This post references an article originally written by Chris Skinner on The Finanser, published in 2018.
JPMorgan Chase is beginning to include mandatory coding lessons as a part of their induction program when hiring bankers. This may come as no surprise to those who realize that technology is becoming an integral part of all business-practices, especially in banking. As cryptocurrencies and online banking services are becoming more prevalent, it is imperative that bankers can understand this information and put it to use. The head of JPMorgan Asset Management, Mary Callahan Erdoes, said “coding is not just for tech people. These are the skill sets of the future…by better understanding coding, our business teams can speak the same language as our technology teams, which ultimately drives better tools and solutions for our clients”.
While this digital shift can mean sizing-down on employees and branch closures for banks, it is not necessarily a bad thing. Banks, and companies in general, that are willing and able to adapt to the ever-changing environment of business and technology are in a better place than their competitors who can’t. This article from The Banker Magazine communicates the importance of adaptation, describing it as “Run the Bank, whilst Changing the Bank”.
The article uses the saying– “Run the bank, change the bank”– to further describe the growing presence of digital trading and highlights reasons FX Rate Integrity® should be a growing service in this industry.
Read more on Chris Skinner’s article.
-Paola Gasca, Analyst