2016 is on the horizon, and banks are already starting to prioritize what will be most important in the coming months. While we know that security, technology, and hiring will be at the forefront, we wanted to dig a little deeper to find the motivations behind those top priorities. Our Account Executives reached out to their banking industry contacts to discuss some of the most pressing issues facing their companies 2016.
Why will hiring process be an important focus for banks in 2016?
Tracy Isakson: With the economy driving the ship, we are but passengers to the candidate-driven market. Because the economy is growing, banks have more money to spend and that means competition for the best talent will rise. Banks must be at the forefront of the hiring curves in order to capture the best talent. That means streamlining their hiring process, or they will lose top talent to the competition.
How will information security affect banks in 2016?
Jana Green: Information security will become one of the most important focuses for banking in 2016. With the growing dependency on technology, customers are becoming increasingly concerned about data breaches. Banks that can ace the information security sector next year will win the respect and business from new and existing customers.
How will BSA/AML Compliance evolve next year?
Kimberley Fulcher: BSA/AML, compliance and quantitative analysis will continue to play off of the always evolving regulations in 2016. Additionally, as an election year, 2016 could bring about many changes to compliance and regulations that we cannot even foresee currently.
What part will contractors play in the hiring plan for banks?
Mike Muglia: Contract hiring helps the bank fill a position very quickly, allowing higher flexibility, cost savings, and easier accounting.
Why is the need for Quantitative Analysis rising in the banking industry?
Jana Green: Data, data, data! The need for sophisticated data analysis is ever increasing. With the capture technology that banks are utilizing on their websites, applications, and transactions, they can only help put themselves on the top of the market by utilizing quant analysis. There is so much information that can be derived from a simple ATM transaction, just imagine what can be derived from other platforms!