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Morning Coffee: Private banks in Asia continue to hire IT staff

Wining the battle to manage the assets of Asia’s wealthy isn’t just about hiring the best private bankers – it’s increasingly also about how you service high-net-worth clients via the latest IT platforms.

No wonder then that private banks in Asia are set to hire more financial technology staff as they launch new online products for clients. The latest bank to unveil new private banking technology is DBS. Its new website gives private banking clients direct online access to relationship managers – no need for those tiresome phone calls or golf-club meet-ups.

DBS isn’t alone in making IT improvements. Credit Suisse is launching a “Digital Private Bank” in Asia Pacific, offering portfolio management tools, customised market information and social networking for clients. In October, Renato de Guzman, then CEO of Bank of Singapore, OCBC’s wealth unit, said that his headcount in IT and operations had grown faster than in the front office over the past two years.

As we reported last year, the most sought-after fintech jobs in private banking fall into three broad categories: digital channels; data management and cyber security; and CRM and analytics. What gives you an extra edge as a candidate is experience of the private banking sector, according to a recruiter we spoke with yesterday. “There aren’t many IT guys around in Asia who understand what very very wealthy people want from a banking service,” he said.

Meanwhile:

Citi banker exit symbolic of how foreign banks are pulling back from Japanese market. (Business Times)

Everbright Securities plans to buy brokerage Sun Hung Kai. (Bloomberg)

Don’t be like me, Blackstone Group co-founder Steve Schwarzman tells young bankers. (Business Insider)

Standard Chartered may sell its Philippines retail unit. (Reuters)

Fewer skilled jobs will be created in Singapore this year because of global economic uncertainty. (The Recruiter)

The jobs where employers find it tricky to find Singaporean candidates. (Establishment Post)


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