SINGAPORE: Nine hundred staff from United Overseas Bank’s (UOB) network of branches in Singapore will be re-skilled over the next three to 12 months under the bank’s Professional Conversion Programme (PCP).
The move by UOB comes after the launch of a road map to transform the financial services industry on Oct 30. The road map aims to create 3,000 jobs in the sector, including banks and fund management companies, in the next three years. An additional 1,000 jobs in the fintech sector will also be created annually up to 2020.
During the launch of the Industry Transformation Map, board member of the Monetary Authority of Singapore (MAS) Ong Ye Kung, who is also Minister for Education (Higher Education and Skills), urged banks to help ensure workers stay relevant and to retrain those whose jobs have been affected by technological disruptions, instead of turning to retrenchments.
The central bank has worked with several financial institutions to help professionals re-skill and move into new jobs through professional conversion programmes.
A demonstration showing how virtual and augmented reality can improve UOB customers’ user experience. (Photo: Brandon Tanoto)
UOB said the first batch of staff to be enrolled in the PCP includes frontline employees such as service associates and branch managers.
The training will be conducted through classes, workshops and on-the-job training. This aims to strengthen employees’ digital skills and other technology-based skills they require for future roles.
The programme will also cover areas like digital marketing, social media engagement and data analytics, as well as growth areas such as risk management and wealth management.
UOB will receive partial funding from Workforce Singapore for the programme, while the remainder of the re-skilling costs will be borne by the bank.
Ms Jenny Wong, UOB’s head of group human resources, said the PCP complements the bank’s existing programmes to ramp up its employees’ digital capabilities.
“Last year alone, UOB invested S$20 million in training and development programmes for our people,” she said.
“Given the influence of technology in shaping the lives and preferences of our customers, we must ensure our people are equipped with the relevant skillsets and agile mindsets for the future.”
The PCP was jointly developed by MAS, Workforce Singapore and the Institute of Banking and Finance. It is part of Workforce Singapore’s Adapt and Grow initiative to support mid-career professionals, managers, executives and technicians amid the nation’s digitalisation push.
