FinTech experts? Maybe not as they claim. Findings from a research by FINTECH Circle Institute uncovered that 94% of financial services professionals suspect their colleagues of using buzzwords such as “Blockchain” and “Artificial Intelligence” without understanding their meaning. Over half (60%) claim that such bluffing is a common occurrence.
The industry professionals questioned felt that lack of training within financial services organisations was the biggest factor preventing some employees from developing their digital and FinTech skills, with 69% making this claim.
Meanwhile, 22% say financial services professionals are putting off developing their digital skills out of fear that it’s too late to catch up with existing FinTech experts.
Susanne Chishti, CEO and founder of the FINTECH Circle Institute commented:
It’s worrying to think that financial services professionals believe it’s too late to build their digital and FinTech skills.
This is despite the vast majority of financial services professionals believing that promotions should favour the most tech-savvy employees, meaning traditional financial services experts could be at risk of falling behind their digital-friendly colleagues.
Markos Zachariadis, Assistant Professor at Warwick Business School and Research Fellow at the University of Cambridge said:
Continuous self-improvement and upskilling is crucial both for an individual’s own prospects but also for the benefit of their organisation and the wider industry. In an era where financial services are undergoing major digital transformation it is even more crucial to not only keep up to-date with current FinTech trends but also understand how technology can be used strategically to transform the entire sector.
Of the 1,400 people questioned, 84% claimed that colleagues with advanced digital and FinTech skills, but half the years of experience, are more deserving of promotion than a colleague who has been in the industry for at least ten years.
David Craig, President, Financial and Risk, Thomson Reuters said:
The financial industry needs to be able to move fast to meet its customers’ increasing expectations of outstanding service, as established names in technology are challenging the status quo. This platform is a fantastic resource to help the next generation of financial services professionals become the leaders of the future. Financial services has always moved at a fast pace, but the combination of exciting new technologies, cost pressures on banks and higher consumer driven customer expectations mean the pace of change has accelerated dramatically. Understanding the latest technology is important for professionals to stay relevant. More important still is understanding how technology can be applied to solve real problems and transform the way we work for the better, through collaboration and co-innovation.