Automation and IT are new jobs in banks

KUALA LUMPUR: Many new jobs in the Malaysian banking sector are in the areas of automation and information technology (IT) following the emergence of financial technology and digitalisation.

The Association of Banks Malaysia (ABM) said on Monday as at end November 2017, there were over 4,000 vacancies in the banking industry. 

In addition, there were more than 4,500 new jobs created from January to November 2017 arising from digitalisation. 

“Collectively, the vacancies and new roles created provide significant number of employment opportunities in the banking sector,” it said.

The ABM issued the statement following recent articles in the media pertaining to voluntary separation schemes by banks in Malaysia. 

These initiatives were part of the banks’ efforts to re-align their internal strategies in relation to manpower requirements for better efficiency to suit their respective business objectives in light of advancement of technology which is more system-driven.

“With the emergence of financial technology and digitalisation in the banking sector, banks may take on approaches to trim its workforce in certain areas of its operations while increasing its workforce in other key focus areas,” it said. 

The ABM pointed out many of the new roles created were more focussed in the areas of automation and IT which were crucial to meet the demands of the evolving dynamics of the digital banking eco-system. 

It also said banks had also undertaken staff retraining, upskilling and/or redeploying opportunities in order to meet current demands of the banking industry.