More than half (55 percent) of financial practitioners in Hong Kong regard fintech as an opportunity to the finance industry, according to The Hong Kong Institute of Bankers' (HKIB) Talent Development Survey 2017.
Even though over 40 percent of all the respondents believe their roles will be replaced by automation or fintech, the more experienced (63 percent) and senior practitioners (72 percent) tend to be less alarmed.
Given the changing job demands, 81 percent of respondents believe that the demand for training is likely to grow in future.
The top three factors considered by practitioners when deciding to take up a training course are relevance to their jobs (70 percent), impact on career advancement (49 percent), and regulatory requirements (37 percent).
However, given the numerous professional qualifications in the market and the lack of standardised qualification scheme for the industry, 94 percent of practitioners find it difficult to evaluate the best professional qualification to take up.
To help practitioners in this aspect, the HKIB launched the Certified Banker qualification early this year. "Developed in conjunction with regulators and market participants, this qualification is intended for practitioners who wish to advance their career within the fast-changing banking environment," explained Carrie Leung, chief executive officer, The Hong Kong Institute of Bankers.
The study also found that nearly 6 in 10 (58 percent) received training in risk and compliance. Less than a third (28 percent) underwent training for fintech and cybersecurity.
This is in line with the finding in which respondents stated that financial institutions should focus their training resources on risk and compliance (46 percent) and fintech and cybersecurity (22 percent).
"The emergence of fintech is revolutionising the traditional role of the banking industry, asking questions about how and where services are delivered. Ensuring a flow of new talent and embracing the technology are particularly significant phenomena that will ensure our industry is sustainable. The HKIB will continue to support the capacity building in the banking industry to reinforce Hong Kong's status as an international financial centre," said Leung.
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