Strengthen the Skillsets of Technology Workforce in Financial Services Industry
The Financial Services Industry (FSI) is getting more competitive than ever before as competitors and advances in FinTech are raising customer expectations for streamlined and instant services to deliver through frictionless technology platforms. Many FSI companies are still struggling to keep up with the speed of innovation due to the cost of legacy technologies built prior to the current digital age.
Future-proofing the FSI sector
In recent years, the FSI sector has evolved almost beyond acknowledgement but the digital transformation that this sector had experienced so far is just a part of what is to come. The FSI sector fundamentally believes that managing this time of transition would be much easier if technology vendors and consultants collaborate efficiently across the global FSI sector. Through this collaboration, the digital innovation of the FSI sector can be embraced as an exciting opportunity to introduce genuine change and open door to new business capabilities, rather than an unconquerable challenge that threatens the future of financial services.
With this industry context, the Digital Enterprise Architecture (Digital EA) combined with domain expertise in financial services institutions and technology vendors are able to define a usable banking technology framework that can be leveraged to standardise and simplify banking architecture across the entire financial services ecosystem and can be adopted as a means to streamline the complexity of connected banking platform.
Create and Cultivate a Digital Culture
As a part of the centre of excellence for digital practices, a financial services institution can also look into driving continuous digital innovation culture through alignment of technology investment to realise digital banking strategy. With the Digital EA establishment as a culture, the financial services institution is able to enhance their digital landscape by providing a seamless experience to their customer while at the same time transforming their employees to shift toward a workforce-wide digital mindset and culture.
The use of today's fast technology makes everyone's lives easier while also making the customer experience a valued service. Organisations that continue to drive their businesses towards digital culture will be able to innovate and evolve as the market evolves toward a permanently disruptive environment. One of the ways is to focus on enhancing Customer experience at the centre of digital innovation while internally connecting all elements of the enterprise from motivation and strategy, business, data, application and technology landscape.
Strengthening the Technology Workforce
According to Singapore’s government, the FSI sector is aiming to add 6,500 jobs in 2021, but the big gap between demand and availability of technology staff means the industry will continue to depend on international tech talent in the coming years. The FSI sector in Singapore has shown that technology generates much more jobs than it eliminates, adding that the Monetary Authority of Singapore (MAS) expects between 2,500 and 3,500 new tech jobs to be generated annually in the medium term. However, many of the technical skills needed to do the jobs are in short supply in the region. Simply put, there are not enough local talents applying for the job because of the skills gaps.
One of the ways to address this talent’s shortage is by transforming the workforce through the Digital EA competency development programme by equipping them with digital literacy and understanding how technology plays a critical role in transforming the banking sector today. In addition, those high-potential employees should also do a rotation through technology roles in multiple areas that help them establish a broad set of technology capabilities early in their career instead of deep specialities in niche areas. This will help financial services institutions to break down silos, encourage collaboration and create opportunities not just for the employees but for the entire FSI sector to support digital innovation.
Building Competencies for Digital Innovation
Gartner believes that generating digital innovations and putting business strategy into action necessitates the participation of people from all levels of the organisation, as well as outsiders. This is made possible with the help of architecture that gives necessary insights to make informed decisions, bring people together, and establish a shared language. Digital innovation in the FSI sector requires talents with the right skills that focus on business strategy and collaboration to help meet digital business expectations. The financial services institutions need to reskill and upskill their current workforce as well as the next generation of employees as the FSI sector faces a thorough change in the skills required and shortage.
Many sectors including FSI are relying on their digital workforce to support digital innovation. This is where government authorities and associations such as Infocomm Media Development Authority (IMDA), Institute of Banking and Finance Singapore (IBF), Workforce Singapore (WSG) and local training providers play a role in digital nation-building. The Institute of Banking and Finance Singapore (IBF) is committed to equipping practitioners with capabilities to support the growth of Singapore’s financial industry. IBF encourages local workforce to upskill and reskill in order to adapt and grow in the current situation through the new training scheme, IBF Standards Training Scheme (IBF-STS). This scheme provides up to 95% funding subsidies for training programmes accredited under the Skills Framework for Financial Services. Another funding programme, named as the Critical Infocomm Technology Resource Programme Plus (CITREP+) is an initiative by IMDA to support the ICT workforce with up to 90% course fee subsidy for training programmes that keep in pace with technology shifts in order to remain relevant and productive.
ATD Solution is one of the training providers that offers digitalisation solutions specifically in Enterprise Architecture certifications from IASA and The Open Group. IASA courses that are currently available for IBF-STS Funding are Business IT Architecture Fundamental and Infrastructure Architecture. For other certification courses under IASA EA Skillsets, TOGAF® and ArchiMate®, ITIL and DevOps training programmes are under CITREP+.
Author: Aaron Tan Dani
Join the EA activities in Singapore and learn how you can implement Digital-Business-driven EA in your organisation.
Computer Society EA-Chapter: Home - Singapore Computer Society (scs.org.sg) and
Learn more about ITABoK (IT Architecture Body of Knowledge) skillsets and about the roles, scopes and impacts of EA Specializations.
Acquire successful Digital Transformation adoption with ATD Enterprise Architecture consulting and training services.
ATD Solution: www.atdsolution.com