About Me

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I am former editor of The Banker, a Financial Times publication. I joined the publication in August 2015 as transaction banking and technology editor, was promoted to deputy editor in September 2016 and then to managing editor in April 2019. The crowning glory was my appointment as editor in March 2021, the first female editor in the publication's history. Previously I was features editor at Profit&Loss, editorial director of Treasury Today and editor of gtnews.com. I also worked on Banking Technology, Computer Weekly and IBM Computer Today. I have a BSc from the University of Victoria, Canada.

Wednesday 3 January 2024

Redefining the World Bank

Modifying the venerable 78-year-old institution’s mission statement to incorporate sustainability objectives is an important achievement for its new president. Joy Macknight reports.

Even before officially taking up the role as 14th president of the World Bank, Ajay Banga embarked on a world tour to gain first-hand knowledge of what is happening on the ground in many of the bank’s 189 member countries. The tour continued after starting his five-year term on June 2 and, to date, he has met around 90 governments, 100 civil society organisations and 20 CEOs of various asset managers and pension funds.

https://www.thebanker.com/Cover-story-Redefining-the-World-Bank-1704184261

VIDEOs

https://www.thebanker.com/video/v/6341713606112/in-conversation-with-ajay-banga-state-of-the-world

https://www.thebanker.com/video/v/6341798571112/in-conversation-with-ajay-banga-redefining-the-world-bank

https://www.thebanker.com/In-conversation-with-Ajay-Banga-sustainability-and-resiliency-1701427110

Tuesday 5 April 2022

Filling in the skills gaps in financial services

5/04/2022

By forecasting their future skills needs, banks can reskill their workforce instead of relying on recruitment to solve the skills shortage.

The global war for talent shows no sign of cooling down. Banks are competing for highly skilled staff against both fintechs and big techs, as well as other industries going through digital transformation. According to research by the UK’s Financial Services Skills Commission (FSSC), 92% of its member firms had hard-to-fill vacancies in 2021.

To get ahead, financial institutions need to take a proactive approach in identifying future skills requirements that will help them address rapid technological and societal changes. And in addition to looking externally for talent, they need to be creative in reskilling and upskilling their existing workforce.

In its recent report, ‘Mind the gaps – skills for the future of financial services 2022’, the FSSC encourages banks to map out their skills needs. Almost 80% of its member firms (which collectively employ one third of the overall UK financial services sector workforce) report that they plan for future skills capabilities; however, 20% do not yet collect such data.

Through its research, the FSSC identified five skill clusters – three technical and two behaviours – which are seen as critical to business success: data analysis and insights, software development, digital literacy, creative thinking and coaching. Data and analytics are a clear priority for 38% of participating member firms, with the highest number of votes as a top priority.

However, the report points out that the half-life of technical skills is decreasing. “This means the time it takes for a skill to become half as valuable is accelerating because of innovation and technological change. This increases the pressure to keep up and regularly forecast skills requirements,” says the report. It lists eight best practices in skills forecasting, including building allies for forecasting across the business, generate trust in the process and ensure accountability.

Despite the vast majority of FSSC members planning for future skills requirements, three quarters of firms surveyed do not hold data on proficiency levels. This restricts firms’ ability to develop effective upskilling and reskilling paths, according to the industry-led body, at a time when the skills shortages in the UK means that banks can’t rely on recruitment alone.

Additionally, investing in skills offers clear benefits. According to the survey, 65% of firms have seen a tangible positive impact of investing in future skills for their business, reflected in a reduced need to hire externally. In a previous report, the FSSC estimated that firms could generate cost savings of up to £49,100 per worker through reskilling individuals who would otherwise have been made redundant into roles that would have required external hires.

The FSSC plans to launch a skills gap analysis toolkit in the first half of 2022, which could be useful for banks that face similar skill challenges in markets across the world.

Joy Macknight is editor of The Banker. Follow her on Twitter @joymacknight

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Saturday 8 December 2018

The power of QR codes

20/11/2018
The use of QR codes for payments has seen widespread take-up across Asia and other emerging markets due to the low-tech, low-cost deployment. But will they be able to compete with established card rails in the developed markets? Joy Macknight reports.

To read more: https://www.thebanker.com/Transactions-Technology/The-power-of-QR-codes/(language)/eng-GB

Santander’s digital dreams move ahead with Openbank

3/12/2018
Starting a bank from scratch is many an incumbent banker’s dream. Ezequiel Szafir, CEO of Openbank, talks to Joy Macknight about constructing Santander’s fully digital experiment from the ground up.

To read more: https://www.thebanker.com/Techvision/Santander-s-digital-dreams-move-ahead-with-Openbank/(language)/eng-GB

Chinese banks’ profitability under pressure

1/11/2018
The leading banks in China have seen their balance sheets balloon in recent years and their cost to income remains low, yet profitability is much lower than these positive metrics would indicate. Joy Macknight reports.

To read more: https://www.thebanker.com/Banker-Data/Chinese-banks-profitability-under-pressure/(language)/eng-GB

Fortifying the ATM estate

1/11/2018
ATM malware attacks are on the rise and gaining in sophistication and scale, yet historic threats persist, including skimming and brute force attacks. How can banks best defend their ATM networks? Joy Macknight investigates.

To read more: https://www.thebanker.com/Transactions-Technology/Fortifying-the-ATM-estate/(language)/eng-GB

MKB Bank undergoes core replacement to become digitally fit

1/11/2018
Replacing a core banking system is not for the faint of heart. Márk Hetényi, MKB Bank’s chief digital, retail and strategy officer, talks to Joy Macknight about staying the course towards a digital future.

To read more: https://www.thebanker.com/Techvision/MKB-Bank-undergoes-core-replacement-to-become-digitally-fit/(language)/eng-GB