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Digitalisation creeping into non-tech roles as Singapore banks accelerate hiring
INDUSTRY: BANKING Digitalisation creeping into non-tech roles as Singapore banks accelerate hiring
The sector will continue in a “reform and transform” path, hinging on successful digital banking applicants.
With Singapore’s banking sector expected to ramp up its hiring efforts from the second quarter of 2021, the industry is likely to see a shift in job responsibilities and necessary skills. Most notably, digitalisation is gradually being integrated throughout financial service organisations, even into normally non-tech roles.
Spurred by the pandemic, banks have overhauled their strategies to focus on developing and strengthening their digital capabilities. A Randstad Singapore study noted that as the year progresses, banks will likely only continue to go into a “reform and transform” path, taking into account the success of numerous digital banking licence applicants in 2020.
In line with this, people with expertise in data science, artificial intelligence (AI), and systems architecture will be in high demand, noted Dean Tong, head of group human resources at UOB. He says those who are capable of boosting a bank’s operating performance and system capabilities will be extensively wooed.
Remarking that the hiring acceleration, particularly in technology roles, had been taking place even before the pandemic, he said that the digital shift had also brought new challenges to the forefront. Issues such as cybersecurity are ones that banks will have to quickly mitigate to ensure the resilience of their systems and the sector as a whole.
“Growing consumer expectations for progressive banking solutions are also driving banks to innovate at an even faster pace today, especially as more consumers have become comfortable with transacting and investing online.”
The fast recoveries seen in wealth management, bancassurance, personal banking, as well as insurance, have helped counteract the adverse impacts of risk aversion during the pandemic, Randstad said. In particular, relationship managers have become more adept in providing remote financial advisory services through the use of digital dashboards and data analytics. These are able to provide a holistic overview of clients’ accounts.
“In 2021, we will see a further expansion of digital mobilisation in wealth and bancassurance to capture opportunities that occur throughout the life cycle of customers’ investment and financing needs,” the report explained.
HSBC Singapore head of human resources Brandon Coate echoed this observation, explaining in an interview that they anticipated that those with wealth and consumer banking backgrounds, as well as exposure to digital platforms, will be in high demand in the next three to five years. “This will cut across the front office to support functions like compliance, finance and audit due to supervision by the Monetary Authority of Singapore (MAS), and also importantly, technology,” he said.
The bank hopes to double its wealth and private banking business in Singapore. Coate highlighted that since 2018, the segment had seen double-digit annualised growth rates in total wealth balances and bigger frontline wealth teams, including both retail and private banking relationship managers and investment specialists.
But even with the influx of digital options available today, UOB still recognises the need of their clients for a human touch, says Tong.
“We know that for banking services such as wealth advisory or business financing, our customers still prefer to speak with their bankers. As such, we are continually building our team of wealth advisers and relationship managers, especially those who are adept in using data and digital tools to serve our customers better.”
Singapore’s goal of becoming Asia’s wealth management hub will also mean more job opportunities for compliance services within the private banking and fund management segments, Randstad noted.
Within the investment banking segment, there will be more hiring opportunities, even though the IPO and M&A segments have been relatively stifled, Randstad noted. Sectors and firms that are primarily focused on technology, e-commerce, healthcare, and environmentally sustainable financing are poised to accept new talent.
Skills and job security
Fintech skills also have significant demand, in areas such as AI and machine learning, robotic process automation (RPA), the internet of things (IoT), cybersecurity, application programming interface, and design thinking, Coate noted.
Coate also opined that AI will be a complement and not a replacement for human employees. Banks should invest in AI as aid to the transactional aspect of the business that lets machine learning and RPA take place. AI should be utilised on more routine- and process-heavy operations and direct resources should be placed on more complex operations that require human personnel, he explained.
Digitalisation is gradually being integrated even into normally non-tech roles
In 2021, we will see further expansion of digital mobilisation in wealth and bancassurance throughout the life cycle of customers’ investment and financing needs
Singapore players spent a total of $327.2m on games in 2019
Several industries supported this mindset at Ubisoft Singapore x Gamescom’s webinar.
In the Singapore Games Association’s database, over 227 games were made in Singapore. Companies in the database range from established companies such as Ubisoft Singapore and Bandai Namco Studios Singapore Pte. Ltd. to smaller scale studios such as Mindcake Games and Nekomancy.
Newzoo and gamescom asia’s 2020 study found that players in Singapore spent a total of $327.2m on games in 2019. This, according to the two groups, showed proof that the country was a key player in the Southeast Asia games market.
Ubisoft Singapore, Epic Games, and Streamline Media Group all echoed this sentiment, as the three companies pointed towards several strengths of the region and how the future of the video game development industry might be shaped by both the Southeast Asian region and industries across the globe.
