Face-to-face interactions remain essential even as technology reshapes business landscapes.
SINGAPORE: A recent HSBC report reveals that 89% of Singapore-based businesses place high importance on the “human touch,” particularly in corporate banking. According to Singapore Business Review, the report emphasizes the critical role of personal interactions in key business functions, such as identifying growth opportunities, seeking customized financial advice, and navigating risks essential for sustainable development.
Singaporean business leaders are also committed to enhancing their workforce to align with technological progress. The report notes:
83% are exploring ways emerging technologies can elevate employee skills.
82% plan to retrain their existing workforce.
81% aim to hire new talent to adapt to rapid advancements in technology.
Readiness for Technological Integration
Business leaders in Singapore are generally well-prepared for the growing role of technology. Familiarity with tech domains is notable among firms, with:
40% proficient in cloud computing.
43% engaged with the Internet of Things (IoT).
49% focusing on cybersecurity.
49% utilizing e-invoicing.
Moreover, 84% of leaders are confident in integrating these technologies into their business models within the next decade.
Cybersecurity Leads the Way
Among emerging technologies, cybersecurity stands out as the most promising, with 90% of firms viewing it as a significant driver of business opportunities. Other technologies, such as accounting automation software and generative artificial intelligence, follow closely, with 89% of respondents recognizing their potential benefits.
Balancing Technology with Human Connection
Despite the transformative power of technology in enhancing efficiency and innovation, Singapore businesses reaffirm the irreplaceable value of human interaction. This balance of high-tech solutions and human-centered approaches is set to define the future of corporate banking and broader business practices in Singapore.
