As Malaysia approaches 2025, it finds itself at a crucial juncture within its banking sector, marked by significant technological advancements, heightened sustainability objectives, and a shifting landscape of stakeholder expectations. In an environment rich with potential for growth and innovation, the Asian Institute of Chartered Bankers (AICB) highlights the pressing need for a workforce that is both adaptable and equipped with the necessary skill set to navigate this transformation.
Edward Ling, the Chief Executive of AICB, spoke to SME Magazine about the institute's commitment to reimagining the future of banking by ensuring that banking professionals possess the latest industry skills and maintain a strong ethical foundation. "Our focus remains steadfast – to equip banking professionals with the latest skills, right mindset, and a strong ethical foundation," he stated. This aim is particularly relevant as the sector prepares for the disruptions and opportunities presented by emerging technologies.
The report outlines that the pace of digital transformation is set to accelerate markedly in 2025, underpinned by substantial investments in artificial intelligence (AI), data infrastructure, and the creation of digital ecosystems as outlined in Budget 2025. Technologies such as Generative AI, blockchain, and machine learning are redefining operational frameworks in banks, paving the way for enhanced efficiencies, heightened customer engagement through personalised services, and improved risk management processes. A staggering projection suggests that Generative AI could potentially unlock RM531.89 billion in productivity for Malaysia's economy, increasing bank productivity and revenues significantly within a three-year timeframe.
In response to this technological evolution, AICB is spearheading efforts to prepare the banking workforce. Among its initiatives is the introduction of the Certificate in Digital and AI Evolution in Banking (CertDEB), designed to provide professionals with substantial expertise in navigating AI-driven systems, bolstering cybersecurity measures, and ensuring compliance within regulatory frameworks.
Moreover, the banking sector's role in advancing sustainability is emphasized within the context of Malaysia's ambition to achieve net-zero emissions by 2050. Current economic plans, such as Budget 2025's focus on decarbonisation and renewable energy investments, highlight the sector's pivotal role in financing and implementing sustainable practices. AICB actively supports these initiatives by offering various programmes aimed at embedding environmental, social, and governance (ESG) criteria into banking decisions. Key offerings include the Certificate in Climate Risk and the Certificate in Green and Sustainable Finance, all aimed at supporting professionals to address climate-related risks while adhering to global sustainability standards.
Education and continuous professional development remain crucial components of AICB's strategy. The Future Skills Framework (FSF) launched in collaboration with the Institute of Bankers Malaysia (IBFIM) and the Malaysian Insurance Institute (MII) aims to cultivate a resilient talent pipeline by mapping out skills needed in the evolving financial sector. This framework identifies 159 critical job roles and 157 essential skills necessary for success in a transforming environment—covering areas from digital fluency to critical thinking.
As part of its commitment to nurturing future talent, AICB is set to introduce new initiatives that bridge the theoretical knowledge gained at university with the practical demands of the banking industry. This includes a university-level programme that will enable undergraduates to gain advanced entry into professional certifications, including the prestigious Chartered Banker designation. Such initiatives are crucial for equipping upcoming bankers with the expertise and industry-recognised qualifications needed to thrive in a competitive marketplace.
Ling remarked on the vision for the banking sector moving forward, describing it as one increasingly defined by collaboration across various sectors, including academia and government. The AICB remains committed to fostering these partnerships to ensure a strong and capable banking workforce for Malaysia's future.
As of now, the AICB is prepared to play a leading role in ushering the banking sector towards innovation, sustainability, and professionalism, laying the groundwork for a forward-thinking financial services landscape in the country. With challenges and opportunities in abundance, the journey ahead will call for empowered professionals who are ready to embrace the complexities of the modern banking environment.
Source: Noah Wire Services