Many of them were looking to leverage artificial intelligence and robotics to achieve faster processing time and reduce marginal transaction costs to zero.
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With the objective of achieving cost reduction and optimising efficiency through automation, a number of banks have stepped up their investments for resources to manage risk and regulatory-related projects as well as automate manual processes. As banks executed their digital transformation agenda with increased investments in automation and robotics, we saw a corresponding demand for talent with experience in data science, artificial intelligence and machine learning. Hiring at the junior levels were mainly for contract workers, where we saw a good 30% of contractors being converted to permanent headcounts whenever they become available. Candidates specialising in Know Your Customer (KYC) and derivatives operations were also keenly sought after as there was a limited pool of mid-level talent in these areas within the local market.
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This drove the demand for mid-level experienced hires, particularly at the AVP level as they tend to be more well-rounded and have a greater ability to resolve critical business issues. back office operationsĪ number of major banks have indicated that their focus for 2018 is to continue to investing in automation or offshore operations to Shared Services teams based out of Singapore.
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We also observed banks strengthening their front office credit team, whilst keeping their credit risk management team lean. We foresee an even greater spike in demand for compliance professionals from regulated entities once the Payment Services Bill is passed, and that this trend would provide compliance talent an alternative career progression opportunity.Įxperienced credit risk professionals continued to be in demand as they work closely with the relationship managers on credit evaluations and structuring to mitigate risk exposures to the minimum. In fact, we have already witnessed a number of senior compliance professionals moving out of banking and into these fintech companies. Compliance professionals specialising in the Anti-Bribery and Corruption, Foreign Account Tax Compliance Act (FATCA) and the Common Standard on Reporting (CRS) regulations were highly sought after as banks continued to strengthen their anti-bribery and corruptions measures to combat money laundering activities, in addition to CRS reporting that all banks have to comply with.Īn area where we saw a surge in demand for compliance professionals is in the fintech and payments space, as there were substantial funding into new startups to accelerate operations. We observed a healthy demand for risk and compliance professionals - not just due to attrition but also an increase in newly created headcounts. Digitalisation within the private banking sector also created more job openings within the digital products and advisory space, resulting in a strong demand for specialist talent with niche skill sets in these areas. Private bankers continued to be in highly sought-after, particularly in the Greater China and NRI markets. Boutique banks were actively hiring top talent not only to strengthen their leadership team, but also initiate a re-architecture of their platform to stay competitive in the wealth management sector. In Q1 this year, the private wealth management sector in Singapore saw a couple of major senior management moves from established private banks to boutique private banks. With Singapore as the financial gateway to major Asian markets, talent with regional experience are increasingly in demand due to their strong market networks and knowledge of in-country legislations. Major banks have announced their plans to increase their front office sales team across retail, wealth banking and corporate banking businesses to capture upcoming market opportunities.
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With majority of the banks citing digital transformation as a business priority this year, investments in technology will continue to drive sector efficiency as well as strengthen risk management and compliance capabilities.