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Top 5 In-Demand Tech Jobs in Hong Kong's Banking Industry 2024

Layton Warhurst26 days ago by Layton Warhurst
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An Asian man working on a computer in a bank with a window looking over Hong Kong

Author Layton Warhurst, Business Manager at Gravitas, has over 10 years’ experience helping tech professionals to further their careers. He manages a specialist technology team recruiting for a variety of roles within the Banking industry. 

With significant changes happening across all areas of tech within the Banking industry, from AI, digital currency and the rise of security risks, I’ve decided to look at the top jobs that are in the most demand this year. This shift in emphasis is something tech professionals should consider when planning their future training and career paths, looking at ways to stay up to date with the latest trends and developments. Here is my pick of the top five in-demand tech jobs, along with the average salaries for both junior and experienced professionals in 2024. 

1. Cyber Security Analyst

Why Cyber Security Analysts are essential

With the increasing number of cyber threats, banks in Hong Kong are heavily investing in cyber security to protect sensitive financial data. Cyber Security Analysts are responsible for identifying vulnerabilities, implementing security measures, and responding to security incidents.

In October 2023, the Hong Kong Monetary Authority (HKMA) announced a requirement for all banks to enhance their promotion of e-banking fraud to the general public. This is in the wake of digital and tech-related crimes reaching record highs. For me, this indicates how banks are feeling the security pressure, and making changes to protect their customers and business, meaning a rise in the need for Cyber Security professionals. This role is likely to continue to be in demand for the coming years as legislation and guidelines are tighten within the financial industry. 

Salary range

  • Junior Level: HK$300,000 - HK$450,000 annually
  • Experienced Level: HK$600,000 - HK$1,500,000 annually

Security warning by police: On March 25, 2024 Hong Kong police warned businesses of an increase in cyber-attacks, urging them to increase security measures. In 2023, there were 37 reports of cyberattacks on businesses, marking a 54% increase from the 24 cases in 2022, and its set to rise. Financial losses surged to HK$2.1 million (approximately US$268,400), up from HK$700,000 in 2022. One of the biggest targets for hackers are financial institutions like banks, where the payoffs can be huge as they look to retain their reputation and protect their customers. 

2. Data Scientist

The role of Data Scientists in Banking

Data Scientists analyse vast amounts of data to provide actionable insights, helping banks make informed decisions. They use machine learning algorithms and statistical methods to predict trends, improve customer experiences, and optimise operations.

Future trends: According to the Institute of Data, the future trends emerging within data science and banking is threefold. Firstly, it comes as no surprise that AI and machine leasing is being used to automate processed and personalise experiences. Secondly the use of predictive analysis to forecast customer requirements, optimise processes, and predict industry and market trends is vital. The third trend includes the use of big data and cloud computing, as banks look to scale and adjust quickly in real-time. Data Scientists will play a big part in all of these developments.  

Salary range

  • Junior Level: HK$350,000 - HK$500,000 annually
  • Experienced Level: HK$700,000 - HK$1,500,000 annually

3. Software Developer

Software Developers: The backbone of Banking technology

Software Developers create and maintain the software applications used by banks. They work on everything from mobile banking apps to complex financial systems, ensuring functionality, security, and user-friendliness.

Modernisation: Having talked to a number of banking clients over the years, one trend that continues to grow is the modernisation of both their front-end and back-end systems. Outdated core systems, old programming and digital features that are in need of UX development are all things banks continue to invest in, especially the more traditional banks, looking to stay relevant as they compete with new e-banking companies. 

Salary range

  • Junior Level: HK$280,000 - HK$450,000 annually
  • Experienced Level: HK$600,000 - HK$2,000,000 annually

4. Blockchain Developer

Blockchain Developers driving innovation

Blockchain technology is revolutionising the banking industry with its potential for secure, transparent transactions. Blockchain Developers design and implement blockchain-based solutions, working on projects like cryptocurrency and smart contracts.

Why it matters: Blockchain is transforming how transactions are conducted, making them more secure and reducing the potential for fraud. This technology is not just a trend; it’s becoming a cornerstone of modern banking systems.

Case study: The demand for Blockchain Developers continues to pick up speed. One example of this coming to market was late last year when HSBC piloted their first blockchain-based digital payments platform. The platform uses HSBC-patented Blockchain technology offering enhanced security, view real-time updates, automate routine tasks, and a single platform, that can process payments via traditional banking and digitally. 

Salary range

  • Junior Level: HK$350,000 - HK$500,000 annually
  • Experienced Level: HK$700,000 - HK$1,400,000 annually

5. Artificial Intelligence (AI) Specialist

AI Specialists and the future of Banking

AI Specialists develop AI-driven solutions to enhance customer service, detect fraud, and automate processes. Their work involves creating intelligent systems that can learn and adapt, improving efficiency and decision-making in banks.

Future trend: With the rise of generative AI and machine learning, AI specialists will play a crucial role in developing systems that not only respond to data but also predict trends and behaviours, making banking more proactive than reactive.

Salary range

  • Junior Level: HK$320,000 - HK$480,000 annually
  • Experienced Level: HK$650,000 - HK$1,300,000 annually

Expert insight: You can see the rising need for AI Specialists, as the HKMA – the special administrative regions central bank – urges the finance industry to plan workforce development and training strategies. HKMA deputy chief executive Arthur Yuen said, “banks should set a clear future direction for workforce development”, and that by enhancing employee knowledge and skills we can “coexist with technology in the AI era.”

What is driving the tech demand in the Banking sector?

Firstly, according to Fintech news, Hong Kong is set to enter Phase 2 of their eHKD Pilot Programme in 2024, focusing on the future of the financial industry. Secondly, the development of digital currency is further expected to move forward with China testing the digital yuan, e-CHY, through major banks Bank of China (Hong Kong), HSBC, Hang Seng Bank, and Standard Chartered. This means an increase in Blockchain Developers in this growing area.

Another important development driving tech demand in banking is the use of Generative AI and data to improve their company operations. Finastra created a survey that showed that 38% of Hong Kong financial institutions have already implemented generative AI. Although the challenging economic conditions have impacted the investment in new tech, it’s expected that 70% of financial businesses will have resumed tech investment plans by the end of H1 2024. Another factor driving demand is the focus on creating more green and sustainable businesses, with some of the potential coming through data and Generative AI. Therefore, the need for AI Specialists and Data Scientists continues to grow in Banking.

About Gravitas Recruitment Group in Hong Kong

Gravitas Recruitment Group has worked in Hong Kong since 2010, supporting candidates in finding specialist Banking, Insurance and Technology roles. Through our international presence, with 8 offices across 5 countries, we support the whole of Asia through our offices in Hong Kong, Shenzhen, and Singapore.

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