appealing to the incoming generation of employees. It'll be interesting to see how the work around innovation labs, data science, etc. affects interest in the industry. Hopefully all that activity will lure tech-minded job candidates to roles in insurance and banking technology.  
KBurger
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KBurger,
User Rank: Author
7/10/2014 | 10:25:05 AM
Re: Detours on the Road to Digital Banking
The "cool" factor always has been a challenge for insurance IT -- it was so in 1999 at the height of the dot com boom, and as you note we're seeing it now. Of course, in 2000-2001 during the dot com crash, insurance was a lot more appealing. But I think this also is why we're seeing so much activity around innovation labs, data science teams (such as Murli Buluswar runs at AIG), and also the expansion of marketing and channel strategies into basically tech-driven functions. It's a way to attract a different kind of talent into the organization and in the process hopefully change the culture overall. But it doesn't necessarily solve the challenge of attracting people to be involved in core systems upgrades, replacement and maintenance.
Nathan Golia
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Nathan Golia,
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7/10/2014 | 8:04:22 AM
Re: Detours on the Road to Digital Banking
This is a problem insurance companies face: Why would the best digital talent want to work at an insurance company instead of a cool startup? And without the best talent at the outset of its digital strategy, the institution can't separate itself from the pack of others playing catchup. Money talks, however, but pouring salary on the problem can breed discontent with others and leads to an arms race where the costs outweigh the ROI by quite a lot.
KBurger
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KBurger,
User Rank: Author
7/9/2014 | 10:34:41 AM
Re: Detours on the Road to Digital Banking
It's interesting how efforts to integrate channels & info and eliminate silos often seem to create a new set of silos. I'm sure that challenge is not unique to banking, but again it shows the need to get out of the "project by project" mentality.
Greg MacSweeney
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Greg MacSweeney,
User Rank: Author
7/9/2014 | 10:23:11 AM
Re: Detours on the Road to Digital Banking
Talking the talk is easy, as you point out. We are seeing many FIs in the capital markets space talk about a digital institution, but most often they are layering additional technology and analytics on top of decades old systems. Data management is actually becoming more difficult and the organization is still exceedingly complex.

Hopefiully, some will also walk the walk when it comes to the true digital enterprise and will start to simplify their businesses.
KBurger
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KBurger,
User Rank: Author
7/9/2014 | 9:57:10 AM
Re: Detours on the Road to Digital Banking
Rob, Doug -- absolutely true. Banks are "talking the talk" about digital banking/business, but time will tell how many institutions (of all sizes) understand how to go beyond the buzzwords and really commit the resources & cultural change to it.
RobPreston
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RobPreston,
User Rank: Apprentice
7/9/2014 | 9:53:30 AM
Re: Detours on the Road to Digital Banking
That's the key--if banks want to attract digital talent, they need to make digital part of their DNA. Acquisitions sometimes help, but digital isn't some separate silo--it's got to become part of the bank's DNA.
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