As financial institutions continue to embrace fintech solutions, automation, and AI, the Banking, Finance, & Accounting (BFA) industries are set to experience major advancements in efficiency, customer service, and cybersecurity in 2025. Yet, amidst these promising developments, employers must stay alert to several key trends reshaping the landscape. These include the increasing outsourcing of accounting roles to Southeast Asia, the growing demand for outplacement services, and the ongoing challenge of retaining talent, as employees place greater importance on work-life balance in this rapidly evolving industry.
To gain deeper insights, we spoke with Winki Wong, Manager of Banking, Finance, and Accounting at Links International, who brings over a decade of experience in the field. Together, we explore what employers should anticipate in 2025.
Outsourcing to Southeast Asia Set to Increase Talent in the Accounting Sector
Labour shortages in the accounting industry have been a persistent issue in recent years. According to Links International’s 2024 Ultimate Salary Guide, high turnover rates among accounting and finance professionals are becoming a serious concern, with Singapore ranking in the top five locations experiencing this trend. Despite this, demand for accounting professionals remains strong, and one notable trend expected in 2025 is the continued outsourcing of roles to Southeast Asia (SEA).
Social enterprise, Outsource Asia, notes that outsourcing to SEA is on the rise because the region offers high-quality services at a significantly lower cost. One of the key roles being outsourced to SEA include Financial Accounting and Transactional Accounting.
Winki shares, “2025 will see that with strong government backing, cost-effective services, a service-oriented culture, and highly skilled professionals, accounting firms will increasingly look to SEA to tackle labour shortages and close the skills gap.”
Companies Try Hard to Retain Talent
A study by Capgemini, an IT services company, revealed that 62% of senior leaders in the banking industry believe the digital talent gap has been widening in recent years, more so than in any other sector. Younger professionals, particularly Gen Z, are increasingly attracted to tech firms and innovative startups, making it crucial for financial institutions to keep pace with the rapid digital transformations taking place.
Links International’s 2024 Salary Guide highlights that in Mainland China, for instance, the shift towards financial digitisation is being accompanied by a significant talent shortage. As companies deepen their digital transformation efforts, the demand for expertise in digital finance is set to rise sharply.
In an article titled ‘How banking on Gen Z talent will make or break the future of banking,’ EY outlines six key areas banks must focus on to attract and retain Gen Z talent:
- Make bold progress in diversity, equity and inclusion (DEI)
- Modernise outdated job roles and career development paths
- Revamp the learning experience
- Become a hub for tech and data talent
- Foster a genuine sense of purpose and social impact
- Cultivate a culture focused on wellness, flexibility, and transparency.
Contracting and Outplacement’s Crucial Role in the Transformation of Banking, Finance, & Accounting
In 2025, Links’ research shows that contract hires and outplacement services will continue to serve as crucial assets in the Banking, Finance, & Accounting (BFA) sectors, as these industries face growing disruptions from digital transformation and increasing regulatory demands.
As companies restructure to adapt to new technologies and evolving market conditions, the need for strategic workforce transitions is expected to rise. Outplacement services will play a vital role in supporting displaced employees through career transitions while helping businesses preserve their reputation and maintain employee morale during times of restructuring and downsizing.
A report by Data Research Insights predicts that the APAC region will see the highest growth rate in the outplacement services market, driven by rapid urbanisation, population growth, and high demand from emerging markets such as China and India. Furthermore, The Economic Times (India Times) notes that key sectors such as technology, IT, ITeS, ecommerce, startups, pharma, healthcare, banking, financial services, insurance, and retail are leading users of outplacement providers.
Winki Wong, Manager of Banking, Finance, & Accounting at Links, highlights the importance of outplacement strategies in these competitive sectors: “In fast-paced industries like banking and finance, an effective outplacement strategy will be essential for managing workforce shifts and ensuring organisational resilience.”
Download our Outplacement Guide here to learn more about what outplacement is and what it entails!
Work-Life Balance Remains a Key Priority for Employees
It is well-known that professionals in Banking, Finance, & Accounting sectors often struggle to achieve a healthy work-life balance. In Singapore, for instance, there has been a noticeable rise in accounting and finance professionals leaving their jobs, with one of the primary reasons being lack of flexibility, according to the Institute of Management Accountants (IMA).
Today’s employees are less willing to compromise, with work-life balance taking precedence over higher salaries, as noted by Links’ BFA Recruitment Team. More and more employees are gravitating toward employers who offer hybrid work arrangements and place a strong emphasis on supporting work-life balance.
In 2025, employers that successfully navigate through the above challenges discussed by adopting progressive and digitalised strategies, will be well-positioned to thrive in this competitive, fast-paced landscape – the good news is, we can help you out!
Whether you’re interested in expanding or restructuring your banking, finance, and accounting team in 2025, our experienced team of in-house recruiters are here to help you out. Contact us today to learn more about the services we offer!