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There’s no escaping it, the future of skills necessary to remain relevant in the banking and financial sector requires tech, tech, and more tech.
That’s especially because of the advent of generative artificial intelligence (Gen AI).
But don’t worry though, because according to Michael Abbot, global banking lead at consulting firm Accenture, banking “is still going to be about relationships, trust and deposits.”
“(But) Gen AI will rewire how nearly every job in banking is run.”
Speaking to the Straits Times, he believes that while workers don’t have to be experts in AI to use the technology, they need to have a natural curiosity, and “baseline knowledge in mathematics, physics and engineering”.
Abbot forecasts that these technological changes are unlikely to eliminate many jobs in the sector, but just their nature, and the day-to-day aspects of their roles.
Sustainability skills will matter in the sector
In April 2024, the Monetary Authority of Singapore (MAS) and the Institute of Banking and Finance (IBF), supported by Workforce Singapore (WSG), launched a Sustainable Finance Jobs Transformation Map (JTM).
The JTM projects that the sustainable finance market in ASEAN will amount to $4-5 trillion over the next decade.
It lays out the impact of sustainability trends on jobs in Singapore’s financial services sector and the emerging skills required to serve sustainable financing demand in the region.
The JTM, conducted by KPMG in Singapore, found that more than 50,000 workers in the sector will see new sustainable finance-related tasks added to their roles to a moderate or high degree.
These tasks cover career tracks such as risk, compliance and legal, product solutioning and management, sales, after-sales, distribution, and relationship management.
Mr Chia Der Jiun, Managing Director for MAS, also shared how Singapore would “stay the course” on sustainable finance, despite global headwinds.
Speaking at the MAS Annual Report 2024/2025 Media Conference on July 2025, he said Singapore remains committed to support Southeast Asia’s transition to a low-carbon economy, and is well-placed to do so.
“The momentum for sustainable finance in Southeast Asia remains positive, with sustainable finance activity continuing to strengthen,” he said.
“Singapore is ASEAN’s largest market for green, social, sustainable, and sustainability-linked (GSSSL) bonds and loans, with such loans originated from Singapore in 2024 reaching a new high, at over $48 billion.”
He concluded: “We continue to make good progress in the implementation of initiatives to support the financing of Asia’s transition!”
