DRIVING CHANGE, A SKILLSET AT A TIME

is a well-oiled machine that facilitates seamless transformation in the banking sector

is known to be a thought leader in the banking and alternative banking sector. The entity is at the forefront of providing cuttingedge research to the banking and alternative banking sector. Through constructive stakeholder engagement, BANKSETA also conducts robust discussions on topical issues affecting the sector.

Over and above that, BANKSETA conducts globally recognised research on a variety of skills development research topics and assists the sector with its skills development plans. Researchers inform the sector about new developments and emerging issues within the sector, locally and globally. Among the emerging issues are digitalisation, technology, cyber security, risk management and compliance. It is through such emerging issues that the sector learns whether new skills are required or if there is a need to reskill, upskill, and outskill its workforce.

“COVID-19 has transformed the banking industry, resulting in sweeping changes across multiple areas, such as customer service. The pandemic has served as a powerful reminder to all businesses and households that the unexpected can occur”, the BANKSETA Head of Strategy and Research, Vuyani Ntanjana observed.

According to the 2023 BANKSETA Research conducted by Redflank on the ‘Implications of Covid-19 to the banking and alternative banking sector’, approximately 78% of stakeholders viewed the pandemic as resulting in the emergence of new skills, and 64% thought it would cause the emergence of new occupations. Among the emerging skills identified were digital skills (83%), cybersecurity skills (67%), client relationship management skills (54%), and emotional intelligence (51%). Among the emerging occupations were risk managers (75%), cybersecurity specialists (73%), and client engagement managers (41%). Additionally, stakeholders identified skills such as managing individuals and teams in a remote working environment and occupations focusing on employee wellness as emerging.

On the other hand, it was noted that 64% of stakeholders believed that there were certain jobs that had become redundant as a result of the pandemic. These included tellers (38%), branch managers (19%), and call centre agents (13%). It was noted that while 53% of stakeholders believed that some skills had become redundant, other stakeholders noted that rather than skills becoming redundant, the nature of the skills required had changed.

Considering the changing skills needs mentioned above, it is important to understand the extent to which training providers are adequately capacitated to provide training in these new skills. It was established that 83% of stakeholders agreed that training providers are adequately capacitated to provide training in new skills emerging as a result of the COVID-19 pandemic. These findings also justified the BANKSETA Sector Skills Plan Research on drivers of change in the banking and alternative banking sector.

As part of its 2020-2025 strategy, BANKSETA is implementing the following Research Agenda:

• The Skills analysis of Fintechs and how they contribute to skills gaps in the banking sector;

• What are the barriers that contribute to slow pace of transformation in the banking and alternative banking sector?

• Emerging and new occupations in the banking and alternative banking sectors;

• New Management Development models for the banking and alternative banking sector;

• Skills implications for the banking sector and skills development;

• Regulatory analysis of the banking and microfinance and skills implications;

• The value of professional designations in the banking sector and the future of work, and,

• The constraints of the SETA funding model, as well as mitigation measures.

“Our strategy to meet the demand for new skills in the banking sector is driven by the drivers of change including COVID-19’s impact on workplace and skills development,” Ntanjana stated.

“BANKSETA employs a rigorous process for appointing its research partners to make sure that it receives quality research products from its partners. We provide proper briefings for research partners and that is always followed by constructive engagement throughout the research process and we are committed to implementing its research recommendations’’, Ntanjana stated. “ If one analyses the programmes that are being implemented by the BANKSETA, there would be agreement that the programmes that are implemented are research-based. For instance, our research informs that there is a huge demand for online training as a more effective and efficient way of accumulating skills in the banking and alternative banking sector and the BANKSETA has heeded that call by implementing short-term online courses’’, Ntanjana stated.

BANKSETA research findings and recommendations are communicated in stakeholder engagement sessions and are published on BANKSETA platforms for the benefit of BANKSETA stakeholders.

BANKSETA promotes zero tolerance for all forms of abuse and is implementing a Gender-Based Violence (GBV) Pilot Project as a form of intervention. The objectives of the GBV Project are clear:

• To assist Post School Education Training and System (PSET) institutions and entities to address the occurrence of GBV;

• To promote the safety of all students and staff by putting in place comprehensive prevention programmes intended to raise awareness of policies and services addressing GBV, as well as other measures aimed at preventing incidents of GBV in the PSET environment; and

• To provide for or refer GBV victims to comprehensive, specialised support and other assistance.

The GBV Project is being implemented in three universities in the Eastern Cape that are as follows:

Fort Hare Walter Sisulu Rhodes

The training of stakeholders includes students, residence wardens, university security and case management practitioners and will commence in March 2023 at Fort Hare and Walter Sisulu Universities.

“The BANKSETA supported the South African President’s call for the inclusion of initiatives to address GBV in the strategic plans of government departments, public entities, and civil society. The three-year pilot GBV project is supporting government national priorities in implementing the National Strategic Plan on Gender-Based Violence and Femicide and working towards the progressive realisation of National Skill Development Plan (NSDP) Outcomes,” Ntanjana concluded.