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Photo: AP/Damian Dovarganes

Digitalisation creating new job opportunities in Malaysia’s banking sector

There were over 4,000 vacancies in Malaysia’s banking sector at the end of November


By Syahirah Syed Jaafar

With the emergence of financial technology and digitalisation, banks may trim their workforce in certain areas of their operations while increasing staff in other key focus areas, said the Association of Banks in Malaysia (ABM).

Commenting on recent news reports pertaining to voluntary separation schemes by banks, ABM said these initiatives are part of the banks’ efforts to realign their internal strategies in relation to manpower requirements for better efficiency.

According to the association, there were over 4,000 vacancies in Malaysia’s banking industry as at end-November 2017.

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

ABM said many of the new roles that have been created are focused on the areas of automation and information technology which are crucial to meet the demands of the evolving dynamics of the digital banking ecosystem.

“To remain competitive in the digital banking sphere, Malaysian banks have increased efforts to retrain staff, upskill or redeploy opportunities in order to meet current demands of the banking industry.

“Our member banks place great emphasis and investment in providing continuous training for the development of their workforce. They also remain committed to delivering quality banking services,” it added.