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Bank staff eager to develop their careers need to have a sound grasp of fintech solutions, know about compliance regulation and show a strong interest in aspects of pension provisions, according to a survey about job prospects in Swiss banking. Training is getting ever more important.

The demands on banking staff are changing as the finance industry is undergoing thorough structural change. While previously investment advice and a complete knowledge in finance was quintessential, today’s competent banker will stand out with an entirely different set of skills.

One example is knowledge in IT, coupled with a know-how about digitization (mentioned by 79.4 percent of the surveyed), but also being open about change in your job (68,5 percent), a readiness for permanent training (55.3 percent) and specialized knowledge about certain customer groups and markets (54.9 percent).

Decline in Wages and Bonuses

These are conclusions form the sixth online survey about the professional outlook in the Swiss finance industry. The representative survey of 450 people was conducted last month by news portal finews.com, the Swiss communications agency Communicators as well as the Swiss Finance Institute (SFI).

The requirements on banking staff are key for a successful career. The banking industry will likely continue to lose in reputation, according to the surveyed. Wages and bonuses are set to decline on average while training and further education will gain in importance.

Training Is Key

Some 43.3 percent of the surveyed received a smaller or no bonus at all in the past year compared with 12 months earlier. Little surprise then that a clear majority of the surveyed expected a further decline in wages and bonuses over the coming five years. The negative outlook goes hand in hand with expectations of numerous bankers (76.2 percent) that the number of jobs will decline in coming years

Hence, the reputation of working in finance will decline further, said 49.9 percent of the surveyed. Still, a large proportion of banking staff is aware that they need to seek further education to remain in the business or even to raise through the ranks.

No Future Without Fintech