Digital upskilling vital to Asian banking sector’s future

Coursera’s Raghav Gupta stresses the necessity of bridging the skills gap amid the rapid pace of digital transformation in the Asia Pacific banking scene.

As the banking sector continues to rapidly evolve through digitalisation and the adoption of new technologies, there has been a growing skills gap between what employers need and what is available in the market. This gap has led to a decline in job opportunities for many, who have been unable to keep pace with the transformation.

Raghav Gupta works as the managing director for Asia Pacific at Coursera, which has spent the last decade fulfilling its mission as a massive open online course provider.

In an interview with Asian Banking & Finance, Gupta spelled out how upskilling and reskilling can bridge the gap in digital expertise and open up more employment opportunities.

“The adoption of technology, along with data, is very, very critical for banking around the world, including in Singapore,” Gupta said, referencing statements from the CEO of Goldman Sachs in early 2017, who highlighted the firm’s transition towards technology, and similar sentiments from the CEO of DBS Bank in 2022.
 
Singapore’s banks have recognised this changing landscape. For example, DBS Bank announced plans to expand its technology workforce, while other banks like UOB have also begun to align themselves with educational institutes to cultivate the required talent.
 
“The need for new skills, with a big focus on tech and data, but also human skills in this era of hybrid work has become very critical,” said Gupta.
 
Institutions, including government organizations, universities, and companies, are playing a significant role in upskilling and reskilling the workforce. In Singapore, the Coursera platform experienced an increase of 21-22% in registered learners last year, amounting to almost 160,000 new learners.
 
Gupta emphasised the role of universities in both creating content and adopting content from other institutions to provide a diversified learning experience for students.
 
Additionally, companies are actively encouraging learning by investing in “skills-first learning.”
 
This enterprise skilling benefits both the learner and the employer. Younger employees are particularly concerned with career development, which in many cases is considered more important than compensation.
 
“Employees can get a lot of career development to happen by building these skills, and by being ready for the future,” Gupta explained.
 
For employers, this is an opportunity to attract, hire, retain, and keep their employees engaged.
 
He also mentioned the importance of acquiring micro-credentials from industry players like Google, Facebook (Meta), and IBM, especially for students who are about to enter the workforce. These credentials help in equipping students not only with degrees but also with the kind of skills that are in demand.
 
As the banking and finance industry continues to undergo rapid digital transformation, the necessity for individuals to upskill and reskill cannot be overstated.
 
Institutions and companies must play their part in ensuring that the workforce is not left behind. As Gupta highlighted, “scaling in technology and data is extremely critical for both employees and the employers.”
 
“Skills-first learning is not just a strategy, it is an essential investment in the future,” said Gupta.