Dozens of financial services job roles will see much of their work taken by data analytics and automation in the next few years, according to a new report from Singapore, which is preparing for the radical workforce shift with a new career training programme focused on emerging technology roles.
The study, commissioned by the Institute of Banking and Finance Singapore (IBF) and the Monetary Authority of Singapore (MAS) and carried out by Ernst & Young, investigates how data analytics and automation are likely to transform 121 different roles in banking, capital markets, asset management and insurance over the next three to five years.
About half of the roles analysed will be "augmented" as staffers use these technologies to "amplify their performance". But all job roles will see employees have to take on new tasks with a higher element of judgement and creativity, with more rules-based work automated.
The news is worse for staffers in about 40 roles - including branch teller, trader, insurance claims examiner and credit officer - who will see their jobs transformed, as technology substitutes a significant proportion of tasks, meaning possible convergence or even displacement.
"Business transformation alone is not enough. We also need workforce transformation," says Ng Nam Sin, CEO, IBF.
With this in mind, Singapore is launching a 'Technology in Finance Immersion Programme' (TFIP) offering training and attachment opportunities in cloud computing, cybersecurity, data analytics and full stack development. There are over 70 positions across seven participating financial institutions available for application.
Tan Choon Shian, CEO, Workforce Singapore, says: "The TFIP opens up new avenues for mid-career Singaporeans keen to pick up new skills and convert to new careers in tech job roles in the financial services sector. By providing meaningful on-the-job training with leading banks in Singapore, this will help mid-career individuals build up their essential skillsets in the respective technology areas."