A study commissioned by the Institute of Banking and Finance Singapore (IBF) and the island city-state’s central bank, the Monetary Authority of Singapore (MAS), has set 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. A total of 121 job roles across banking, capital markets, asset management and insurance sectors were mapped out, representing most jobs in the financial services industry.
The IBF-MAS study found that about half of the 121 job roles analyzed 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 judgment 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.
Patrick Tay, assistant secretary-general of the National Trades Union Congress (NTUC), said in a statement: “Across all industries, emerging technologies are bringing about challenges and opportunities to businesses and workers alike. The study is a practical tool for financial institutions and workers to learn about the impact of key technology trends and prepare themselves as job roles evolve. Workers should stay agile and adaptable, adopt a growth mindset and embrace life-long learning, to grow professionally and enhance career opportunities. We look forward to further strengthen our tripartite partnership to facilitate proactive efforts in helping workers ride the wave of change.”
The study, conducted by Ernst & Young over the last nine months and released by Singapore’s Minister for Manpower, Josephine Teo, also identified the skills necessary to perform the new tasks enabled by data analytics and automation. In addition, Teo also launched the joint IBF-Workforce Singapore program — called technology in finance immersion (TFIP) — which aims to help professionals start a career in technology through structured training in leading financial institutions.