Bank of Baroda to hire for digital banking roles
Bank of Baroda, India’s public sector bank is looking for lateral hiring in some of its verticals like digital lending and mobile banking, areas banks typically require specialists outside traditional banking roles.
According to a Mint report, Lateral hiring is the process of recruiting an expert for a specific role from another organization. In 2019, while announcing the merger of 10 public sector banks (PSBs) into four, Finance Minister Nirmala Sitharaman said that The public sector banks will be allowed to appoint chief risk officers at market-linked compensation to attract the best available talent.
The chief risk officer in financial institutions is an executive responsible for risk assessment of investments and lending.
“The banking environment has undergone a sea change in the last decade,” the bank said in a document on 24 February. “The advent of technology, creation of new business arena, innovation in the products and service delivery and the competition has brought the banking sector to the brim wherein innovation and being a pioneer has become the need of an hour in capturing the new business.”
Currently, BOB is also looking for the appointment of Business Correspondent Supervisor on Contract Basis for Lucknow metro Region and do inviting applications for prequalification for the post of BC SUPERVISORS on a contractual basis. Interested people can apply till the last week of March 2021.
The consultant, hired to manage lateral hiring, will have to facilitate recruitment for junior and middle-level roles on a regular or contract basis, not only for the bank but also its wholly-owned subsidiaries. “The bank has been recruiting personnel in the niche segments…and with bank scaling up its requirement to reach newer heights, it will require talented and experienced professionals in these verticals, especially in the junior and middle-level positions,” said the Mint report.
In India, as elsewhere, digital banking as a stream of delivery has turned mainstream and banks need to invest funds and manpower in this area. Most private lenders in India and a few state-owned banks have been investing in digital banking, leading to majority of their transactions moving to electronic banking channels.
“As the threat of disintermediation by technology platforms becomes more real and as customer expectations for a seamless digital experience rise, banks cannot afford to stand still when it comes to digital and analytics, despite all the progress they have made to date,” according to McKinsey Global Banking Annual Review 2020.
Bank of Baroda which has amalgamated with Dena Bank and Vijaya Bank in April 2019, had over 84,000 employees at the end of FY20. Its mobile banking customers more than doubled on a year-on-year (y-o-y) basis as of 31 December Q3 report.
