Banking & Financial Services project spend will continue its trajectory north as we progress in to 2018, for 2 reasons:
- The heightened Risk, Compliance and Regulatory (think Royal Commission) environment. Financial Services organisations must improve their systems, processes and culture in relation to this.
- The threat of disruption from nimbler new market entrants.
Irrespective of the product/customer vertical, the entire market is impacted in the same way. In order to thrive in this environment, new teams are being established, or existing teams bolstered.
In particular, the following skill sets / subject matter experts are in short supply (and not on the market for long):
- Agile specialists
- Digital specialists
- Customer Experience specialists
- Risk, Compliance and Regulatory specialists
Notable large-scale (> $100m spend) / notable programs in the Sydney market include:
- Regulatory reform (Most notably Responsible Lending, as well as Markets in Financial Instruments Directive 2; Anti-Money Laundering 3; Common Reporting Standards; Comprehensive Credit Reporting; New South Wales Compulsory Third Party Reforms)
- Wealth Management consolidation (CommInsure’s sale to AIA; ANZ Wealth’s sale to IOOF; First State Super’s acquisition of StatePlus)
- Westpac’s Customer Service Hub (Core Banking program, initially mortgages focused)
- Westpac’s Risk Transformation (upgrade of the Detica Risk platform in relation to Financial Crime)
- ASX’s CHESS replacement (leveraging block-chain technology to replace their legacy settlements platform)
The market continues to be predominantly ‘daily rate’ driven, with rates trending to plateau.
Are you planning to recruit?
Getting on the front-foot early and liaising with a recruitment expert has never been more important due to the competitiveness of the current candidate short market. If you are looking, or planning to recruit in the near future, or are just looking for some industry advice please feel free to call me directly anytime on – Sam Holliday (02) 9240 6356 or 0406 715 323