Financial Services Sector Essentials
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CHOOSING YOUR ROLE AND COMPANY
In Financial Services Discover which role and company in the financial services industry are the best fit for you!
Firms in the industry
Employers include institutes that provide specialised financial services much like actuarial consultancies and underwriting, retail banks such as OCBC Bank and insurance establishments much like NTUC Income. In larger corporations, new hires tend to be placed on rotational schemes where they gain a broad understanding of the company business by experiencing a variety of work in different departments. On the other hand, joining a smaller enterprise offers more flexibility and ownership over your work, a potentially friendlier environment and exposure to senior management that could accelerate your learning. The MAS and Ministry of Finance (MOF) are regulatory bodies, ensuring compliance is observed in financial transactions and activities.
Finance Career Guide 2023
The idea candidate
As retail banks in Singapore continue to adopt sophisticated methods, such as data mining and predictive data analytics, datasavvy applicants who also boast strong IT skills are in demand. And with the digital transformation creating an increasing impact on the financial services industry, banks and financial institutions are reinventing their client services strategies. For instance, instead of queuing up at banks or ATMs to withdraw cash, more people are opting for cashless payment methods such as mobile banking. Other than catering to the younger generation, who have new expectations of accessibility to banking and financial services, firms see themselves as bearing the partial responsibility of making sure no one is left behind in the digital transformation journey.
On top of skills like analytical thinking, te a mwo r k and communication, the ability to innovate and provide fresh perspectives are valued by organisations who wish to stay relevant in today’s society. Customer service remains one of the most important aspects – besides kindness and empathy, market intelligence and analytical skills are required to offer valueadded services to ensure customer satisfaction. For example, having exemplary persuasion and negotiation skills aren’t enough for a financial services consultant; applicants would also need to be able to see things from the client’s perspective, identify their individual needs, devise corresponding financial planning strategies, and help clients make informed decisions.
