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Banks in the region to expand IT departments

Jack Loo | Aug. 5, 2010
Positions like IT project managers, business analysts, developers, risk managers, compliance and security professionals are in demand.

In recent months, regional banks like Standard Chartered, CIMB and ANZ have been expanding their operations in neighboring countries. Jack Loo speaks to recruitment specialist Hudson CEO for Asia Mike Game on what is happening on the job front for IT positions.

The economy is said to be improving. What does that mean for the state of IT jobs?

The financial services sector is increasingly confident about the prospects for medium and long term growth in Asia. Asia growth is receiving even greater attention as the medium term prospects for North America and Europe appear challenging. The implications for IT jobs are positive as organisations respond to growth opportunities by investing in IT infrastructure. During 2010, prospects for IT jobs have continued to improve across the IT sector and within the IT functions of organisations, unlike 2009 when IT job prospects were severely constrained by the capital expenditure freezes imposed during the downturn.

What are the more popular job functions?

During the recovery period, organisations are focused on projects and initiatives which have a direct link to revenue outcomes. Hence job functions involved in operations and projects which have a direct contribution to the organisations growth are especially popular. A number of organisations are also re-initiating infrastructure projects which were suspended during late 2008 and 2009 due to the downturn. Project manager and business analyst roles are most popular given the surge in new initiatives requiring their particular oversight and leadership.

The popular job functions are:-

·Project Managers. Banks have secured new projects and need their expertise in managing these projects/programs to completion.

·Business Analysts. With an increase in new project initiatives, business analysis skills are required to set the right foundation for these projects.

·Software Developers. Programmers are key components in the building phase of software implementation projects.

·Application Support Analysts. Their skills are required the in the run-the-bank function of banks.

Banks like Standard Chartered, CIMB and ANZ seem to be busily expanding in the region. Does it mean there are more IT jobs in banking as well?

Many organisations are building global IT capability in Asia, especially in Singapore and India given their offer of cost-effective access to skills, quality infrastructure and the overall globalisation of IT.  Roles like IT project managers, business analysts, developers, risk managers, compliance and security professionals are much more in demand these days.

How do you see the IT jobs landscape developing in the coming months?

Our quarterly hiring intentions survey reports 67 per cent of financial services companies in Singapore intend to increase headcount in the current quarter. We anticipate ongoing strong demand for experienced IT personnel in the sector.

 

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