The Fintech Talent Development,Competency, and Manpower Study

The Fintech Talent Development, Competency, and Manpower Study 11 Executive Summary Technical Readiness and Technical Skill Gaps Collecting, Processing, and Analyzing Data All firms in our survey reported that they are making significant investments in technology. The top five technologies being invested in are Data Analytics, Big Data, Artificial Intelligence, Mobile Technology, and Open Platforms and API. The pledge to offer products and services anytime anywhere has become a competitive necessity rather than a competitive advantage. It appears that a higher degree of technical capability corresponds with a higher capacity of the staff to meet the firm’s business requirements. This finding is consistent with our belief that business models in finance increasingly hinge on the underlying IT infrastructure of the firm. All employees are expected to have a good understanding of technologies and their potential and limitations from a business perspective. Cybersecurity Skills at the Top of the Wanted List Cybersecurity tops the list as it underpins all digital financial products and services. It is also a core regulatory requirement that a financial firm must comply to operate. Data Science and AI, Blockchain and Distributed Ledger Technology, and Design Thinking are also in high demand. Other needed skills are Process Automation, Open API, Regulatory and Risk Management. Sources of Fintech Professionals The top three sources of talent are: recruiting locally, upskilling existing staff, and recruiting from local universities. (1) Local Hiring As firms need to launch services and products swiftly to meet demand and fend off competition, they tend to recruit talent from the local market directly. (2) Upskilling Existing Staff Another avenue to talent development is training existing staff to fill the gaps.