Human touch remains critical for Singapore businesses

Human connection remains key to sustainable growth

According to the survey, majority (89%) of the leaders for Singapore-based businesses view human interactions an important element in a banking relationship. They especially value in-person support to identify new business opportunities (35%), seek out tailored financial advice (34%), grow their business overseas (33%), and identify and mitigate potential business risks (33%).

Singapore business leaders also plan to invest in their workforce to maximise the opportunities new technologies will bring. About eight in ten (83%) are looking at how emerging technologies can help advance employee skillsets. Similarly, 82% are planning to re-train their workforce while 81% are investing in new talent in response to rapid advances in technology.

Priya Kini, Head of Commercial Banking, HSBC Singapore said: “The survey findings show that while Singapore businesses are adapting to the changes brought about by the acceleration of digital adoption, they continue to value the human touch in driving sustainable business growth. It’s critical for Banks like HSBC to effectively blend human interactions and digital solutions to deliver an exceptional experience to them.”

Technology’s role in long-term success

Singapore business leaders surveyed recognise that technology is central to growing their businesses over the next decade.

Almost all (96%) of business leaders surveyed felt that they are prepared for the emergence of new technologies. Technologies that they are very familiar with are:

• Cybersecurity (49%)
• E-invoicing (49%)
• Internet of Things (IoT) (43%)
• Cloud computing (40%)

Eight in ten (84%) are confident in their ability to keep pace and introduce new technologies into their business over the next ten years. A large majority believes that Cybersecurity (90%), Accounting automation software (89%) and AI (Generative) (89%) will create the most opportunities for their business.

Not surprisingly, the top three drivers to implement new technology are:

• Increasing revenue (29%)
• Streamlining process and improve efficiency (29%)
• Reducing cost (28%)

Other key drivers include Keeping the company’s technology up to date (26%) and Improving customer service and experience (24%).

A new era of cross-sector and cross-border collaboration

Collaboration has been identified by the HSBC Digital Horizons report as fundamental to business success in the coming ten years. Similarly, the Singapore survey reflects this trend. A large majority (85%) of Singapore business leaders agrees that more collaboration within their organisation; and with other players in their sector (86%) will drive growth. But most business leaders also agree that collaboration outside their own sector (83%), and beyond national borders, through international partnerships and networks (85%), is key to success.

The most favoured approach to enable this new era of collaboration is to bring people with differing skillsets together to encourage diversity of thoughts around growth (44%).

Ms Kini concluded: “As Singapore redoubles its efforts to prepare businesses and its labour force for the future under the Industry Transformation Maps¹ (ITM) plan, supportive national and industry initiatives will further help businesses realise their digital transformation ambitions.

It’s critical for businesses to start thinking about how to embed tech adoption and digitalisation through training and upskilling of their employees and adapting their business strategies to a more digitally enabled environment.”

Media enquiries:

Betty Fong betty.c.y.fong@hsbc.com.sg +65 6658 4103