Asian banks more likely to look out for tech hires than investment bankers this year

A SURVEY by global recruiting firm, Options Group Inc., has found that 2017 will see financial institutions in Asia seeking to hire more technology experts and specialists than investment bankers due to an upgraded skill set.

40 percent of regional financial-services managers surveyed said they anticipate an increase in IT roles this year, while only 18 percent said they intended to add jobs in investment banking. The New York-based group surveyed 380 regional managers.

According to Bloomberg, global and regional banks like HSBC Holdings Plc., Standard Chartered Plc., and DBS Group Holdings Ltd. are upgrading their digital banking offerings as well as regulatory and compliance systems in order to save costs.

SEE ALSO: Hong Kong to launch fintech ‘sandbox’ for banking amid fears of falling behind rivals

New and emerging technologies like automation and big data are becoming increasingly relevant to financial institutions, and bank managers recognizing this are plowing more money into the talents needed to make all this data work.

It’s also a shift away from investment banking, which was largely considered to be the face of banking for years. In a phone interview with Bloomberg, Russell Knopp, a partner at Options Group Hong Kong, said the “reality of the future” is that people who hold highly-paid positions in the financial institutions will now be running the show.

He was quoted saying: “It’s your tech people, it’s going to be quantitative professionals that can meaningfully develop or enhance top-line revenues.”

The fintech sector is expected to experience a surge in technological advances in the next few years, which will add to the need for more IT professionals.

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