CW1 Career Research Report: Trends and Skills in Banking Industry

This report offers a comprehensive analysis of the UK banking industry, exploring its current trends and future prospects. The introduction highlights the industry's significance and the student's interest in a customer relationship manager role. The main body delves into the impact of globalisation and technology, emphasizing digital transformation and its implications. It also outlines the skills required, including communication, interpersonal skills, teamwork, adaptability, problem-solving, marketing, and financial skills. The report further evaluates the suitability of a customer relationship manager role, highlighting its potential for professional growth. The conclusion summarizes the key findings, emphasizing the industry's evolving nature and the importance of specific skills for career success. References include various books and journals that support the research and analysis.

CW1 – Career research
report

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY ..................................................................................................................................1
Analysis and Application.................................................................................................................1
General trends which will impact on your chosen profession/industry......................................1
The skills / knowledge and experience required.........................................................................3
Evaluation .......................................................................................................................................4
Conclusion ......................................................................................................................................4
References .......................................................................................................................................5

INTRODUCTION
Banking industry of UK is one of the prominent industry and the fourth largest among
whole world. In current time the banking industry is adapting emerging changes in which clients
are benefited to the huge amount (Swacha-Lech, 2017). In UK the banking industry is growing
in drastic manner by which people are willing to wok under this industry. Being a candidate I
want to apply in this industry so an analysis is being performed by me which includes primary
and secondary research. In this report general trends within banking industry along with its
impact on globalisation has been covered by taking help of research. On the other hand the report
covers those skills which are required in order to attain prominent job position at banking
industry.
MAIN BODY
Analysis and Application
General trends which will impact on your chosen profession/industry
In the survey it has been found that there are various dimensions which are leading
banking industry of UK such as digital transformation, revenue growth, globalisation and many
more. These are the factors which are having high implications over banking industry and skills
set held by employee who are willing to apply for job in this industry. These factors are
elaborated as under:
Impact of globalisation: International banking is getting attracted from interest ofcareer
options for customer relationship manager policy maker and this is impacting economy in
prominent manner. On the other hand this is increasing jobs for individuals by which more jobs
offers are existed in this industry (Rodrigues and et. al., 2020). Similarly high competition is
existed in the market due to which homogeneous services are existing and this is providing high
rivalry within marketplace along with intensity within industry. This is career options for
customer relationship manager observed that job openings are wide within globalisation and due
to which skilled candidates are given opportunities to explore their expertise within the sector in
order to get high benefits in their carer and professional life as well. Furthermore high integrity
and innovation is welcomed due to globalisation which is lifestyle of population is improvised
and needs for banking services are enhanced which is giving immense opportunities for
personnel to apply for jobs in more easy manner. International banking is providing highly stable
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policies for banks which is introduced due to globalisation as baking services are the area which
is utilised by each personnel. In the world of globalisation individual is required to posses so
many skills in order to have distinctiveness from other and get prominent edge over selection for
the prevailing job. When competition is faced at global level then this is going to impact skills
set as more appropriate skills are to be set in order to acquire the job in effectual manner.
Impact of technology: The most prominent trend in retail is its digitisation which is
making this sector highly emerging an prone to serve customer needs. With the help of MICR
technology cheque clearing has removed various obstacles due to which people are high on their
efficacy and burden of banking employee has been decreased. In the current scenario within
banking industry is fully adapted digital technology so this is highly required by applying
candidate that apt knowledge is possessed by them in order to sustain in job and perform given
operation within mentioned time frame. Due to high reach of customer within digital technology
recruitments are handled in prominent manner due to this high skill set is to be undertaken and
for this individual is required to have high knowledge of digital technology such as MICR, usage
of internet by which they will be able to enhance chances of their selection within job along with
sustainability as well.
Interview questions with response received by people
Q.1. What are the implications of globalisation on banking industry?
The major implication of globalisation within banking industry is that high class services
are introduced by banking businesses in order to survive in prominent manner. This can be said
that high job opportunities are grabbed by individuals as so any options can be exercised by them
in order to get job according to their skill set. Similarly in the context of banking industry they
