Banks look to hire more

The Bankers Association of the Philippines (BAP) yesterday said it has its doors open to entry-level applicants interested in pursuing a career in banking. It said it has more than 12,000 bank offices in the country and plays a big role in providing jobs.

“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 of banking and financial services across the country,” said BAP managing director Benjamin Castillo.

According to BAP, rapid digitalization does not pose as a threat to the manpower needed in providing quality banking services despite more people, especially millennials, now prefer emerging technologies such as artificial intelligence and data sharing over traditional means. There are concerns from various sectors, however, that digitalization might lead to a mass layoff of banking employees.

“Contrary to what is expected, the banking industry will not layoff 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.

BAP also mentioned that the continuous increase of bank profitability and sustained economic growth would yield more jobs from the banking sector. It added that banking profession continues to be an in-demand opportunity for fresh graduates who want to establish their careers as bankers and financial consultants.