Banks rev up training to sharpen digital workforce

Singapore

SINGAPORE banks are putting in more effort and money to bring staff up to speed with new technologies, so as to avoid getting blindsided by the digital wave that is dramatically shaping customer behaviour and expectations.

On Monday, government-owned DBS Bank announced that it was investing S$20 million over five years to groom its 10,000 Singapore-based employees to become digital bankers as Singapore pushes ahead with its Smart Nation vision. Its announcement came a day after Prime Minister Lee Hsien Loong urged businesses in his National Day Rally speech to speed up their digital transformation.

Market experts have identified the following as key skill areas to have in the transformation to digital banking: big data and advanced analytics, agile processes, digital content, infrastructure management, mobile interfaces, risk management, payments and digital branding and marketing.

DBS's push to encourage digital adoption by its employees revolves around 24/7 artificial intelligence-powered e-learning, experiential learning, grants and scholarships as well as innovative learning spaces.

The bank said its programme supports the Monetary Authority of Singapore's vision to create a Smart Financial Centre, where technology is used pervasively to raise efficiency, create opportunities, manage risks more effectively and to improve lives.

Lee Yan Hong, group head of human resources at DBS Bank said: "An agile and innovative workforce will make Singapore's Smart Nation ambition a reality, and along with this, we are making significant investments to groom a generation of digital bankers, strengthening Singapore's talent pool."

Rivals OCBC Bank and United Overseas Bank (UOB) also have various programmes to sharpen the skills of their staff in emerging technologies such as data and analytics, design thinking and automation.

For instance, OCBC is giving a S$500 cash top-up to each of its permanent non-executive employees; the sum is to be used for SkillsFuture Credit-eligible courses. Its employees also get time off from work to attend such courses under its S$500,000 "FutureReady Programme", which the bank launched last year.

Last August, OCBC launched its "Life Refresh@OCBC" programme, which aims to equip staff aged over 50 with skills in digital and financial technology, financial planning, career planning and health and fitness.

Jacinta Low, who heads HR Planning at the bank, told The Business Times that the bank's efforts to build a digital workforce have been on-going for the last few years, and that the bank has invested in programmes that cover areas such as digital and fintech-related learning and development, HR digital enablers and internships.

Staff training is also a priority at United Overseas Bank (UOB), which spent S$500 million from 2011 to 2013 to build a core banking system so that its entire network across countries can be on the same platform.

The bank's spokeswoman said: "Encouraging enterprising thinking and acquiring digital skills are among the bank's top training priorities to anticipate and meet the needs of a new generation of increasingly tech-savvy customers."

She added that this is achieved through on-the-job, self- and peer-based learning and workshops.

Under the UOB Summit (Social, Unity, Motivation, Mastery, Innovation, Technology) programme launched in 2015, UOB reinvests grants received under the Singapore government's Wage Credit Scheme into career and personal development courses for its staff.

A partner at a management consulting firm said: "It's evident that banks are actively taking steps to digitalise banking processes and client management.

"But true transformation will require deep changes, letting go of old habits and legacy systems - a painful process, but a necessary journey if banks want to be at the forefront."