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What’s next in digital upskilling for the Financial services (FS) sector?
Findings from PwC Vietnam’s Digital Readiness survey 2020
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97% of C-Suite members of the FS sector believe that technology will greatly improve their future employability. |
49% of office staff in this sector express strong concerns about job security caused by automation. |
50% of top management and C-Suite members of the FS industry anticipate serious changes to their jobs in 10 years’ time. |
49% of FS workers have a strong desire to improve their knowledge and usage of new technologies. |
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Leading Vietnam’s digital agenda
Following a clear plan for digital transformation set by the State Bank of Vietnam¹, the financial services (FS) sector is taking a pioneering role in establishing a fully digitised, human-centered system for the nation. Vietnamese banks are pursuing different orientations to digital banking, notable examples include Vietcombank, TPBank, Techcombank, VPBank etc. With disruptions just around the corner, how will the FS sector go about upskilling their people?
This FS report is an extract from our Digital Readiness Survey which centers around technology, jobs and skills. 1146 responses were collected. The base for this FS sector report is 160. Please read on and see how the FS sector is responding to the race towards digital transformation in Vietnam.
97% of C-Suite members of the FS sector believe that technology will greatly improve their future employability
This finding shows FS leaders welcome digital changes as positive opportunities that can effectively enhance their job prospects in the future, while 85% of office employees and staff share the same sentiment.
49% of office staff in this sector express strong concerns about job security caused by automation
This group of workers exhibits the highest level of job risk fears. This resonates with WEF’s Future of Work² report which outlines several jobs that will be made redundant by technology in the future, including: financial analysts, data entry clerks and bank tellers.
50% of top management and C-Suite members of the FS industry anticipate serious changes to their jobs in 10 years’ time
FS leaders anticipate pressing changes with 50% of them believe that their job will be mostly or completely different in 10 years’ time, as compared to other job levels (Managers/Specialists - 30% and Office staff - 41%).
49% of FS workers have a strong desire to improve their knowledge and usage of new technologies
Respondents from the FS sector also show a greater willingness to become more proficient in a specific technology (38%), which is higher than that of the general Vietnamese population (34%).
Brace for impact - How to sustain momentum?
Great strides that have been made in the upskilling agenda. In order to sustain and further protect success, upskilling needs to be approached from multiple facets: from individual efforts, enterprise-wide initiatives to a holistic, industry-led programme.
Reference:
- Vietnam News - SBV approves plan for digital transformation by 2025 with a vision to 2030, 2021
- World Economic Forum - The Future of Jobs Report, 2020
