Almost 90% of Singapore companies still value human touch despite rapid tech transformation: HSBC study

SINGAPORE: Despite the onslaught of rapid technological advancements, a recent report by HSBC shows that human interaction remains pivotal in Singapore’s corporate sector.

The report found that an overwhelming majority of businesses in the city-state, 89 per cent, place significant importance on the human touch, especially in the realm of corporate banking.

Firms in Singapore expressed a strong preference for in-person support in various aspects of their operations.

According to the report, 35 per cent of businesses value face-to-face interactions for identifying new business opportunities, while 34 per cent seek tailored financial advice through human engagement.

Additionally, 33 per cent look to in-person support for expanding their businesses overseas and identifying and mitigating potential risks.

To highlight their commitment to human-centric approaches, 83 per cent of business leaders are actively exploring how emerging technologies can enhance employee skills, according to HSBC.

Simultaneously, 82 per cent have plans to re-train their existing workforce, while 81 per cent are keen on investing in new talent to navigate the challenges posed by technological advancements.

Despite the rapid pace of tech evolution, Singapore’s business leaders appear well-prepared.

The report indicates that 84 per cent of firms are confident in their ability to integrate new technologies into their operations over the next decade.

Notably, the leaders exhibit familiarity with key technologies, with 49 per cent well-versed in cybersecurity and e-invoicing, 43 per cent in the Internet of Things, and 40 per cent in cloud computing.

Looking ahead, a hefty 90 per cent of business leaders anticipate that cybersecurity will be the technology offering the most opportunities for their enterprises. Accounting automation software and generative AI closely follow, both garnering confidence from 89 per cent of the surveyed firms.

The HSBC report suggests that while technological innovations continue to reshape industries, businesses in Singapore remain steadfast in their recognition of the irreplaceable value of human touch, actively strategizing to balance technological integration with maintaining a human-centric approach.