WITH THE impact of globalisation, international market liberalisation and the onslaught of technology, banks have shed their image as havens of tradition and bureaucratic regulations and are implementing major structural changes to succeed in a newly competitive environment.
For Hong Kong's banking workforce this has meant a need to be adaptable, multi-skilled and flexible in career outlook. To remain employable, they must devote time to upgrading their skills and be fully committed to continuous personal development.
Louis Cheng, associate professor of finance at the Hong Kong Polytechnic University's School of Accounting and Finance, said virtually all local banking institutions had refocused their business practices to reduce costs and build scale, while exploring lower-cost delivery channels.
Successful banking strategies now mean not simply concentrating on the short-term activities of attracting deposits and making loans.
'The business has become more complex and faster moving and the past is no longer an accurate guide to the future,' he said.
Managers needed to have a clear vision of their careers for the medium to long term, and put in place objectives and plans to realise their visions.