Mr Tay Kay Luan

Chief Ex­ec­u­tive Of­fi­cer In­sti­tute of Bankers Malaysia (IBBM)

Insurance - - COVER STORY -

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

2. Learn­ing

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.

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