Develop a competencies framework for digital transformation in the banking industry

Abstract

Concerning the banking industry, the Organization for Economic Co-operation and Development (OECD) stated that digital technology might significantly impact increased competitiveness and contestability in financial markets. Because of this, banking will move to a platform-based, customer-centric model, which will require incumbents to change. Several technologies, such as social, mobile, and big data, play a part in driving changes in banking models, where technology has revolutionized the bank's operations. The banking industry must plan its organization ahead of time, and human capital is critical. Organizations and people are being forced to change due to technological disruption. It has become commonplace for employees to need to learn new skills. Also, a company's training and development strategy should align with its business model to help employees get better skills for jobs in the 21st century. As a result, this study aims to understand and develop a digital competency framework for digital transformation in the banking industry.