Many CFOs surveyed by Robert Half in January 2019 said they have plans to implement virtual banking initiatives and some will hire people to meet the needs arising from them.
According to the recruitment agency, while 68% of 150 CFOs surveyed are either implementing virtual banking initiatives or plan to in the next 12 months, 22% of all respondents plan to hire additional permanent finance professionals because of them.
In addition, 36% indicated that they plan to hire extra temporary finance workers.
However, 73% of CFOs said they find it more challenging to find qualified finance professionals compared to five years ago.
With the Hong Kong Monetary Authority recently granting four virtual banking licenses, the city will start seeing online-only retail banking services, said Robert Half.
Other highlights of the survey
- 38% of CFOs believe the primary benefit virtual banking will have on their organizations is lower transaction fees
- 33% cite increased transparency as a benefit on virtual banking and 25% respectively cite faster payment capabilities, increased customer convenience and satisfaction
- Other advantages include increased company innovation (25%), cost optimization/reduction (24%) and enhanced online processes (22%)