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HK financial companies struggle to keep pace with digitization

HK financial companies struggle to keep pace with digitizationHong Kong financial services companies are struggling to keep pace with the rising digitization of the financial services sector and are increasing their headcount to meet the challenge, according to Robert Half.

A survey of Hong Kong CFOs in the financial services sector conducted by Robert Half found that 74% say it is challenging for their finance team to keep pace with rising digitization.

In addition, more than half (52%) say their finance teams find it challenging for their teams o adapt new technologies implemented by the company.

This is compelling CFOs to broaden their employees' skills base. More than half (56%) of Hong Kong financial services CFOs are hiring temporary or interim specialists to help their team adapt to new technologies and 56% are implementing training programs.

The survey also found that 41% are hiring permanent professionals to manage change and 38% are creating new teams specifically for digitisation initiatives.

Despite the challenges, the digital transformation of the sector is continuing unabated. Around 62% of CFOs within financial services companies agree that the technology budgets in their department over the next five years.

The benefits of transformation are clear, with 62% of CFOs increasing their focus on customer-focused analytics to become more innovative, and almost half (47%) are adopting digital capabilities to meet compliance initiatives.

The top advantages of adopting new technology within financial service companies include increased productivity (53%), cost savings (44%), increased efficiency (41%) and market expansion (41%).