are having positive implications as they are getting expertise in their business due to this
competitive edge can be attained by them in prominent manner.
Q.2. What are the implications of technology on banking industry?
As in current scenario technology is highly adapted by banking industry as this is creating
ease to perform their business operation in more impactful and effective manner. This factor is
providing high edge to the banking industry as in context of sustainability and high edge over
performance as well. In the context of employee this is removing burden of employee which
brings overall efficacy. This is generating immense opportunities for them to grow and sustain in
prominent manner.
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The skills / knowledge and experience required
There are some skills and expertise which are required to be possessed by candidates
when they are willing to perform any job role in banking industry which are elucidated as under:
Communication skills: This skill is highly required by individual who are willing to
have job in banking industry as this industry is required to perform direct interaction with
customer in which effective communication skills are required so that customer can be attracted
and persuaded in prominent manner (Abbasi, Ali and Bibi, 2018)
Interpersonal skills: This skills includes way of communication ad maintenance of
relations with customers. This skills is required to be held by individual who are willing to
perform job role in banking industry as banker is requisite to be soft and humble so that queries
of their customer can be understood in prominent manner and they can be tackled in more
effective manner.
Team work: As bank works as a whole team so this skill is required to be possessed by
individual in order to get their desired banking job. Team work includes to manage team and
delegating roles and responsibilities in effectual manner. So this is a skill which is required to be
developed in individual in order to get high efficiency in their job roles and completing assigning
task in appropriate manner.
Adaptability: This skills includes nature of adaptation and acceptance towards change.
As in current era of globalisation and technology adaptability is highly required by employees
due to emerging introduced changes in trends and sequences. By this candidate is required to be
adaptable so as to secure their job position in more effective manner.
Problem solving: This skill includes to resolve problems in critical and apt manner. In
the context of banking industry this skills involves to solve customer grievances in effective
manner so that high customer satisfaction can be received by the business. This way individuals
are recruited on the basis of their skills set held so for getting prominent job in banking sector
individual is required to have ample problem solving skills.
Marketing skills: These skills include many dimensions such as confidence in public
speaking, making ample marketing tactics and executing them in prominent manner so as to
provide effective positioning to the company within marketplace (Lerman, 2017). For job in
banking individual is required to have sufficient marketing skills because in banking industry
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marketing is termed as the core field where huge customer are made and loyal customer are
enhanced.
Financial skills: Banking is the sector in which high degree of accounting skills are
required because whole working and functioning of bank is directly associated with books of
accounts and financial records (Kuada, 2016). So when a candidate is willing to make their
career in banking industry then they are required to have prominent command over accounting so
by this any difficulty in the job tenure can be avoided.
Evaluation
In banking industry job role of customer relationship manager is highly suitable for me as
I am willing to explore my career in banking industry and being marketing personnel so as to
enhance my communication and interpersonal skills as well. Banking industry is providing
immense opportunities to grow and excel professional and personal skills set in order to provide
high growth possibilities in future (Ornston, 2018). This job is going to provide me ways to
enhance my interpersonal and professional skills due to this I can enhance career opportunities
for enlighten my career. The job of customer relationship manager is having prominent role in
banking industry by which I can explore consultation and research career within global level.
Conclusion
From the above detailed report this can be concluded that banking industry is one of the
most prominent and required industry and this industry is having high emerging trends which are
followed by them in order to gain high competitive edge and sustainability (Schmidt, Drews and
Schirmer, 2017). For this there are some skills and expertise which are required to be held by
individual in order to attain job position and accomplish task in prominent manner.
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References
Books and journals
Abbasi, F.K., Ali, A. and Bibi, N., 2018. Analysis of skill gap for business graduates:
managerial perspective from banking industry. Education+ Training.
Kuada, J., 2016. Marketing, economic growth, and competitive strategies of firms in Africa.
African Journal of Economic and Management Studies.
Lerman, R.I., 2017. Skill Development in Middle-Level Occupations. The Oxford Handbook of
Skills and Training, p.180.
Ornston, D., 2018.Good Governance Gone Bad: How Nordic Adaptability Leads to Excess.
Cornell University Press.
Rodrigues and et. al., 2020. Banking digitalization:(Re) thinking strategies and trends using
problem structuring methods. IEEE Transactions on Engineering Management.
Schmidt, J., Drews, P. and Schirmer, I., 2017. Digitalization of the banking industry: A multiple
stakeholder analysis on strategic alignment.
Swacha-Lech, M., 2017. The main challenges facing the retail banking industry in the era of
digitalisation. Rozprawy Ubezpieczeniowe. Konsument na rynku usług finansowych.
4(26). pp.94-116.banking industrybanking industrybanking industry
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Appendices
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