"Recruiting IT Talent"... Savings Banks Compete to Launch Digital Hiring (Comprehensive)

SBI, Welcom, and Others Announce First Half Recruitment
Increased Demand for Talent in Open Banking and MyData
Industry: "Recruitment Will Continue to Grow for a While"

[Asia Economy Reporter Song Seung-seop] The savings bank industry is putting great effort into recruiting digital and IT talent. This comes as demand for non-face-to-face innovative financial services, including open banking and MyData, is increasing. With savings banks joining commercial banks in competing for IT talent, the demand for developers in the financial sector is expected to rise further.

According to the industry on the 14th, the top five savings banks (SBI, OK, Korea Investment, Pepper, and Welcome) have recently posted direct and indirect job openings for developers.

SBI Savings Bank is conducting rolling recruitment for experienced professionals in the first half of the year until today. They are hiring IT development and operations experts along with positions in IB, credit sales, strategic planning, management accounting, and compliance monitoring. Candidates must have at least three years of app development experience with operational experience or have experience in operating and building electronic financial services. The total number of hires is around 10.

Welcome Savings Bank is accepting applications for both entry-level and experienced positions until the 18th. They are recruiting in 18 departments, all IT-related roles. Except for financial IT development and information security, 16 positions are for experienced hires. Notably, four positions related to MyData are included. Welcome Savings Bank is the only institution in the industry selected as a MyData business operator. They are hiring practical personnel such as programming language users and web channel/app developers, as well as information security management system engineers and dedicated data analysts in the MyData field.

Pepper Savings Bank began recruiting staff below the deputy general manager level through an information systems headquarters job posting on the 25th of last month. The roles involve web and mobile app development and operation, as well as overall IT support tasks. Experience is not required, but candidates must be capable of designing and developing web programs. IT majors or those with certifications receive preferential treatment in hiring.

Korea Investment Savings Bank has already reinforced its IT workforce through a recruitment-type internship program on the 29th of last month. Outstanding interns will be converted to full-time employees after a final interview two months later.

OK Savings Bank has not posted direct IT recruitment announcements but is conducting IT experienced hires through OK Data System, a subsidiary under the group.

Small and Medium-sized Firms Also Hiring IT Personnel: "Recruitment Will Increase for the Time Being"

Seram Savings Bank IT Department Recruitment Announcement
Photo by Seram Savings Bank Homepage

Some small and medium-sized savings banks are also actively recruiting IT talent. Daesin Savings Bank is recruiting new employees in general and IT positions until the 14th. Seram Savings Bank, located in Gyeonggi Province, has posted job openings for experienced IT staff without a set deadline. Candidates with a university degree and over five years of financial IT experience at the assistant manager to manager level can apply.

The rush to recruit IT talent in the savings bank industry is analyzed to be driven by accelerating digital innovation. Since early this year, savings banks have been launching open banking and MyData services. They must not only enhance their networks and mobile platforms to secure competitiveness but also require IT personnel to maintain and support these systems.

The surge in customer inflow through mobile apps is also a factor. The industry notes that with the spread of COVID-19, non-face-to-face services have become more active, and business conducted via apps is steadily increasing. The SBI Savings Bank app "Cider Bank," launched in June 2019, surpassed 500,000 subscribers and 1.5 trillion won in deposit balance within a year of its release. Welcome Savings Bank had already reached 1.5 million downloads by mid-last year.

An official from a savings bank explained, "Financial services of savings banks are conducted through mobile apps. As innovation progresses rapidly, the demand for experienced IT personnel is increasing."

Another savings bank official predicted, "We expect IT recruitment announcements to gradually expand for the time being."

This content was produced with the assistance of AI translation services.