Financial Sector Watch: What 2018 has in Store

13 March 2018, Tue

Story and Photo by Avelyn Ng

Over 100 professionals, managers and executives (PMEs) attended a dialogue session on the future jobs in the financial sector on 12 March 2018. This was one out of the series of events organised by the NTUC Financial and Professional Services Cluster for the Financial Services Month.

Not present at the event? Be sure to read the highlights below then – you do not want to miss out on the valuable industry insights that came out of the event, especially when they clue in on where the money lies in 2018!

1. PMEs can now benefit from the combined strength of unions and U Associates

Four U Associates – Financial Planning Association of Singapore, Financial Women’s Association Singapore, Insurance and Financial Practitioners Association of Singapore and Singapore FinTech Association (SFA) – will collaborate with unions in the Cluster to create more platforms and equip PMEs for industry disruptions.

“With the expanded Labour Movement Network, we can also benefit some of the self-employed and freelancers. The associations comprise quite a lot of them. The associations are aware of new openings, new opportunities, and new knowledge. Through these, the unions can also pick up some useful tips for their members,” said NTUC Assistant Secretary-General Patrick Tay.

2. We are charging towards transformation full on

The Financial Services Industry Transformation Map launched on 30 October 2017 has promised 4,000 new jobs annually.

To make sure there is a match between jobs and people, NTUC has been working closely with the Monetary Authority of Singapore and industry stakeholders through the Financial Service Tripartite Committee.

One example is the Financial Industry Career Advisory Centre, which has successfully helped more than 240 job seekers gain employment and reached out to over 3100 PMEs to date.

From July 2018, the centre will be incorporated into a new one-stop IBF [Institute of Banking & Finance] Career Centre, where it will also set competency standards and promote skills development.

3. Seize the opportunities in FinTech

The attention on FinTech grows, as financial institutions compete to provide a seamless customer experience and become more efficient.

To help financial professionals transit into FinTech roles and ride on the growth, the SFA and NTUC has co-developed the FinTech Talent Programme, where NTUC members enjoy an additional 50 per cent funding after government subsidies under the Union Training Assistance Programme.

The programme, which is made up of nine modules, has just seen its second batch of graduates. The third run will start in late April or early May. Interested parties can register at Singapore Polytechnic’s webpage.

Those who are not too sure if FinTech is their thing yet will welcome the new FinTech Foundation Programme currently in the works. Acting as a pre-cursor to the FinTech Talent Programme, it offers a glimpse into what FinTech entails to help entry-level professionals decide if they would like to enter the sector.

4. Technology will take over some roles but there will also be new ones created

About 80 per cent or 200,000 PMEs reside in the financial services sector today, but with the rise of e-payment, digitisation and analytics, some jobs that are repetitive in nature will be put at risk.

Good news is, to power the technological solutions and global expansion plans, the financial institutions still demands a large talent pool. That is why financial institutions have been proactive in reskilling their workers.

They have committed to train more than 800 employees under the financial Professional Conversion Programmes, according to the latest update from the event’s media release.

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