The Fintech Talent Development,Competency, and Manpower Study

The Fintech Talent Development, Competency, and Manpower Study 38 Technical Readiness and Technical Skill Gaps Collecting, Processing, and Analyzing Data The top five technologies being invested in are Data Analytics, Big Data, Artificial Intelligence, Mobile Technology, and Open Platforms and API (application programming interface). It is interesting to note that the first three are data- and algorithm-related technologies. This corroborates the industry trend towards digital transformation and process automation where human-made decisions become automated. Such development requires collecting, processing, and analyzing a large amount of data from different sources, with a different format and latency. Data analytics, big data, and artificial intelligence offer data and processing solutions to address the technical challenges in this major undertaking. New Products and Services The pledge to offer products and services anytime anywhere has become a competitive necessity rather than a competitive advantage. Advancement in mobile technology (e.g. 5G) underpins the development of a continuous stream of finance and insurance products. Low-cost, high-performance mobile sensors based on IoT (Internet of Things) technology will soon become a reality and open up new opportunities for payment, retail, healthcare, and other location-based services. Open Platforms and API: Connecting Financial and Non-Financial Institutions Open platforms and API are the enablers of collaboration between financial and non-financial institutions. They define the interface of collaborating institutions from a data access/sharing perspective. The Open API initiative of the HKMA aims to facilitate collaborations between the banking industry and other sectors of the economy by setting the agenda and timeline for licensed banks to open up their platforms to trusted third parties. The objective is to facilitate the development of new services and products and to create a seamless customer experience.