The Banking and Finance industry is a key pillar of Singapore’s economy. This important sector employs more than 201,000 workers and contributes an estimated 12% to the country’s Gross Domestic Product.
The Banking and Finance industry is a key pillar of Singapore’s economy. This important sector employs more than 201,000 workers and contributes an estimated 12% to the country’s Gross Domestic Product[1].
On the hiring front, Singapore is going against the curve, with a sustained vacancy rate of 2.9%. This is a positive sign in comparison to global big banks, which have been cutting down on employees because of the financial slowdown leading up to Q1 2016.
At the recent launch of the Singapore FinTech Festival, Mr Tharman Shanmugaratnam, Deputy Prime Minister and Coordinating Minister for Economic and Social Policies, and Chairman of the Monetary Authority of Singapore (MAS), acknowledged that there are challenges up ahead for Singapore’s banking institutions.
He stressed that organisations should take on FinTech trends, collaborate with start-ups and learn how to thrive in a competitive environment. Regarding talent within the sector, he mentioned that “we are going to develop the skills and capabilities required to make this a new wave, not just a passing trend. It requires many new skills, as well as some of the old instincts that help ensure sustainability across the cycles”.
Here, we identify key banking roles that are changing with the times, and explore tactics to seek talented individuals for your organisation.
Roles That Are Embracing Transformation
1. Financial IT Executives
Organisations are moving towards digitisation, and internal software developers and operations staff will need to act as catalysts for change within their own departments. Rather than wait for FinTech start-ups to disrupt existing processes, financial institutions should form their own innovative teams who can leverage new technologies to improve on existing legacy services. This ensures that the company’s financial products are continuously up-to-date and competitive.
2. Financial Strategists and Data Scientists
This is still very much a niche job sector; but it will see growth in the coming months as banks brace themselves for upcoming headwinds, such as China’s economic deceleration and an increasingly volatile global marketplace.
Improvements in algorithms and technology will allow financial analysts to measure and provide counsel on market movements with increased accuracy. Additionally, financial data scientists, who will be able to distil macro and micro market data into sound financial intelligence, will become highly sought-after as organisations look to make more calculated plans.
3. Relationship Managers
These roles are in demand as banks look to generate more revenue streams in this uncertain economic climate. Additionally, financial products like credit, wealth management, trade and treasury will evolve alongside a fast-paced and competitive economy. This means that relationship managers will need to be market savvy and leverage technology trends such as Peer to Peer (P2P) lending and the use of big data to stay relevant.
Identifying and Training Talents for These Roles
To keep hiring campaigns short, banking and finance HR managers should use holistic methods such as personality matching for vacant roles within the organisation.
For example, HR managers can form a framework that includes suitable personality types, as well as the hard and soft skills required for specific roles. They can then use this checklist as a gauge to match potential candidates in the areas of experience, aptitude and character disposition. The goal here is to ensure that new hires have a running start in their career.
Furthermore, these frameworks can also be applied to existing junior staff or interns who may possess the right skillsets for a vacant role.
Another trend is the onboarding of individuals from entirely different sectors. These candidates are prized because of their existing industry experience and the ability to transfer their own skills into the financial world. Also, because these individuals tend to be mid-career hires, they possess great determination and drive to excel in their new environment.
An example of this would be a bank hiring an academic researcher as a financial analyst and strategist. Although from different industries, the researcher would possess the same methodical attention to detail, and ability to identify trends from raw data. However, organisations should note that a good deal of investment into the training and development of these candidates would be needed in the long term, so that they can continue to add value to the company.
Companies can bolster staff development by tapping on various training avenues like the SkillsFuture Study Awards or JobsCentral Learning Portal. In addition, the MAS Financial Sector Development Fund (FSDF) – enacted in 1999 – also provides organisations with various grant schemes to groom talent in the banking sector.
The banking and finance industry will always be affected by the ebb and flow of the global economy. In order to stay sharp, organisations need to seize market trends and groom talented individuals at every opportune time. This will allow us to maintain our position as Asia’s top financial hub.
