Singapore’s financial services sector proved resilient throughout the economic downturn, and the Monetary Authority of Singapore (MAS) expects it to continue to perform well in 2022.
Technology will continue to transform the financial services sector in 2022, affecting how organisations operate and how consumers conduct banking and financial activities. New advancements in the banking and fintech industries will also impact the type of skills and roles employers will look for in talent.
technology’s impact on consumer behaviour and financial institutions
In the past few years, technology has redefined finance at the consumer, organisational and industry levels. The rise of the fintech industry in Singapore has also made the financial services sector much more competitive than before.
Chai Leng Lim, Senior Director for Banking and Financial Services, Construction Property and Engineering and Life Sciences at Randstad Singapore, said that technology has helped banking and financial services companies enhance their customer experience. “Hardly anyone walks into a branch anymore because technology enables quick and easy access to banking services and allows for self-help transactions. Everything is within the touch of a button,” said Lim.
This digitalisation has led to a cultural shift within banks, with many tedious, mundane tasks now being automated. As a result, many banks have had to restructure and redeploy their resources and talent.
banking and financial services trends for 2022
1. cybersecurity remains a key issue
Data is often exchanged across multiple contact points not just locally but globally, with many external parties gaining access to confidential information. Given these factors, cybersecurity experts are highly sought-after by financial institutions to stay ahead of cyber threats as well as to safeguard business and user data.
2. customers are turning to digital wealth platforms
There has also been an increasing interest from first-time investors in wealth management digital platforms. Services like e-trading platforms, asset management and robo-advisories have a very high penetration rate from millennial investors. This has also encouraged more banking and financial institutions to create e-services to improve their service and product offerings to their customers.
3. balancing innovation and consumer protection in digital payment tokens
Even as cryptocurrencies undergo increasing scrutiny from regulators around the world, they may find a place in Singapore with the help of a balanced regulatory and legal environment.
Said Lim, “Many see trading platforms, payments services and other digital assets exchanges as the next leap in the banking and financial services segment in Singapore, and firms are watching to see how the Monetary Authority of Singapore (MAS) will tighten in terms of the rules and regulations.”
4. increased focus on environmental, social and governance (ESG)
Although still a nascent area of interest in most of Asia, several local banks and asset management companies are already trying to fill a number of ESG-related roles such as bond sales managers, investment analysts and solutions managers.
2022 talent trends in banking and financial services industry
1. technological skills gaps
With the increasing focus on data and digital processes, financial institutions are facing skills and talent gaps. In order to continue with their digital transformation agenda, employers will need to upskill their talent and hire new headcounts to be more proficient and capable in new digital skills.
2. in-demand roles in banking and financial services
The high demand jobs in the banking and financial services sector are found in data analytics, programming, compliance and cybersecurity. Banks will also be hiring front-office and digital marketing talent to improve the customer experience through the development of data-analysed campaigns.
download the 2022 singapore’s job market outlook and salary snapshot report.
key highlights of the 2022 banking and financial services industry outlook
- How technology has redefined Singapore’s banking and financial services industry.
- In-demand skills and talent sought-after by banks, financial institutions and fintechs.
- Salary snapshots for the top 10 most in-demand jobs in banking and financial services in Singapore.
read more on 2022 talent and salary trends report in Singapore in other industries:
The 2022 Market Outlook and Salary Snapshot report features the latest talent analysis and new post-pandemic salary benchmarks in the following high-growth industries:
- Information technology
- Manufacturing
- Banking & financial services
- Insurance
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 and financial recruitment.