KUALA LUMPUR (Jun 4): The demand for finance and account professionals' roles in Malaysia declined 6% between April 2018 and April 2019.

In comparison, the occupation demand saw a 3% year-on-year (y-o-y) rise in March this year.

In a statement today, online job posting analytic firm Monster.com said demand growth for banking and finance professionals in Malaysia dropped to 1% year-on-year (y-o-y) in April, from 15% in March, citing the latest Monster Employment Index (MEI). 

The MEI is a monthly gauge of online hiring activity across Singapore, Malaysia and the Philippines, tracked by Monster.com. It comprises data for overall hiring activity in each country, as well as specific data in the banking and finance sector.

Monster.com's APAC and Gulf CEO Abhijeet Mukherjee said a major transformation is underway in the banking and finance industry at the moment, as organisations become increasingly reliant on Artificial Intelligence to simplify and automate processes.

“From chatbots and virtual assistants to algorithms that can perform complex analyses, there are a range of technologies out there that are completely changing the way the industry is structured,” he said.

“This move is bound to impact recruitment patterns in the industry, and the slight slow-down in demand we are witnessing in the region might be a reflection of the bigger changes that lie ahead. Financial executives must constantly continue to sharpen their technological capabilities and soft skills, if they aim to stay ahead of the curve,” he added.

Meanwhile, MEI shows that Singapore’s banking, financial services and insurance (BFSI) industry also experienced a slight decline in monthly demand growth, recording 26% y-o-y demand rise in April, compared with 28% y-o-y in March.

The same was also true of the Philippines, which reported 13% year-on-year growth in April, down two percentage points from March’s 15% number.

When looking at finance & accounts roles, the Philippines experienced the most notable increase in demand in April, with an 18% year-on-year growth for the month.

This was followed by Singapore, which saw a 13% annual demand growth in April.