Human touch remains crucial in tech-transformed business future: HSBC

Eight in 10 firms particularly value human touch in corporate banking.

In an era where artificial intelligence and other technologies are revolutionising industries and redefining business landscapes, the value of human interaction remains indispensable.

An HSBC report showed that majority of Singapore-based businesses (89%) value human touch, especially in corporate banking. 

Firms particularly value in-person support to identify new business opportunities (35%), seek out tailored financial advice (34%), grow their business overseas (33%), and identify and mitigate potential business risks (33%).

Proving that they value human touch in business, most business leaders in Singapore plan to invest in their workforce to maximise opportunities new technologies will bring.

“About eight in ten (83%) are looking at how emerging technologies can help advance employee skills,” HSBC said.”

“Similarly, 82% are planning to re-train their workforce whilst 81% are investing in new talent in response to rapid advances in technology,” HSBC added.

Generally, Singapore business leaders feel prepared for the emergence of new technologies, with most of them being familiar with cybersecurity (49%), e-invoicing (49%), internet of things (43%), and cloud computing (40%).

The majority of firms (84%) are also confident in their ability to keep pace and introduce new technologies into their businesses over the next 10 years.

Amongst the technologies, firms believe cybersecurity (90%) will create the most opportunities for their business, followed by accounting automation software (89%), and generative AI (89%).