Can you give me an insight of your personal journey into the asset services industry, why did you decide this was the career for you?
I did not know much about the asset servicing industry when I applied for the job in the sub-custody team. I was about to graduate from my International Relations bachelor’s programme, so I thought that working at a bank would be a good way to make use of this.
After I started working as a part of the settlement team, with debt instruments, cross border processes and equity markets, I understood — this is what I truly enjoy. There was not a day where I did not want to attend work, as I loved the job.
Once you understand the settlement process, you are able to also apply it to other sub-custody areas and how these affect client settlement activity and behaviour.
My decision to continue exploring what the sub-custody area has to offer was purely because it was a never standing process. It has changed immensely throughout the years when I have worked with sub-custody products, not only from internal initiatives, but also from a regulatory perspective.
I still embrace the change as something exciting and not something to be afraid of, particularly in the asset servicing industry where change that occurs is normally for the better.
What aspects of your job do you enjoy the most?
I find the most satisfaction in interacting with people, whether it is collaborating with my team or others within different departments, mentoring junior colleagues, sharing previous experiences or building relationships with clients.
I simply enjoy the dynamic nature of human interaction and the chance to make a positive impact on others, whether it is assisting clients with their needs or supporting my team members. I enjoy that I have the opportunity to build strong relationships within organisations and with clients which is incredibly rewarding.
Being fairly new to the industry, how do you find your experience compares to those who are more established? Are there pros and cons to each?
I remember my current manager having a presentation with senior management saying that he has been in the bank for 10 years and is still considered a newcomer compared to other industry titans that were standing beside him with over 20 years’ experience. On a daily basis at work, I do not think anyone really compares who has greater experience. All opinions and questions are welcomed and considered. By questioning why things are done the way that they are, someone may think of a more efficient or effective way to do processes.
On a funnier note, it is good to have diversity in a team. Those with more industry experience tell me how they used to work and had to run between offices to settle trades. On the other side, I can help them to onboard digital enablers in their daily life, which is currently a hit in the bank. We are all looking forward to how AI will enhance our work life.
Have you noticed any misconceptions about the asset servicing industry? Is there anything in the industry you would like to see evolve or change?
I think one of the most common misconceptions is that asset servicing is that it only consists of back office work. It is so much more!
The complexity and regulatory compliance increase almost every year where all involved parties work together — business, tech, product managers, and operations.
Moreover, relationship management with clients is a key factor in making sure that they are aware of upcoming changes in the market.
I think that there is a great potential in how we present the asset servicing data to the clients.
Since we already now use technology solutions to service the clients, we should be able to get the best out of it to learn client behaviour over periods of time and provide useful suggestions for better execution where possible.
What is the training process of a new employee? Do you think it was beneficial to your role and others who may now be in the same position you were?
I do not believe that the training process has changed a lot, but it has been enhanced.
My employer has the new employees on the top of agenda to ensure effective onboarding, including client handover, skill matrix, as well as theoretical knowledge on seldom processes.
The market specialist role is a reactive role based on queries we get from clients, therefore, you learn as you work on a daily basis. The sub-custody area is so broad that even after being in the role for four years, clients continue to surprise me with questions that I have not heard before and to which you cannot really prepare beforehand.
This is one of the reasons I have stayed in this same role, but managed to not be stuck in the same routine.
In terms of your career, where do you see yourself in a decade?
The future is uncertain, and I believe in the importance of continuous learning.
A bank is like a small city with various departments, each with its own set of roles, therefore, I would not be surprised to see myself remaining in the financial industry in 10 years time.
Recently, I transitioned within the organisation to the Strategy & Offering department, focusing on expanding my expertise and gaining deeper insights into retail banking products.
While the scope differs significantly from my previous experience in the sub-custody and asset servicing area, the drive and adaptability cultivated in that field are invaluable and seamlessly applicable to the dynamic world of retail banking.
I have also paid more attention and interest in data, risk and resilience, as these areas within the industry have been the center of attention lately as well as my personal interest and I do not believe the focus areas will reduce.
While I value the importance of leadership, I believe that true impact can often be achieved through deep technical knowledge and a focus on delivering exceptional results.
That is something that I am striving for — becoming a subject matter expert in the next big thing.
What advice would you give to young graduates when entering the financial services field?
Building a successful career in finance takes time, so do not expect overnight success.
I advise to go the extra mile within the organisation and with your clients, this will pay off.
I would also suggest that one needs to be continuously learning, building strong relationships and not forgetting to balance and take care of your mental and physical health.
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Duco
Michael Chin
Image: Andrew Davis Photography 
