As the effects of disruption continue to unfold, Singapore’s financial services industry is set to undergo significant changes in 2018. Read more here.
- Top three disruptive forces in financial services in Singapore in 2018 are new regulation (60%), changing customer behaviour (55%), macro-economic conditions (55%) and technological change (47%).
- 45% of Singaporean CFOs within financial services plan to hire new talent to manage change in their organisation.
As the effects of disruption continue to unfold, Singapore’s financial services industry is set to undergo significant changes in 2018. New independent research commissioned by specialised recruiter Robert Half shows that nearly half (45%) of Singaporean CFOs within financial services are planning to hire new talent to manage change and disruption in 2018.
Financial services disruption – 2018
When asked what the top disruptive forces are that will change the financial services industry in 2018, six in 10 Singaporean financial services leaders refer to new regulation, followed by changing customer behaviour and macro-economic conditions (55% respectively) and technological change (47%).
Financial services disruption – 2023
Looking ahead to 2023, financial services leaders predict technology will have more of an impact as more than two-thirds (69%) say the pace of technological innovation – such as automation, artificial intelligence, machine learning and robotics – will be the most disruptive force in the market by 2023, followed by macro-economic conditions (57%) and new regulation (51%).
Matthieu Imbert-Bouchard, Managing Director of Robert Half Singapore said “As the financial services industry continues to evolve, there’s widespread recognition that Singaporean companies will be confronted with tremendous change. Not only do financial services employers have to contend with strict government regulations and market fluctuations, but the accelerating pace of technological advancement continues to change the face of the industry.”
How Singapore’s financial services leaders plan to manage change in 2018
With these disruptive forces taking hold and technology playing an increasingly significant role, success and survival for industry players will hinge on their ability to identify suitably skilled candidates. To manage change and disruption in 2018, nearly half (45%) of financial services CFOs are planning to hire new talent, followed by 44% who are planning to partner with other businesses (such as digital agencies) and 33% plan to upskill their existing employees.
This positive hiring sentiment is unsurprising as the Monetary Authority of Singapore makes headway with its recently launched Industry Transformation Map (ITM), which will create up to 4,000 jobs in the financial services and Fintech sectors annually until 2020 . The ITM is in direct response to changing technologies and the way services are delivered and consumed – which calls for new skills and a revamped regulatory framework that responds to new risks and opportunities.
“As companies face increasing disruption and government regulation, it will be crucial for Singapore’s financial services leaders to hire and retain the right talent to take advantage of emerging opportunities, particularly with the new Industry Transformation Map contributing greatly to placing more skilled workers in the market. Employers need to continually assess their talent management program to successfully source, hire, upskill and retain skilled talent necessary to manage change and disruption in 2018 and beyond.”
Staff development in the age of disruption
Confronted with disruptive forces in the industry, the majority of Singapore’s financial services leaders are confident in their staff’s level of competence to adapt and be successful during this change. For technical skills, 88% are confident in their graduate-level, 90% are confident in their staff-level and 98% are confident in their management-level employees. For soft skills, 87% are confident in their graduate-level, 93% are confident in their staff-level and 97% are confident in their management-level employees.
“It’s essential for Singapore’s financial services professionals to not only upskill their technical capabilities, but also to continuously develop their soft skills, such as leadership, communication and interpersonal skills, to remain relevant in a constantly changing workplace,” concluded Matthieu Imbert-Bouchard.
About the research
The annual study is developed by Robert Half and was conducted in December 2017 by an independent research firm, surveying 75 CFOs within financial services in Singapore. This survey is part of the international workplace survey, a questionnaire about job trends, talent management and trends in the workplace.