6 Skills to Help You Future-Proof Your Career
By IBF Singapore Posted 2yr(s) ago Reading Time: A few minutes
The financial industry is transforming. To thrive in this changing landscape, financial practitioners have to be keenly aware of the nature and speed of industry changes that will affect their jobs, and adapt to new business needs by acquiring relevant skill-sets.
To help industry professionals keep up, we have partnered industry leaders to identify these six horizontal capabilities (a.k.a Future-Enabled Skills) that are increasingly vital in financial services.
The world around us is changing ever more rapidly. The speed of technological progress and the rate of adoption by consumers is increasing exponentially. Agile is both a philosophy and a management methodology designed to enable organizations to respond quickly to fast changing customer needs. The goal of Agile is to continuously deliver products or services that have optimal value for the customer.
2. Data-Driven Decision Making
Banks, followed by insurance, securities and investment services companies, are among the biggest spenders in big data and business analytics to gain customer insights and solve problems. While many financial institutions have implemented data technologies, there is a lack of data analytics skills and talent in this area to prepare them to be data-ready at an enterprise level.
3. Digital Awareness
Emerging technologies like Cloud Computing, Blockchain, Machine Learning and Artificial Intelligence are changing the way we live and work. They have already transformed or are poised to transform banking operations and other businesses in many ways. Their impact on organizations is generating a huge demand in these skill sets. Managing the necessary know-how and capabilities to build, maintain and drive these new technologies will not only allow organizations to set them apart from their competitors but also prepare their workforce for the future.
4. Future Communication
With Singaporeans spending 4 hours on average per day engaging and connecting with digital touchpoints, the goal of organizations is about getting the right message to the right person at the right time. To do this effectively, organizations must seek ways to innovate and engage their customers with the right communication channels. Developing skills in harnessing the power of social media and emerging communication platforms will boost the profile of the organizations and their workforce.
5. Human-Centered Design
Human-Centered Design is all about understanding how people use things, why they use things - and then creating the things they need. Understanding the behavior of customers involves analytical thinking with creative thinking, methodology with philosophy, data and leadership, tools with people, and technology with culture. This combination would result in a higher level of success when developing products and services for your customers.
6. Risk and Governance in the Digital World
Digitalization has enabled financial institutions to introduce innovative services, transforming the way financial services are being consumed. While these innovations have given rise to speedier transactions, lower costs and increased convenience, they have also brought about risks from cyber threats to complex financial crime. Financial professionals should be aware and be alert of the different types of risk and the impact that digitalization can bring about, and take adequate measures to mitigate them in their professional and personal lives.
Find out how you can acquire these skills here.