Robert Walters Switzerland AG
Robert Walters Switzerland AG: Regulation & digitalisation – change continues to impact hiring in Financial Services throughout 2018
Interview with Rebecca Clark, Manager Financial Services at Robert Walters Switzerland What are the main challenges for your clients in 2018? In 2018 we expect to see the financial services industry in Switzerland continue to be stretched due to the continued pressure of regulation and compliance. Banks and Financial Institutions struggle to balance the cost of regulation (historical compliance reviews, MiFid II, PSD2 GDPR.) with the pressure to diversify, digitise and invest in new product areas and realign with customers and investors. Private Banks are required to realign to the CHF 500,000 to CHF 5 million in wealth client base bringing a typically more active rather than passive investor. As a result investment in digitisation and innovative platforms is key to avoid the loss of customers. Similarly for Corporate Banking, pressure exists as SMEs transfer their needs to platforms set up by technology/software business removing the need for full service support from a traditional banking perspective. Insurers are feeling a similar pinch with disruptive technologies and regulation being key industry topics. Across the wider financial services space this will remain key – balancing regulatory costs and challenges with innovating for their clients. Does Brexit have an influence on the Swiss Financial Services market? With over 41,000 Brits living in Switzerland, Brexit has certainly been a key subject, however the financial services and consulting industry has to date not been largely affected. In the short term, Switzerland vocalised the strength of its Economic Relations with the UK and in the longer term the focus will be on the renegotiation of key trade agreements to safeguard market access and preserve guarantees and equivalence. What effect does this have on the recruitment market? Industry 4.0 (automation, digitisation) brings new challenges to the employment market with the need for candidates to bring a wider range of capabilities. It is important to upskill and bring a flexible attitude – understanding the new the cross-functional nature of many roles in the work place, where automation could replace more basic positions. Professionals who bridge digital and regulatory/compliance topics for example as well as technology and change consultants are required to serve the shifting markets. Interim professionals continue to be in demand serving the need for flexible resourcing in compliance projects as well as technology/ change. How can companies attract these professionals? To attract skilled professionals in technology and digitisation the pressure is on organisations to work towards more flexible ways of working and resourcing. At a more junior and mid-level of the market, employee engagement is a key part in attaining and retaining talent. Equally, investing in the upskilling of existing employees around regulatory topics, project management and digital topics will be key in 2018. How will the banking & financial services market develop throughout 2018? With continued market volatility across asset classes and geopolitical tensions, we expect risk and investment in risk professionals to be a core trend. Institutions will need to balance risk versus compliance spend. In Switzerland we operate in an open economy exposed to many events outside of our control (e.g. Brexit negotiations, currency & interest fluctuations). Switzerland continues to innovate; ICOs, cryptocurrencies and blockchain will be key conversation points in Zurich, Zug and Geneva for 2018 with FINMA already releasing ICO guidelines in February 2018. Robert Walters been a driving force in Switzerland recruitment market providing high quality candidates for our clients and access to the best jobs. We always put the interests of our clients and candidates first and run the only non-commission recruitment firm. That means we can find the best fit for employer and job seeker and don’t push people into unsuitable roles. End of Media Release Issuer: Robert Walters Switzerland AG Key word(s): Finance
27.03.2018 Dissemination of a Press Release, transmitted by EQS Group – a company of EQS Group AG. |