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Business Transformation and Change in Financial Services: 5 trends that will disrupt the industry

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5 trends in 2017 that will disrupt the Business Transformation and Change industry across Asia Pacific, more specifically Singapore, and salary overview.

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Business Transformation and Change in Financial Services: 5 trends that will disrupt the industry

  2. 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. 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. 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
  6. 6. www.selbyjennings.com | enquiries@selbyjennings.com Industry Insight | Enabling Exceptional Careers $0 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 Architect Change Managers Test Analysts/Managers Business Analysts Associate Analyst/Manager AVP VP SVP/Director BUSINESS TRANSFORMATION (SGD) Years Architect Change Managers Test Analysts/ Managers Business Analysts Associate 0 to 3 - - $40,000 - $60,000 $60,000 - $90,000 Analyst/Manager 3 to 6 - - $65,000 - $80,000 $95,000 - $110,000 AVP 5 to 10 $110,000 - $140,000 $100,000 - $170,000 $90,000 - $140,000 $115,000 - $140,000 VP 8 to 15 $160,000 - $200,000 $180,000 - $210,000 $150,000 - $180,000 $160,000 - $180,000 SVP/Director 15 $210,000 - $300,000 $220,000 - $280,000 $190,000 - $240,000 $185,000 - $240,000
  7. 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. 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