Impact of Fintech revolution : HR function to get revamped

HR in India’s Banking world has largely been focused on hiring and basic training as it handled massive business growth. With Digital enabling higher performance without proportionate increase in resources, the actions on HR would change with focus on:

– Hiring Digitally savvy professionals across all units (not just in technology and digital units). Many of these resources would be part timers / consultants.

– Re-training current employees on Digital so as to help in organisation massive transformation

– Revisiting compensation structure to support differential skill level. Some of the skilled resources in Digital transformation / AI / ML / Blockchain would be coming at substantially higher costs

– Revisiting Organisation structure as old silos of Marketing / Sales / Ops / Tech would crumble

For this change to happen, first HR needs to get trained on #Fintech

 

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