‘25% private bank staff to be redundant’

MUMBAI: Around a fourth of the current workforce of private banks will be redundant in three years because of changes in how banking is done. Many lenders have already embarked on an exercise to identify new roles for disappearing jobs and are reassessing and reskilling employees for new positions. Manipal Global Education Services, the largest trainer of talent in the financial sector, is working with banks that are taking a relook at the workforce.

The increased adoption of digital transactions, which accelerated during the pandemic, has reduced the need for conventional roles, such as that of the teller. Manipal Global chief business officer Robin Bhowmik told TOI, considering that the top five private banks alone account for 4 lakh employees, nearly 1 lakh roles are unlikely to be there three years later.

“The challenge is how do we reskill or upskill them? How do we even know what they are suitable for if they have been managing a teller for 15 years?” said Bhowmik. Banks are turning to Manipal Global, given its track record in training both fresh graduates and their existing employees.

“In the last 14-odd years, we have become the largest finishing school for the banking industry in India. For instance, one out of four ICICI Bank employees is a graduate of the ICICI Manipal Academy,” said Bhowmik. The preparation for reskilling involves a whole process that starts from a 360-degree assessment across the organisation regarding the roles that will be coming up over the next three to four years.

“We do a fitment analysis. The employee upskilling process is critical, and the way we do it is a combination of programmes, including part-time instructor-led training. It is highly gamified. We have a comprehensive assessment platform,” said Bhowmik.

According to Bhowmik, the new roles that could come up include virtual relationship managers who support clients through WhatsApp or video calls. Banks are also likely to start insourcing some of the functions that they used to outsource, like management of the core banking system, which would boost innovation. Among the new roles that are likely to come up are data engineers.

“The data engineering part was one of the big needs of the organisation: How do you extract data from multiple sources and put them into a single engine?” said Bhowmik. Last year, Manipal Global Education launched Manipal Global Skills Academy, a placement-assured training enterprise for global technology careers. The academy offers programmes in banking, fintech and one to develop a pool of Salesforce-qualified professionals.