The Impact of Technology: Financial Sector Specialists Ought to Retrain

It is reported that the development of technology will lead to the fact that most jobs in the financial sector will be merged or changed. In this regard, according to a report by the Institute of Banking and Finance (IBF) and the Monetary Authority of Singapore (MAS), specialists working in this field will have to upgrade their skills.

The report listed the skills needed to cope with the changes resulting from rapid technological progress. It is also noted that "some of the financial institutions' activities will be computer-managed".

As a result, employees must recognise the need for lifelong learning and be proactive in order to stay abreast of the changes resulting from technological development.

The government, in its turn, can provide more opportunities and information about changes in the labour sector to help employees gain technological skills.