Deutsche Bank has begun using social media feeds such as Twitter and LinkedIn as part of its search to recruit promising millennials who might be interested in a career within the financial services sector, reports the Financial Times.
According to the business daily, Germany’s biggest bank launched a programme late last year to monitor the online activity of university students. The aim is to identify individuals who might prove a good fit for the bank, but would not apply through traditional channels such as on-campus recruitment drives.
The FT reports that over the first two weeks of the initiative in late November, a special team at Deutsche Bank identified 250 potential hires. They were then encouraged to take part in the bank’s UK graduate recruitment programme.
The scheme, described as the first of its kind for a bank, was adopted in response to top graduates’ increasing disinclination to pursue a career in banking. Executives also believe that broader skills and experience could benefit banks by producing a staff more adept at challenging existing practices and innovating.
Faye Woodhead, Deutsche’s head of graduate recruitment and human resources, told the FT that the bank launched a recruitment drive among students in certain clubs and societies at about 30 UK universities from which it already recruits.
It then uses social media to develop a profile of the students it wished to target, similar to the digital headhunting widely used for hiring experienced professionals.
The most interesting outcomes of PSD2 will be derived from companies combining open banking with data from other areas like social media or government, argued Miles Cheetham, Open Banking Ltd.
The architecture of financial markets has changed and we will soon see the end of the last eight years of prosperity, said Stefan Bielmeier, chief economist and head of research at DZ Bank.
The US money market fund reforms came into effect in 2016 and are already dramatically shaping US fund industry with investors flooding out of prime funds and into government securities. While the reforms are similar, they are not the same. GTNews interviews Yeng Bulter, global head of the cash business at State Street Global Advisors on the differences.
There are various ways for financial institutions to benefit from advanced technologies and business models provided by FinTech's. Whether a business' approach is radical or incremental, data management can help a company to increase their return on investment, argues André Casterman, INTIX.