In a Bloomberg article, light is shown on the fact that bankers will no longer dominate banking, given the greater and greater importance of software developers in financial institutions. Because of this, a surge of job cuts is inevitable, as skilled developers make an estimated 100,000 jobs redundant over the next five years by automizing key processes in these institutions.
As a result of these developments, many of our forum members are posting threads about what job opportunities are available. Finance is an industry where we see that many developers get new and prestigious jobs, and through our network with fintech companies, we see that financial institutions are in desperate need of skilled developers. Among others, we saw that five of the members who are active on the forum and who have taken our courses – Mary, John, Abdi, Gustav, and William – were offered new jobs in different banks in October.
The recent developments that are happening in the financial industry are as exciting as they are scary; we will come to see some people prosper; others not. In this article, we will show why financial institutions are going through the kind of digital transformation we’re seeing, what the institutions themselves have to say about this, and finally, we will share some tips as to how you can become the skilled developer that these large actors are looking for.
Why Financial Institutions are Going Through Digital Transformation
The past decade has seen a lot of changes in the business world. With the increasing importance of skilled developers, there is a need for various financial institutions to rethink their approach towards digital transformation. This is because developers will play an important role in the future of banking and it is expected to be able to offer automated services to customers.
Developers will help financial institutions make better decisions by providing insights on customer preferences, helping banks with fraud detection and prevention, and also improving operational efficiency. They will also help monitor large data sets that are generated by their customers or other sources. Banks can use this information for predictive analytics purposes which can help them identify patterns and trends among various customers Additionally, developers’ skills can be leveraged for enhancing customer relationship management services by automating conversations with them by using AI and other technologies.
Perspectives from the financial institutions in Europe and North America
In order to get a broader picture of the reactions to the digital transformation that is taking place, we reached out to representatives from some of the financial institutions in Europe and North America, to hear their thoughts on the matter. We also researched the statements they had already shared in previous newspaper interviews.
According to analysts from the American institution Wells Fargo, the enlarged role of skilled developers in the financial field “enables the biggest structural change in history, and puts record efficiency within reach.” Other institutions like Citigroup seem to agree.
If we move across the pond, to Europe, we see the same sentiments in the financial institutions there. Lån for deg, a specialist fintech company in Norway, told us that “developers are important to make processes related to loans, refinancing and debt more effective, by employing new technology and workforce competence.” Lloyds Banking Group in the UK had similar thoughts, saying that “much of what employees in our banking section do, includes repeatable tasks that we will ideally automate in the future.”
As seen above, most of the financial institutions we reached out to seemed to be of the same mind regarding digital transformation’s importance in the future – especially pertaining to skilled developers.
How can you become one of these “skilled developers”?
Here at CTA Blog, we have for a long time worked closely with our members to help them get more competent at developing software. Through frequent conversations and the testing of many methods, we see that there are a lot of ways to Rome. There is not only one way to get good at programming.
As a result of all our conversations, we have discovered that there is one overarching quality that sets the most skilled developers apart from the others: a commitment to lifelong learning. The best programmers don’t see themselves as an end product that is perfected after their education is complete or after they’ve gotten the job they desire; the best programmers understand that the only way to get better is by constantly exposing themselves to new ideas and ways of doing things. This might involve taking new courses once in a while, reading good code, or even listening to podcasts (something that one of our members told us about).
Whatever path you choose, as long as you’re committed to constantly learning more and becoming a better developer, we will provide the best materials and courses that will keep you on this path.