BankS & GAMIFICATION
Battle for Talent
Financial institutions are shifting towards employees taking on a substantially more advisory role with customers. Customers are more savvy, have done most of their research before they walk through your front doors, and fintechs are clamoring for more customers (predicted to grow from 5% of the NA & European market to 17% by 2023), so financial institutions are realizing that branch innovation and human capital shifts are necessary to not only keep up, but to outperform. However, there are not a lot of employees available in the market with this advisory skill set. Turnover in the financial institution industry is at 10-year highs, with staffing plans at most institutions planning to maintain or have normal growth. In order to keep their high potential talent, more and more institutions are paying over 10% market rates, with over a quarter of banks saying they did in 2016. Taken together, these 3 trends, suggest that the battle for talent is likely to continue and intensify.
Re-Invest in Human Capital
These market changes are going to force leadership to consider new strategies to continue to increase shareholder value. Executives believe these strategies will revolve around improving their digital capabilities and innovating upon their products. However, none of this can be executed successfully without a solid employee base that is equipped and motivated to be more productive, more customer oriented, and ultimately more profitable. This is where gamification comes in.