Corporate roles gain ground in finance as demand for tech experts dips

FinTechs foresee a 4% drop in demand for tech experts.

Financial institutions are no longer seeking "Technology Wizards" or innovation-driven talents; instead, they are looking for "Corporate Drivers" who can provide strategic shared services across the company.

According to the Singapore Technology Talent Report 2024, demand for technology wizards has declined by 2%. Technology wizards are mostly involved in product, software, and application development, technical architecture, project management, technical implementation, user experience, quality assurance and testing, and service management.

Demand for Corporate Drivers, on the other hand, rose 2%. These individuals typically work in general management, business finance, human resources, risk, legal and compliance, facilities, and procurement.

Other profiles of talent that saw increased demand were 'Commercial Evangelists,' who build the business and accelerate revenue growth, and 'Operations Champions,' who enable and support users and infrastructure.

Demand rose by 1% for "Commercial Evangelists," who work in business development, sales and marketing, and ecosystem partnerships, and "Operations Champions," covering infrastructure development and maintenance, service operations, back-office processing, and KYC.

Over the next one to two years, FinTech firms anticipate a 4% decline in the proportion of Technology Wizards within their talent pool, while demand for Commercial Evangelists is expected to increase by 4%.

The report suggests that the FinTech industry in Singapore is "maturing," with a new focus on running operations.

The shift may be due to more FinTechs having established products or solutions, moving the focus from innovation to business management and scaling.

Meanwhile, the report found that five in 10 financial institutions (FIs) in Singapore plan to initiate hiring freezes or foresee a reduction in headcount due to current economic conditions.

It also revealed that fintechs and FIs are increasingly outsourcing non-essential tasks and focusing on developing internal capabilities to secure strategic long-term roles.