MANILA -- The Bankers Association of the Philippines (BAP) said banks will continue to hire people despite the rapid digitalization in the sector.
In a statement Monday, the organization said the over 12,000 bank offices nationwide continue to open opportunities for entry-level applicants.
“Banking employees are vital in providing quality service. With the effort of banks in financial inclusivity, we can expect more bank branches opening and job hiring to cope with the increasing demand of banking and financial services across the country,” BAP managing director Benjamin Castillo said.
Castillo debunked claims that rapid digitalization poses threat to job creation in the banking industry, noting that clients both enjoy over-the-counter and online transactions.
“Contrary to what is expected, the banking industry will not lay off workers just because we have entered the digital age,” he said.
“Banks need to cater to the different demands, we are diversifying,” he added.
He noted that emerging technologies are assisting banks to provide financial services to its clients more efficiently.
“We need graduates who are willing to take up the challenge in moving the sector forward in the age of the digital revolution. As the banking industry moves forward, it is crucial to have capable individuals who are willing to work for the benefit of our country” Castillo said.
Banks in the country have been investing in digitalization and adopting new technologies such as blockchain in their system.
A Microsoft report released earlier this year showed that digital transformation can add USD8 billion more to the Philippine economy by 2021.
BAP said digitalization helps banks improve their profitability and contributes to the economic growth that would yield more jobs for the banking industry. (PNA)