Malaysia facing talent crunch to support digitalization in banking: Report

MALAYSIA is facing a talent crunch to support the rapid digitalization of its banking and financial services, as per the recruitment firm Hays.

As per Hays Malaysia senior manager for banking and financial services Natasha Ishak, many financial products and services have been introduced in the last few years, affecting everything from product development to contact centres and compliance departments. In demand are particularly network systems project specialists; infrastructure applications experts; UI (user interface) and analytics specialists; and skills in big data analytics.

"To address talent shortages, hiring managers have therefore been more open to recruiting candidates who do not necessarily have the full set of skills required for the position," added Natasha.

Greater regulation from Bank Negara Malaysia has also boosted hiring of regulatory compliance professionals and roles focused on financial crime protection such as anti-money laundering and investigations, at all levels. While there is a steady supply of risk and compliance hires, it is still harder to find financial crime personnel, reveals Hays.

In addition to the above specialized roles, the last 12 months have also seen greater demand for front office roles, with particular need for relationship managers and branch managers with wealth experience, as well as private bankers. Moreover the rise of virtual banking, along with rising e-wallet adoption and the fact that licensing guidelines for virtual-bank operations are expected to be issued by the end of 2019, the demand for digital talent is expected to further go up in the country.