Ubisoft’s hand in the game
For Ubisoft Singapore’s Managing Director Darryl Long, this starts with the cultivation of a talent pool in Singapore. Part of his mission, aside from nurturing a studio environment where teams are inspired, is to also bring the Southeast Asian gaming industry into the future.
In the 13 years that Ubisoft Singapore has established itself, it has produced 16 games through the collaborated output of its team composed of 500 staff, local and foreign originating from 33 different countries. This cultivation means the application of programs such as women in leadership roles and going beyond traditional professions. According to Long, It would give the company a diverse offering when it comes to viewpoints.
“These fresh viewpoints meant that they were coming in without any bias about how the video game industry works, and brought incredible change to the way that we worked.” Long also said that the company also has initiatives to entice locals. Through a partnership with the Singapore Games Association and several colleges, Singaporean talent becomes integral to the growth of the the industry giant.
“Working with our industry partners, such as the Singapore Games Association helps us to expand our network to connect with both professionals and the fresh talent coming into the industry. Our local institutions produce the workforce of tomorrow, and we need to help them to help build our local talent pipeline. We know that triple-A games set a very high bar
Through a partnership with the Singapore Games Association and several colleges, Singaporean talent becomes integral to the growth of Ubisoft SG
at Ubisoft, Singapore, we work with the local schools to help design their programs. We invest in training students in order to get them kickstarted in the industry.”
Expansion across Southeast Asia
The Ubisoft Entrepreneurs Lab is also another outlet of the company for supporting the expansion of the industry. In this initiative, the company focuses on local startups and invests in them as a way to jumpstart them.
Long also reiterates that the company also focuses on building video game development as a long term career option for locals.
Streamline Media Group’s CEO Stefan Baier, on the other hand, believes that several changes must be undergone for the game industry to succeed in Singapore. He outlined four steps that the region should be willing to take for the industry to succeed. “First, break out of the service mindset like it is not about outsourcing, it is about execution, it is about being part of really what products are going to be in the future and risking development in that direction. Working together, therefore, becomes very important leaving behind the sense that we’re competing for scraps, right? Like this is the main industry of entertainment now, which means there’s enough for everyone. There’s a bit of distrust sometimes still in the region between serious competition, you know, maybe all the old issues. They have to let it work together and we’ll all be winners here.
This, according to Baier, results in fewer releases from the industry.
Baier also sees the future of the industry in how Southeast Asia presents itself as an independent and decentralised future. From the presence of Ubisoft in Singapore to the popularity of blockchain in the Philippines and Mandalorian being worked on across Southeast Asia, he said that each region would be able to take video games beyond the mainstream. He also considered how the gaming industry affects the mainstream market. The digital transformation currently taking place is a result of the technological advancements made in the industry.
It is because of this that market opportunities in Southeast Asia, Africa, and Latin America also exist. According to Baier, opportunities with both consumers and developers are in these markets. In particular, Baier sees the decentralised nature of the region as a reason to push for collaboration. This, along with breaking out of the service mindset and a push for midsize projects would aid the region.
Technology beyond video games
Epic Games’ Dean Reinhart, meanwhile, expanded on the software that was in use by games. As an account manager with clients in Southeast Asia, he talked about how the use of the technology has gone past gaming.
Unreal Engine, the software developed by Epic Games, is ripe for adoption by multiple industries. According to Reinhart, these industries include architecture, film and television, automotive, broadcast, live events, training and simulation and advertising. Over 14 million licenses to this software have been distributed throughout Asia.
“These are a lot of different licensees that we have that are doing very, very different stuff with Unreal Engine. And the great thing is that what they’re doing is all built with the same tools. There might be a little bit of attrition from game developers looking at these different pieces. But you’ll also start to find that a lot of these different institutions are now training people on game development tools that aren’t studying game development. Someone like SUTD in Singapore is teaching the Unreal Engine for architecture.” Reinhart also talked about the incoming release of Unreal Engine 5. Improvements such as nanite virtualised geometry, lumen fully dynamic real-time global illumination, virtual textures, and spatialised audio will all be in use for the event.
The future of Asian gaming
When asked about the Asian gaming segment and its future, Darryl Long pointed out an increase in the people that consider themselves serious gamers. He also says that instead of going towards console gaming, the future lies in cloud-based technology and the rise of esports. Looking 10 years ahead, Long believed that there will be a coherent experience for gamers across any platform they choose. The emergence of 5G technology will accelerate to the point that more e-sports organisations and leagues will grow in the region.
“I think that we’re already seeing that there’s a shift going on towards more mobile and cloud-based gaming. And then we’re seeing that gradual convergence, as well. There’s no longer such a difference between [mobile, console, or PC], the emerging markets converging,” Long said.
The emergence of 5G technology will accelerate to the point that more e-sports organisations and leagues will grow in Singapore
There’s an increase in the people that consider themselves serious gamers
