The global pandemic has fundamentally changed the banking and financial services industry. Many financial institutions in Singapore have repositioned their strategy to focus on developing and strengthening their digital capabilities, so that they can better address the changing needs of their employees and customers.
Organisations are bolstering their internal data security systems, networks and platforms to drive new innovations. Banking customers continued to transact, invest, trade and grow their wealth through lockdowns - thanks to new and enhanced digital banking products and solutions.
higher hiring expectations for specialised banking & financial services professionals
Going into 2021, the banking and financial services sector will continue to ‘reform and transform’. In light of the successful applicants of digital banking licenses announced in December 2020, we may see financial companies in Singapore drive a greater focus on maximising channel partnerships and pushing their digital agenda forward.
We expect the job market and hiring activities in the banking industry to pick up gradually in Q2 2021 as banks move to secure good talent who can give them an edge. We will likely see a change in job responsibilities and required skills, as digital skills are increasingly integrated into non-tech roles such as risk and compliance, investment analysts, product advisory and relationship management.
Employers will be looking for highly-driven candidates with diverse market or segment experience to develop their advisory capabilities and expand their service offerings. For example, relationship managers with sales experience across retail, private wealth and corporate banking will be highly sought-after to increase top-line revenue.
download the 2021 randstad singapore banking & financial services market outlook & salary snapshot report.
banking & financial services: areas covered in the report
- banks explore emerging technology to drive competition.
- fintech will continue to drive transformation and disrupt the financial services industry.
- wealth and bancassurance firms set market growth targets locally and regionally.
- a greater focus on workforce’s skills readiness within corporate and SME banking.
- non-banks FIs set their eyes on high-performing, data-analytical compliance and risk management professionals.
- hiring remains stable in operations but employers have higher expectations for skilled professionals.
- IFRS 17 extension will drive hiring activities within finance and accounting functions.
- growing contracting job opportunities in risk-related roles.
read more on 2021 talent trends in Singapore in other industries:
If finding exceptional talent for your business is a key challenge or if you want to take your workforce ready for the future of work, please get in touch with us. You can also check our key areas of expertise in banking & financial services recruitment.