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Digital banking heads in hot demand in Asia in 2014

Nurdianah Md Nur | Dec. 17, 2014
Banks in the region are willing to match the salaries commanded by digital banking leaders as there is a stiff competition for such talents.

Consumer banks in Asia were aggressively hiring digital banking heads this year as part of their efforts to tackle their digital banking challenges, said CTPartners.

According to the global executive search firm, the demand for digital banking heads in the region was almost double of that last year. "We have placed twice as many digital market leaders in consumer banks in the region as we did in 2013," said Nicholas Evans, a partner in the financial services and digital practice at CTPartners.

However, it was not easy finding the right digital leader for each financial institution. "There hasn't been a one-size-fits-all strategy since each institution is [moving towards digital banking] in a different way," said Evans.

Moreover, the banking sector in Asia is looking for digital leaders with the hands-on knowledge, temperament, track record, and political fortitude to move a financial institution from multichannel to omnichannel. Since such leaders are rare in Asia, most consumer banks are seeking talents from Australia, Europe and the US. However, it is challenging to attract those digital leaders to work in Asia as they are in high demand in those markets too.

Successful placements thus require an understanding of where to find companies with complimentary digital strategies, and the motivations of digital leaders that lead transformations, said CTPartners.

Digital leaders looking to join banks in Asia can expect a competitive salary, depending on their experience. As banks understand the stiff competition for such talents and are serious about transforming their business, they are willing to pay more for leaders who have led successful digital transformations, said Evans. 

 

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