Fostering citizen-led innovation a key component to upskilling in Canadian Banks

Toronto - March 11, 2020 -- As banks continue to deploy new digital tools, such as data visualization, chatbots, natural-language processing and analytics, they are also focused on the importance of preparing its workforce to adopt new, digitally enabled ways of working according to PwC Canada’s Canadian Banks 2020: Upskilling the workforceOpens in a new window. As rapid technological change continues to influence customer demand, Canadian banks must focus on its workforce to create and leverage innovative business solutions.

Every year, anywhere from 5% to 10% of roles in an organization change, creating a skills mismatch. Providing the opportunities to develop these skills through relevant experiences and training is essential to producing the behaviours needed for the workforce of the future.

“By upskilling their existing workforce, Canadian banks are creating new energy and excitement to reimagine the possible while making themselves fit for the future of work,” says Jennifer Johnson, National Financial Services Leader, PwC Canada. “Banks can harness the value of their investments to develop the innovative and personalized solutions many of their customers are looking for and create a stronger, purpose led employee experience.”

Upskilling in action at Canadian Banks

PwC’s CEO Survey report indicates that 77% of top executives in banking and capital markets expressed concern about the availability of key skills. As a result, banks are going beyond traditional training programs and fundamentally rethinking their approach to developing the workforce of the future as an essential source of competitiveness and business value. Some have built robust training programs including partnering with learning institutions as well as industry associations, others have created internal exchanges and job rotations, and many banks are transforming workspaces to create more flexible and collaborative environments.

Along with large investments, banks are fostering an environment of citizen-led innovation in which employees opt-in to take the lead on innovating, building, sharing and test-driving solutions. “Citizen-led innovation is about creating a culture that inspires employees to want to boost their knowledge and skills. It’s also about giving people the autonomy to apply their learning right away in their day-to-day work, so it feels meaningful and relevant,” says Diane Kazarian, GTA Managing Partner and National Banking and Capital Markets Leader, PwC Canada.

The publication concludes with a seven-step upskilling roadmap that banks can follow to ensure a successful journey. To access the roadmap and the full publication, click hereOpens in a new window.