The fintech sector is critically reliant on a supply of highly skilled people who combine financial services knowledge with technical expertise. While the tech sector has been laying off some of its people, fintech companies still experience a shortage of highly skilled talent.
Part of the talent challenge they face is the sheer breadth of fintech applications. “If you think of the type of organisations trying to enter into the financial services market as fintech companies, it includes all of the payment services, the peer-to-peer lenders, the digital wealth advisers and the trading platforms,” says Mark Jordan, chief strategy officer at Skillnet.
From a skills perspective, he has seen high demand for software development, automation of business operations, data scientists and cyber security, as well as cryptocurrency and blockchain.
And that’s on the tech side alone. “On the transversal side we are seeing demand for core competencies such as customer-facing user interface and user experience (UI/UX) skills, all around understanding what a customer journey might look like,” he adds.
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These are people who can put themselves in the shoes of the customer using the software, navigating their way around the app. “In that case it’s about removing jargon, a skill in itself, and simplifying the journey,” explains Jordan. Here, core skills include critical thinking, problem solving and creativity.
New skills for new roles
As the line between what were traditionally known as legacy providers and their upstart fintech challengers continues to blur, so too are the skills required.
But employment in the retail banking sector has been contracting, he points out. “From a talent perspective, that means you have a number of very talented individuals who possess core banking skills, and want to continue to contribute, but who now need new skills to help equip them to compete for roles in the emerging fintechs that are growing at scale,” says Jordan.
Skillnet Ireland offers a number of certified courses in topics such as programme management, dev ops, and software development. “Fintechs are doing a lot of hiring but say they can’t find the people with the range of skills required and want Government to develop pathways for this talent pool to allow them in,” says Jordan.
There is a realisation that tech is here to stay in the financial sector and that companies have to get on board
— Donna Noonan, IFS Skillnet
“One of the issues is that someone leaving university with a computer science degree doesn’t have this really good broad understanding of the industry and how it works, or the industry and customer-facing skills that are really important to them.”
It’s why a lot of Skillnet Ireland’s networks are helping companies in the sector to augment the skills of their staff.
For example, ICT Skillnet’s Future in Tech initiative helps non-tech jobseekers to quickly and easily learn new digital skills, from IT tech support to software development and data analytics.
It’s completely free for participants and provides you with industry-accredited qualifications, as well as networking, mentoring and in-company placement. “Industry has stepped up and said we will help,” says Jordan. Such programmes are particularly good for people who have been made redundant, and are ideal for those who know redundancy is on the horizon, “because with redundancy there is usually a lot of lead time.”
But the programme is not just open to people already in the financial services sector. “They are open to anybody, such as those keen to make the transition from, say, hospitality to tech,” he explains.
Responding to specific skill needs
Ibec’s International Financial Services (IFS) Skillnet is a learning network for companies of all sizes in the international financial services sector. Members work collaboratively to share best practice and to respond to the specific skills needs of the sector, both technical and non-technical.
It supports all related industries including international banking, cross-border insurance, fintech, asset management, treasure, securitisation and the funds industry.
According to network manager Donna Noonan, fintech is evolving at pace. “There is a realisation that tech is here to stay in the financial sector and that companies have to get on board,” she says.
The financial innovation skill set that the programme develops also aims to work in terms of kick-starting entrepreneurial approaches to finance, both in start-ups and within existing firms
To this end, IFS Skillnet, in association with DCU Business School, has launched a graduate certificate in financial intelligence and technology programme, designed for people who want to add modern financial techniques and innovation expertise to their existing finance experience.
This digital finance competency enables students to transition to emerging roles that require this knowledge, and to position themselves as champions of this new approach to finance in the workplace. The financial innovation skill set that the programme develops also aims to work in terms of kick-starting entrepreneurial approaches to finance, both in start-ups and within existing firms.
The part-time course runs over two semesters and comprises four microcredential modules in total. Participants can do as few or as many as they wish, attendance is online and the course is graded entirely by continuous assessment.
The four microcredentials covered are fintech – financial technology and innovation; data science for finance; financial machine learning and automation, and design and user experience for fintech.
IFS Skillnet has also partnered with Professional Accountants Training’s Fintech PAT division, to run a number of short courses with a compliance focus for those in the industry. Courses include compliance risks in a fintech environment, regulatory risks in the fintech ecosystem, and managing fintech operational risk, among others. Each typically takes four hours a week, over six weeks, and leads to a QQI accredited certification.
As banks and fintechs continue to morph into one another, the view of what a traditional “job in the bank” means has changed, says Noonan. “People used to think a job in the bank meant being a teller, but increasingly you have really diverse and interesting careers within the sector,” she says.
