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With the rise of digital services and alternative options, it’s not unimaginable that Hong Kong’s banking scene is soon to be caught up in the whirlwind of new virtual banking and fintech entrants.
Rick Chung, associate director of the banking and financial services team at Randstad, shares his observations on the future banking scene in Hong Kong.
1. Ramp up headcounts for risk and compliance or sales management professionals.
Background: The Hong Kong Monetary Authority (HKMA) approved eight out of 29 applications for virtual banking licenses for telecoms and fintech firms. The selected eight firms are currently preparing for market launch in 2020.
In-demand talent: Risk and compliance professionals, especially those who are highly adaptable and digitally adept, are highly sought-after to perform essential tasks such as know-your-customer inspection and identity checks.
Sales management talents are pursued for developing and managing client segmentation strategies. Experienced technology and finance professionals are required to identify technology and fintech services to create highly personalised banking services.
Any young and experienced talent from traditional banks who are interested in virtual banking.
2. A shift in talent’s demand towards employers
What are talent’s concerns? Job security is ranked the third most important employee value proposition that Hong Kong’s workforce look for in an ideal employer. 39% of respondents are also willing to give up at least 10% of their salary in exchange for job security.
Middle and back-office staff are looking for more exposure through internal mobility opportunities.
3. Growing insurance brokerage field
Since brokerage firms tend to be more flexible in creating highly personalised portfolios for their customers than insurance broker firms or bancassurance firms or agencies, experienced brokers who have commendable in-depth market and product knowledge, risk management capabilities and a large professional network are in high demand.