5 trends in 2017 that will disrupt the Business Transformation and Change industry across Asia Pacific, more specifically Singapore, and salary overview.
2. www.selbyjennings.com | enquiries@selbyjennings.com Industry Insight | Enabling Exceptional Careers
IT governs the way businesses work across
geographies, and the rules that govern IT are
responsible for the dramatic shifts experienced
by organizations today. With advancing digital
technologies, changing workforce demographics
and speed of innovation, it is becoming increasingly
important for companies to evolve leadership
models,redesign organizational structures and drive
an employee-centric culture in order to remain
relevant and competitive in the marketplace.
Singapore recently topped the table for APAC
countries with the necessary building blocks to
ensure businesses succeed in a connected world.
The Financial Services industry often leads the
way in digital transformation, as per the Economist
Intelligence Unit’s Connecting Capabilities Report.
This is because of the “existing disruptive forces” in
the industry driving it to change more aggressively,
namely the Financial Technology sector. While the
report paints a favourable picture of the industry,
Deloitte suggests that businesses should also be
looking to “evolve leadership models, redesign
organizational structures and drive an employee-
centric culture in order to remain relevant and
competitive”in the face of global business demands.
Looking forward into 2017 we there will be a
number of macro trends that will disrupt, but
ultimately enhance, Financial Services sector:
1. User Experience is King
2. The proliferation of smart machines and
Artificial Intelligence (AI)
3. The ‘Fail fast, to succeed faster’ mentality
4. Application program interfaces (APIs)
5. Internet ofThings (IoT)
INTRODUCTION
3. Industry Insight | Enabling Exceptional Careers
1. User experience is king
A primary aim of most digital transformation efforts
will be enhancing UX to further invest customers
in the brand, and therefore increasing loyalty. This
requires businesses to ensure customers have
convenient interaction with the brand anywhere
and everywhere.
In a bid to remove friction and make themselves
more accessible to customers, some financial
services players are turning into Robo-Advisers.
Consumersaremoreopentohumanless,computer-
generated advice and services; especially within
insurance and other financial products. However,
consumers still want human interaction for advice
on complex products or to deal with complaints,
according to a recent study by Accenture .
The challenge for financial services firms is to
balance physical presence with advanced digital
user-experience.Where possible hands-on service
combined with some elements of automation will
help better manage customer relationships, while
maintaining a degree of personalisation.
2.The proliferation smart
machines AI
Artificial Intelligence (AI) is continuing to become
more surreal and disruptive across the market, as
evidence shows machines are able to learn and
adapt to their environments.
Shortly, we will see advanced learning machines
replace low-skill jobs, particularly in Singapore, as
government heavily invest in the National Robotics
Programme; where they are developing new
technologies in certain key industries like healthcare,
construction, manufacturing and logistics.
There are added complexities to consider within
Financial Services; however, according to KPMG
predictions, by 2030 virtual assistants will have
largely taken over and will inform people on both
personal and financial obligations.
3.The ‘Fail fast, to succeed faster’
mentality
Proactive innovation – the idea of creating solutions
to problems that customers have yet to realize – in
2017, will arguably be one of the only approaches
businesses can adopt to stay competitive in today’s
market.
An adaptive culture is a pre-requisite for proactive
innovation; it allows new technology to be quickly
and easily integrated. Businesses can swiftly move
from ideation to implementation, embracing
opportunities to transform and even disrupt the
market, as well as internal, business models.This is
why many banks and other large financial institutions
have moved towards blockchain.
While Accenture suggests it could help banks cut
their infrastructure costs by between $8bn - $12bn
USD a year by 2025, others express scepticism
over the impact the technology will have. If the
outcome isn’t as good as promised, businesses
would be wise to move on, putting the “fail fast, to
succeed faster” mentality into effect.
5 TRENDS IN 2017
4. 4.APIs
For people to feasibly consider new tools and
technologies they have to be able to use them
through different avenues. APIs work in a similar
way, opening up doors for platforms to interact
together and function cohesively in a fast and
flexible way; such is their efficacy, banks are looking
to more API-driven strategies.
5. Internet ofThings (IoT)
IoT has been part of digital transformation for a
number of years, however, only recently have the
insights provided offer extensive insights provided
begun to truly reflect the mind of the customer.
While IoT is still in introductory stages, there will
be an estimated 50 billion IoT Sensors by 2020 and
more than 200 billion “Things” on the Internet by
2030.
Banks are also getting involved; a Tata Consultancy
Services (TCS) survey found that average IoT
spend, per company, in banking would grow to
$153.5 million USD by 2018, up nearly 31% from
$117.4 million 2015 .
For IoT to dominate the financial services industry
over the next few years, Digital Transformation
is imperative to surviving in the time of business
disruption where, “change is the only constant”
(Forbes, 2016).
5 TRENDS IN 2017
7. www.selbyjennings.com | enquiries@selbyjennings.comIn
Last year we placed candidates in over 66 countries
from our global office network. We were proud
to be named Banking Recruitment Company of
the year 2016 – Recruitment International APAC
Awards (Singapore) and will continue to innovate
our services to meet the changing demands of the
sector.
We were also named one of the 1000 Companies
to Inspire Britain by the London Stock Exchange
and Number 1 in the in the SundayTimesTop 100
Small Companies to Work For.
In order to accelerate that transformation within
your own business, it is imperative to review your
own organisational structures and secure top
leadership talent that can take you into the future.
To discuss your requirements please contact me
today: Jazzy.Tan@selbyjennings.com
Please note that the above salary surveys cover a significant
proportion of the market, within vastly different Investment
Banks taking into account different levels of seniority. If you
would like to learn more about what you should be earning
or paying, specific to your individual circumstances, please do
get in touch. Our Consultants in the FIFX EquitiesTeam will
be happy to help: enquiries@SelbyJennings.com.
Sources:
https://www.telstraglobal.com/uk/insights/news/newsitem/
new-asia-index-highlights-the-importance-of-digital-
infrastructure-skills-and-technology-ecosystems-in-the-
modern-global-economy
http://www.insurancebusinessmag.com/uk/news/breaking-
news/seven-in-10-clients-would-take-insurance-advice-from-
robots--survey-42490.aspx
http://www.straitstimes.com/business/economy/singapore-
budget-2016-more-than-450-million-to-support-national-
robotics-programme
https://www.finextra.com/blogposting/13548/2017-the-year-
for-customer-engagement
http://uk.reuters.com/article/us-banks-blockchain-accenture-
idUKKBN1511OU
http://www.forbes.com/sites/danielnewman/2016/08/30/
top-10-trends-for-digital-transformation-in-
2017/#4b8bd11d6567
SELBY JENNINGS
8. This guide has been brought to you
by Selby Jennings, part of the Phaidon
International.
Selby Jennings is a specialist provider of
Financial Services recruitment solutions
across Europe, the US, Asia and the
Middle East.
We believe every professional should
benefit from the advice of a trusted
partner throughout their career.
Contact Selby Jennings for more
information about career opportunities
in this sector, or if you are looking to
expand your team.
Contact us today:
www.selbyjennings.com
enquiries@selbyjennings.com
Enabling Exceptional Careers
Selby Jennings exists to enable exceptional career around
the world; we connect exceptional talent with exceptional
opportunities.
INDUSTRY INSIGHT