Banks still hiring talent in growth areas, Latest Business News - The New Paper

Banks still hiring talent in growth areas

This article is more than 12 months old

To work in a bank these days, a jobseeker is better off being a designer, digital data analyst or tech developer.

The Monetary Authority of Singapore (MAS) in its annual report last week noted a net increase of 2,800 financial sector jobs last year, despite the slowdown in financial sector growth to 0.7 per cent from 5.7 per cent in 2015.

MAS managing director Ravi Menon noted that with digitisation and automation gathering pace, many global financial institutions have been downsizing and restructuring their operations, mainly in back office functions such as operations, IT and technical support.

However, he added that some have continued to hire, especially in growth areas such as technology, compliance, risk management, insurance, and asset and wealth management.

Indeed, banks and human resources experts said the rise of technology has led to an increase in demand for many new positions in the banking sector which did not previously exist, such as UX/UI designers, digital data analysts and app developers.

Management consultancy Kelly Services estimates that IT on the whole will require between 15,000 and 30,000 more workers by 2020.

OCBC Bank is looking to recruit more talent with expertise in cyber security, digital and web development and data analytics. DBS Bank has been looking for data scientists, UX/UI designers, app developers and people familiar with cloud computing, agile development, development operations and information security.

United Overseas Bank has been growing its team of experts in areas such as enterprise architecture, programming, data analysis and cyber security.