2020 Corporate Banking salaries and recruitment trends in Singapore
almost 4 years ago by Shalynn Ler / Back to all blogs
2019 IN REVIEW
Regulations fuelled growth of traditional products
The past year had been competitive and relatively busy in the corporate banking space. As regulations tightened, banking went back to basics with the growth of traditional banking products – lending and financing. We saw traditional deposits and lending products thriving, as with transaction banking products like cash management and trade finance.
Some banks that were newer to these areas expanded in the last year to attract more sales specialists to join them in order to gain some market share.
2020 OUTLOOK AND TRENDS
We continue to expect corporate banking to be relatively healthy in 2020, with trade finance and digital products / channels being the most competitive areas. With increasing demand for real-time access to banking channels, most banks are investing in their digital channels and products, even within the corporate banking space.
Remote access and supply chain financing
For more vanilla products like cash management, the future is in the ability to get access remotely. On the other extreme, it's back to basics for more complex products like supply chain financing. Banks are rushing to hire the best talent in the market who are able to package and sell them best to customers.
Growth markets: FIG and Asian MNCs
In terms of target markets, the financial institution (FIG) space should continue to remain a niche but competitive area, with some room to grow. In addition, we expect most banks will also try to get the deepest share of wallets from local and Asian multinational clients as this is still a high growth area in the current market.
Asian languages on the rise
Another interesting trend to start looking out for is the need for targeted language skills within Asia. As banks try to gain market share with large Asian multinationals, some believe that local market knowledge, coupled with a command of the local language, can help seal the deal.
The Japanese language has always been in demand with the Japanese banks here in Asia ex-Japan. However, 2020 and beyond will see the rise of Chinese companies moving out of China, and the need for Chinese-speaking language requirements by some banks, especially in sales and relationship manager roles.
Noting the above,
Our 2020 corporate banking recruitment trends and salaries report for hiring managers in Singapore offers advice to help you hire and pay your team right.
Connect with me for a tailored consultation or to discuss total compensation, bench marking and structures in detail: email@example.com (R1220502)
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