Blockchain to Create Jobs in the Banking Sector

 In Altcoins

The Bankers Association of the Philippines (BAP) dismissed fears that the rapid digitalization and adoption of blockchain pose a threat to job creation, and noted that the technology would actually create more jobs.

Rapid digitalization in the banking sectors, as well as the adoption of blockchain technology by some of these financial situations, will create thousands of jobs as the industry continues hiring people. This was the assurance made by the Bankers Association of the Philippines (BAP) saying the more than 12,000 bank offices across the country continue to provide 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.

The hiring trend goes much deeper than customer-facing positions. In a previous interview with Cryptovest, UnionBank of the Philippines President Edwin Bautista said that the bank would hire nearly 20,000 programmers over the next one or two years to fill openings for the bank’s blockchain development program.

UnionBank is one of the few banks in the Philippines which is aggressively pushing massive blockchain adoption for its future development.

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Castillo allayed fears that rapid digitalization in the country’s banking sector poses a threat to job creation, noting that customers prefer transacting online as well as over-the-counter.

“Contrary to what is expected, the banking industry will not lay off workers just because we have entered the digital age. Banks need to cater to the different demands, we are diversifying,” he said.

He acknowledged that emerging technologies are crucial for the banking sector to maintain providing efficient financial services to its clients.

“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.

Bautista said he expects cryptocurrencies and blockchain to play an important role in the financial market space describing them as “the future.”

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