KUALA LUMPUR: About 40% of Malaysian jobs face high automation risks, with 57% likely to be impacted within the next two decades, underlining the urgent need for future-ready skills in areas such as generative artificial intelligence (GenAI), data science and machine learning, where demand outpaces talent.
Limited AI skills hinders 33% of enterprises from adopting AI technologies, yet only 34% of organisations are actively reskilling their workforce, according to an IBM report.
Structured upskilling is crucial to bridge this gap and prepare Malaysia’s banking workforce for the future.
Recognising this, the Asian Institute of Chartered Bankers (AICB) is taking steps to address the large skills gap, particularly in the domestic banking sector, through the recently launched Future Skills Framework (FSF).
AICB chief executive Edward Ling the FSF is poised to reshape talent development within the financial industry.
“The FSF is a cornerstone of Malaysia’s Financial Sector Blueprint 2022–2026, which underscores the importance of a whole-of-industry approach to workforce transformation. It identifies 142 prime and 15 power skills and offers a comprehensive roadmap for upskilling and reskilling over the next three years. This aligns with the country’s goal of achieving a 35% skilled workforce by 2030, as outlined in the National Human Resources Policy Framework.
“The FSF unifies diverse skills under a single point of reference, fostering clarity and consistency in skills development while empowering individuals to make informed career choices,” he told SunBiz.
The FSF, unveiled on July 22, is a collaboration with the Islamic Banking and Finance Institute Malaysia and the Asian Institute of Insurance.
Ling said AICB has forged partnerships with global and local institutions, including the Chartered Banker Institute in the UK, the United Nations Environment Programme Finance Initiative and academic institutions to ensure effective implementation.
“These collaborations bridge the gap between academic learning and industry needs, enabling seamless transitions from education to the workplace. Advanced entry into professional certifications such as the Chartered Banker qualification further supports this initiative, providing clear progression pathways and global recognition for Malaysian banking professionals,” he added.
Regarding talent retention and technology integration, Ling said AICB is tackling the pressing issue of talent retention by embedding professional development into its programmes. He said certifications such as the Certificate in Digital and Artificial Intelligence Evolution in Banking and the Certificate in Green and Sustainable Finance are designed to align with emerging trends, including AI, blockchain, and environmental, social, and governance principles.
“The FSF’s data-driven approach also enables better individual and organisational decision-making. By tracking adoption rates and employment outcomes, AICB can refine the framework to remain relevant in an era of rapid technological advancement.”
As the financial sector grapples with innovations such as quantum computing and decentralised finance, AICB plans to adapt the FSF to meet these evolving demands, Ling said.
“Regular updates will ensure the framework stays aligned with global trends, offering personalised learning pathways tailored to individual career goals. The Future Skills Framework is a dynamic tool that equips Malaysia’s banking workforce to not just adapt but excel in a fast-changing global financial landscape,” he added.
With the FSF, Ling said, AICB cements its position as a key driver of talent development, ensuring Malaysia’s financial sector remains competitive and resilient in the face of future challenges.
