Banks Try Novel Staffing Option to Solve Tech Skills Shortfall

Bankers and credit unions are warming up to the idea of externships to be aware of the emerging trends at the earliest. This unique staff development idea helps them in exploring new styles of conducting business and new products. It also assists students in taking the first step in their careers in the financial services domain. These students can carry out research into new technologies such as Web3.

Externships are different from internships because externs don’t typically have to do tasks related to a job. These are 100% remote opportunists where students simply learn from experts in the field. Externships are online experiential learning programs and consist of mentorship and structured training.

Developing the future of tomorrow’s banks

There are companies in the extern zone that help newly-graduated students in connecting with banks. A bank’s externship program is developed so that it can work with students who can develop and design the bank of the future. Externs observe what the customers would want in the future and what banking solutions the retail bank can adopt for operating at its best.

To grab an externship opportunity, students must have:

  1. The idea of Web3 and inclination toward learning.
  2. Acquaintance with banking.
  3. Goal to run their own company or interested in product development.
  4. Zeal to resolve difficult challenges and enhance user experiences.
  5. Commendable presentation and communication skills.
  6. Able to work in a fast-paced working environment.

A bank teams up with a company that does outsource students. Apart from the recruiting team, there is a learning and development team, and a program management team.

Reaching out to the externs

There are multiple ways how banks employ recent grads and students. They ask colleges to add a link to their services from the career services page. Externship alumni and student groups can also inform others about externship programs.

An interested student can apply for an internship by completing an application, including a video, and undergoing a live interview. If selected, they will first go through onboarding in the first week. Then they will undergo training and work as expected in the consecutive weeks. The top interns usually get hired by Fortune 1000 companies.

Scope for regional banks and credit unions

Financial institutions should meet their DEI goals and externships can help even small community banks in meeting those goals. An outsourcing company can help a bank employ students of various nationalities or from minority or diverse sections like LGBTQ+. Ambitious and dedicated students are most likely to get an externship opportunity. Their school or GPA does not matter much if they have a genuine interest in learning.

Before starting an externship program, a financial institution must decide a few things. Is it open to changes? Does its working culture support mentorships, and if they need a technology partner to set up an externship program?

The article was authored by Bahaa Abdul Hussein and has been published by the editorial board of the Fintekdiary. For more information please visit www.fintekdiary.com

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