The Critical Career Path: IT Employee Development in the Japanese Financial Services Industry

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27 September 2007

Abstract

Tokyo, Japan September 27, 2007

The Critical Career Path: IT Employee Development in the Japanese Financial Services Industry

In an increasingly competitive market, focusing on the accumulation of IT knowledge and human resource development is crucial to the continued success of Japanese financial institutions.

Japan's baby boom generation is beginning to retire, draining IT expertise from the financial services industry. In a new report, , Celent examines the challenge presented by the "Year 2007 Problem."

The operating environment for financial institutions has changed dramatically in the past decade. Technology has become a crucial factor in business strategies. The report addresses the measures that major Japanese financial institutions are taking to accumulate IT knowledge, develop and retain employees who understand both business and IT issues, and use IT to meet changing business demands.

The elements that financial institutions need to fully utilize IT in their business strategies are:

  • Systematic accumulation of IT knowledge
  • Development of employees who understand both business and IT
  • Development of flexible systems
  • Attractive career paths and fair evaluation standards

"Even financial institutions that haven't yet realized the value of these factors will soon be forced to recognize them," says Yumiko Manchu, analyst at Celent and author of the report. "They will be facing competition across industry sectors from overseas firms entering the Japanese market."

Securities firms have most significantly incorporated IT knowledge into their business plan, followed by banks and then insurance companies. Securities firms have already been swept up in the globalization trend. Banks are groping with generating synergies between business and IT. The insurance sector, having focused on the domestic Japanese market for years, has comparatively little recognition of the importance of technological innovation.

This report has 25 pages and includes seven charts and one table. A table of contents is available online.

Members of Celent's research services can download the report electronically by clicking on the icon to the left. Non-members should contact info@celent.com for more information.