A study commissioned by the Institute of Banking and Finance Singapore (IBF) and the Monetary Authority of Singapore (MAS) has laid out how data analytics and automation are likely to augment or transform 121 job roles in Singapore's financial sector over the next three to five years.
“Looking to the future, the jobs and skills landscape in the financial industry is a lot more complex and uncertain,” said IBF chairman and MAS managing director Ravi Menon. “Technology is transforming finance – the way financial services are produced, distributed, and consumed.
“This means that jobs in financial services will also be transformed. We need to take a more sophisticated, integrated, and purposeful approach to prepare our workforce for the future of jobs.”
The study, conducted by EY over the last nine months, also identified the skills necessary to perform the new tasks enabled by data analytics and automation. The study was released yesterday by minister of manpower Josephine Teo.
“The financial services sector is one where transformation brings enormous opportunities,” said Mrs Teo. “That’s why companies are investing billions in new technology capabilities – to enhance competitive positioning and operating efficiencies. As a result, few job roles, if any, will remain unchanged.”
The study found that about half of the 121 job roles analysed would be augmented as individuals leverage these technologies to amplify their performance. Another one third of job roles would be transformed, as technology substitutes a significant proportion of job tasks, and remaining tasks across synergistic job roles converge into new roles.
Across all job roles, individuals would be required to take on new or expanded tasks that have a higher element of judgement and creativity, while tasks of a more repetitive and rules-based nature are automated.
The study also identified emerging job roles that would grow in demand with the adoption of data analytics and automation in the sector.
“Business transformation alone is not enough. We also need workforce transformation. This study will help us uplift our workforce, harness the power of data analytics and automation, and make Singapore’s financial centre more competitive,” said IBF CEO Ng Nam Sin.
Technology in Finance Immersion Programme
“In this era of technology-driven transformation, helping our people become tech-enabled is essential,” said Mrs Teo. “It is not just for people to achieve career mobility throughout their lives, but also a smart business move to get ahead.”
In light of the need for the workforce to adapt to technology, IBF and Workforce Singapore (WSG) also launched the Technology in Finance Immersion Programme (TFIP), which is targeted at professionals who are keen to start a career in some of the new and emerging roles identified in the study.
The programme will complement existing professional conversion programmes in helping individuals acquire skills that are in demand through structured training and attachment in leading financial institutions.