Mr Tay Kay Luan
Chief Executive Officer Institute of Bankers Malaysia (IBBM)
One of IBBM’s roles is to disseminate information but given the inter-dependency and inter-disciplinary nature of the industry, it is only natural that knowledge management can provide that synergy – as a one-stop reference centre.
The strategic goals of IBBM are to deliver worldclass value propositions. Driven by the changing market landscape and increased regulations, the banking industry is experiencing disruptions. Response to these challenges will require the banks to ensure the workforce is fully informed, and equipped with the skills to interpret and facilitate the changes. It means we at the Institute will need to be ahead of the learning curve.
We are investing more resources in research and innovations and to support the member institutions through the dissemination of best practices and knowledge, and to ensure talent in banks are well certified, qualified and trained. Additionally, we need to speed up reforms in our structure, and to ensure we have the right infrastructure and people to add value to this knowledge value chain.
Our expectations are – in the short term – to ensure we stay in touch with industry needs so that we can consolidate and plan the survey and research methodology and topics, and these results are used for improved awareness and to identify opportunities.
While in the medium term – to ensure research and surveys must support and align to the development of value propositions from certification to learning or even reference materials.
Conceptually, I see the application of knowledge in the financial service industry the same way in the value chain proposition where technical know-how adds value when knowledge is used in the processing towards the final outcomes.
An example to illustrate this is when you have a new directive or change from regulation. You need to be able to have people who can, not only conceptually understand the change but who are also able to differentiate, interpret and explain the change. It is also necessary to comprehend that a knowledge management process is one that we can store, retrieve and use.
One of the KMTF’s objectives is to enhance efficiency and rationalisation of cost and resources through its synergy while providing a holistic view of the financial industry and value added services to the industry members. One of IBBM’s roles is to disseminate information but given the inter-dependency and interdisciplinary nature of the industry, it is only natural that knowledge management can provide that synergy – as a one-stop reference centre. The opportunity will also enhance cross-cutting research where best practices are leveraged.
IBBM has pioneered several innovative approaches which are now being included in the KMTF integration plan such as K-Talk/K-Sharing for the industry, Community of Practice, Info Search Assistance and Knowledge Management Initiative for the banking industry. These facilities are important channels for users to search and extract information. As an added value to membership, it keeps them updated and informed. As part of the learning culture, such facilities are useful enablers and will assist in their members’ career development and growth.
The Bank Negara Malaysia’s Financial Sector Blueprint hinges on the availability of a skilled pool of talent that is able to drive the development of the financial sector in the next decade. The 10-year Financial Sector Blueprint also states that one of the key challenges facing the financial industry is the continuous flow of talent. The pipeline of talent must also come with quality. KMTF will contribute in three ways.
Firstly, the knowledge-based society is already here and it has been here for a long time. For that to work, we need the people in the current and future supply to be well equipped with the latest knowhow. So, professional bodies such as IBBM and MII will have the challenge to ensure that the curriculum is kept up-to-date including its delivery.
The second point is that we need to respond to the lifestyle and preferences of younger generations. The concept of 24/7 e-learning through mobile applications means that KMTF can play an active role in promoting such concept and quality of workforce.
Thirdly, the financial integration of regional markets means greater diversity and market opportunities. KMTF allows that platform.
In terms of IBBM looking to expand its training and education programmes into foreign markets, we will consider working with our partners in ASEAN countries, especially Vietnam, Cambodia, Indonesia and the Philippines. We need to build our current capacity to take advantage of opportunities.
As part of our capacity enlargement, IBBM is in the process of establishing a banking school – the Asian Banking School (ABS). The ABS will be the vehicle to design, develop and deliver a broad suite of qualifications and learning services in the region.
The ABS will have five distinct roles:
1. Capacity development
3. Thought leadership
4. Industry awareness
5. Industry apprenticeship
The banking school will rely on technology enablers to drive its delivery, and will depend on the intellectual foundations to build the growth and reputation of the banking industry. Knowledge management will be embedded as part of the processes, as well as culture and behaviours to distribute and add value to the school’s desired outcomes.