The Fintech Talent Development,Competency, and Manpower Study

The Fintech Talent Development, Competency, and Manpower Study 26 Ten Observations About Fintech in Hong Kong Our survey found that a significant talent shortage already exists for a number of technology and data skills. These include cybersecurity, artificial intelligence, data science, blockchain, and open API (Exhibit 5) . Our findings are consistent with a recent study 3 on the adoption of technologies in the banking industry and a report on technology jobs demand in Hong Kong 4 . Note that both traditional banks and digital native organizations face similar challenges in recruiting in these areas. The shortage of skilled professionals in these areas could limit the return of investment in technology. In addition to technology and data skills, respondents also reported difficulties in hiring qualified people with design-related skills including design thinking and UX/ UI design . These skills have emerged into some of the most in-demand skillsets in the fintech industry, in addition to the more traditional areas of expertise such as financial services knowledge and regulatory and risk management. In response to the skills shortage, some are already taking a more creative approach to workforce planning. Around one-third of those surveyed are considering a wider range of talent sources, including building from within, borrowing talent from other organizations/functions, and automating transactional processes. Exhibit 5 Skills that are the most difficult to recruit ( ) Percentage of surveyed organizations Traditional banking organizations 1. Cyber and IT security (46%) 2. Artificial intelligence (44%) 3. Blockchain (38%) 4. Data science (38%) 5. Design thinking (30%) 6. Regulatory and risk management (24%) 7. Process design and automation (20%) 8. Open API (18%) Most difficult skills to recruit according to traditional banking organizations and digital native organizations Digital-native organizations 1. Cyber and IT security (50%) 2. Data science (46%) 3. Artificial intelligence (32%) 4. Blockchain (32%) 5. UX/UI design (32%) 6. Design thinking (25%) 7. Open API (25%) 8. Data management (21%) 3 Fintech Adoption and Innovation in the Banking Industry, Hong Kong Academy of Finance, May 2020. 4 Hong Kong's most in-demand tech jobs for 2020, Michael Page, Jan 2020.