How Fintech Firms Nurture Next-Gen Digital Skills?

Banking CIO Outlook | Monday, June 15, 2020

Critical re-skilling and collaboration is helping the fintech industry meet its growing demand for a digitally skilled workforce.        

FREMONT, CA: The fintech industry has seen unprecedented growth in the last few years. The sector now employs millions of people; however, barriers to sustained growth and continued job creation still remain. Especially, skills and access to talent represent a major hurdle. According to a report, 75 percent of fintech firms fear a skills crisis over the next three years. Several measures are being introduced to address this issue, including fostering digital skills. Cultivating digital talent is undoubtedly a huge step in closing the skill gap. It is more like fostering a culture of innovation and raising awareness of the crucial role that technology plays in the fintech landscape.

The growing pool of talents involves pinpointing prospective fintech specialists. But the mere effort from fintech labs is not enough. These promising specialists should envision their careers in fintech development. To become interested and then involve in the industry, they need a clear picture of what fintech is and be aware of current opportunities. Here is where collaboration becomes a key asset. The partnership and knowledge-sharing, with the help of advanced technology tools, raise awareness of fintech opportunities and enhances the visibility of the industry in all. This strategy makes a sense in attracting talents and bridging the skill gap in the industry.  

Top 10 Fintech Solution Companies - 2019On top of collaboration, fintech labs can act as scholarship sponsors and train and groom talents. This creates engagement by generating competition and stresses the industry’s high standards in acquiring skills. Adding momentum to this effort, fintech providers around the world are also implementing the fintech curriculum, creating a pool of developers by teaching relevant skills to green talents. Apart from all these, the practice of re-skilling and re-training finance technologies to gain proficiency in fintech stack is also gaining momentum. Most people realize the impact of technology on the industry and digital skills will play in the future. The highly competitive salaries are also a great incentive to develop digital skills in the fintech industry.

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