Soon Even Banking Will Be a Sexy Job

DIGITALIZATION HAS NOT YET HAD A SIGNIFICANT IMPACT ON THE BANKING SECTOR AS A WHOLE, ONLY ON SOME PARTS OF IT, IN ANNA OMARINI'S ANALYSIS. WHICH EXPLAINS WHY PEOPLE WILL CONTINUE TO BE AT ITS CENTER

The sexiest job in the next 10 years will be data scientist, said Hal Varian, chief economist at Google, in 2008. Contrarily, banker has never been considered an attractive job at all. In light of all the changes taking place in the world of banking, it may be time to reconsider this dull image. Old skills are wiped away and new roles arise because of the effects of technological development, financial crisis, and changes in demand.
 
“The crisis made it necessary to strengthen the control functions that require the need for an overall view of the bank”, says Anna Omarini, member of the Banking and Insurance Knowledge Group of SDA Bocconi School of Management, tenured researcher and adjunct professor in fintech and digital transformation at the Department of Finance of Bocconi. “Brand management and digital marketing are now tools necessary to face the market. The technological and fintech revolutions have given rise to new roles such as Head of Fintech, Partnerships & Strategy; Chief Digital and Innovation Officer; Head of Open Banking and FinTech BU”.
 
In the future, banks will have less and less need of clerks and back office staff, but machines will not replace human qualities such as curiosity, creativity and the ability to communicate. In Italy, Omarini says, change is driven by big banks. There is a generational change going on among small banks, but their level of diversification does not yet call for a major transformation. “For the time being, digitalization had a significant impact on the last mile of the supply chain. It really did not affect the business model that could change in the next few years because of artificial intelligence, big data, internet of things and new competitors. Human beings will remain central to this process. People are the ‘technology’ that will make the digital bank work”.

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by Claudio Todesco