Banking hiring trends in South Africa – what skills are most important

Banking hiring trends in South Africa are driven by technological advancements, evolving customer demands and the critical imperative for innovation. Local banks are proactively adopting new hiring strategies to attract and retain highly skilled individuals.

REDi Recruitment’s Business Partner and Specialist Recruiter of 13 years, Jody Tipping, says the prevailing trends currently shaping the hiring landscape in the banking sector show that banks are embracing digital skills, focusing on customer experience, serious about compliance and risk management, using data analytics and insights, moving towards diversity and inclusion and supporting remote work and flexibility.

Embracing digital skills

As banks undergo a digital transformation, they need professionals with strong digital skills that include fintech, data analytics, artificial intelligence, blockchain and cybersecurity. Banks want to hire people who can drive digital change and improve customer experiences through technology.

“Many of our traditional role briefs tend to include the need to have a passion for automation or an interest in data analytics or programming.”

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Focus on customer experience

Banks emphasise personalised and smooth customer experiences and Tipping says they want candidates who excel in customer relationship management, user experience design and product development.

“People who understand customer needs and deliver tailored solutions are highly sought after and offer a great competitive advantage.”

Compliance and risk management

Banks must comply with regulations and manage risks effectively. Tipping says they need professionals who understand regulatory compliance, risk assessment, anti-money laundering mechanisms and fraud detection. Candidates who can navigate complex regulations and ensure compliance are in high demand.

“We see this constantly in our clients’ briefs when hiring talent.”

Data analytics and insights

Data-driven decision-making is crucial for banks and therefore they hire professionals skilled in data analysis, business intelligence and predictive modelling. These individuals can help banks gain valuable insights into customer behaviour, market trends and risk management.

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Diversity and inclusion

Banks are prioritising diversity and inclusion in their workforce, Tipping says.

“They want to hire candidates from diverse backgrounds in terms of gender, race and ethnicity. Banks are actively promoting diversity through inclusive policies and initiatives that support career advancement for underrepresented groups. They must also continue building on their current employee personal development plans to ensure their talent feels supported in their career growth and skills training.”

Remote work and flexibility

The Covid-19 pandemic accelerated the acceptance of remote work and flexible arrangements. Banks are open to remote work options and use technology for collaboration. Therefore, candidates with experience in remote work and adaptability to flexible environments have an advantage and banks need to ensure they can effectively manage and lead teams to maintain success and meet targets.

“These shifts in hiring strategies and steps will attract top talent and therefore I recommend that banks adapt to these trends and create an environment that promotes innovation and flexibility. Professionals with digital skills, customer focus, compliance knowledge, data analytics expertise and a commitment to diversity will be in high demand as the banking sector evolves.”