In today’s environment, businesses that fail to leverage technology and adapt to changing conditions are increasingly less likely to reach their objectives. This is none more prevalent in the South African banking industry which among others is facing national energy constraints, increasing inflation, new hybrid ways of working challenges, an increasing threat of money laundering through the banking system, and ever more brazen scams targeting banking clients.
Added to these challenges, a recent survey stated that nearly a quarter of South African adults are expected to bank with a digital-only bank by 2023, coupled with the rapid rise of fintech providers – resulting in indirect competitors challenging for market share.
In response to the evolving eco-system, there has been a growing need to grow the capability amongst the bank’s employees to enable individuals and their teams to:
a.) Identify the need for change in order to meet the current environment demands and challenges
b.) And crucially, to facilitate the design and implementation of process solutions to address these challenges.
According to a WEF Future of Jobs Report, systems and evaluation have been identified as one of the top 15 skills expected to grow in demand and prominence by 2025.
Banks compliance teams do not operate in a vacuum, far from it. Made up of professionals carrying highly diverse and specialised skill sets; compliance touches multiple facets of the organisation from risk, to governance, management and handling of personal data. Notwithstanding the complexities of new technologies such as crypto ( the practical application and regulation thereof), artificial intelligence, and payment technologies increasingly entering the market.
A Gartner Trends Analysis report predicts that 33% of large businesses will have analysts using decision-making intelligence by 2023.
Faced with this ever-changing landscape, the need is even more pronounced for business system analysts as a function to play a pivotal role in bridging the gap between IT and the leadership teams. Sound problem solving, judgement, and decision making through analysis of the current process will play an instrumental role in guiding stakeholders and management towards understanding the technical solutions and crucially equipping the IT teams to identify organisational goals.
What is Business and Systems Analysis?
As the name implies, business and system analysis is the surveying and evaluation of different processes and systems in a business. The focus of the work is usually on the automation in the mechanisms of the systems, which means that it is often closely linked with Information Technology (IT) systems.
Through analysis of a business’ tools, infrastructure, systems, and even the work that the team does, the analyst can explore ways to improve the business by optimisation. The skillset can empower those that often work closely with individuals managing different departments in a business, as well as any line managers, project managers, or operations managers in the field.
Want to know more about the fundamentals of Business and Systems Analysis? WITS Business School’s 9-week online Fundamentals of Business and Systems Analysis programme is positioned to provide the learner with a structured approach to understanding the integral parts of a business system and how to solve business problems in order to tackle the practical needs of the organisation in today’s hyper-connected world.