Tech professionals highly sought by Singapore's private banks

One of the busiest areas for hiring in 2014 has been for IT professionals within Singapore's private banking sector. Hiring has typically fallen into three main categories; digital channels, data management and cyber security, and CRM (Customer Relationship Management) and analytics.

As you might have heard, digital skills are in hot demand. A report by RBC and Capgemini SA stated that two thirds of the world's high net worth individuals expect to manage most of their wealth through digital channels in the next five years and are considering switching to companies that provide those services.

Banks are innovating and hiring in this space as they don't want to run the risk of being left behind. For example, Credit Suisse’s 'Digital Private Bank' was recently launched and includes customised market intelligence and social media as part of its offering. As a result of these initiatives, we are seeing a lot of competition for candidates with the right technical skills and industry experience.

Data management and cyber security are also key areas for all banks due to increasing regulation and public concerns about how customers' personal data is used. Due to the nature of the business, private banks face more scrutiny as the reputational and financial risk of breaches are significant (647 private banking customers of a major international bank had their data stolen in December).

Private banks have been hiring Data Management and Security professionals to ensure their systems are robust and customers are protected as the amount of data gathered by banks increases. Banks have also adopted new data platforms to manage and safeguard customer information.

Private banking customers are changing and becoming more technology-savvy. They need up-to-date information and insight, and private banks are utilising big data and analytics to satisfy this appetite by providing tailored recommendations to each individual client. Therefore, sophisticated CRM platforms and user-friendly interfaces are essential to keeping customers happy and informed about the status of their portfolios.

Private banks look for the same core skills that their retail and investment counterparts value – solid technical experience, strong communication skills, and the ability to think practically to solve problems.

For the majority of IT jobs in private banking, candidates from other areas of the industry are considered.

For software roles, candidates with retail or investment banking experience are regarded as suitable, and for data /CRM /analytics roles candidates from banks or customer-heavy organisations like telecoms and retail are similarly encouraged.

However, it can be a significant challenge finding suitably experienced candidates when recruiting for specific third-party private banking platforms such as Avaloq where specific knowledge of vendor platforms is essential. Avaloq is the most widely used vendor product and have announced plans to open a centre in Singapore to support the needs of their APAC client base.

Due to many international banks implementing Avaloq, there is now a shortage of skilled candidates who can maintain and enhance these systems. This has resulted in an increasing number of private banks looking overseas, or to consulting partners, for this talent.

In Singapore, the Personal Data Protection Act has added another layer of regulation to an already complicated area. Private banks need to ensure that current and prospective clients are not registered on 'Do Not Call' lists (separate for voice calls, email, and SMS!) in addition to the usual checks as part of KYC (Know Your Customer).

With the majority of banks hiring, private banking experience is at a premium in Singapore. As the banks are all aware of the need to retain their high performers, recruiting candidates with specific business experience remains challenging.