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    Home»Fintech»The fintech talent shortage – Diverse skills needed to fill the gap
    Fintech

    The fintech talent shortage – Diverse skills needed to fill the gap

    August 12, 20245 Mins Read


    Applications currently open for two-year online MSc in Fintech Innovation

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    In association with Technology Ireland ICT Skillnet

    Fintech, a combination of the words ‘financial’ and ‘technology’, is a term used to describe the application of technology to create, deliver and enhance financial services and products. Combining the words finance and technology into a single term may be simple, but financial services is a vast sector ranging from accounting and banking to payments and fraud. And the speed with which technology is evolving means that financial services firms are struggling to keep up with the pace of change. 

    That’s because as technology evolves, so too does the market. Consumers want a slick and seamless user experience and financial services firms need to respond, but also comply with ever-broadening regulations and manage their exposure to risk. And that risk is growing too, as advances in technology mean that cyber threats have become more sophisticated. 

    If financial services firms are to respond and thrive in this changing world, they need to supplement their existing skills, and fast. In its Skills for International Financial Services report, the Expert Group for Future Skills Needs, highlighted a distinct skills gap in the financial services sector, which could ultimately lead to a shortage of up to 4,300 qualified graduates by 2027. Within the seven high-growth potential sub-sectors identified in the report – one of which is fintech – financial services firms have indicated that areas including digital and data analytics skills, crypto and blockchain, as well as cyber security and AI, are particularly vulnerable to skills gaps.

    That means there are opportunities within the fintech sector, and not just for people with a background in finance. In fact, fintech offers opportunities to a broad range of people – those with skills in coding, data, cyber security, business, marketing, customer experience, the list goes on. In an interview with Forbes, Sonal Bomb, CEO and co-founder of fintech firm TechnoXander, said “for any fintech role, you must think outside the box, and in fintech, there is no box.” 

    Within his role at Grant Thornton, Brian O’Donoghue, a specialist in anti-money laundering (AML), understood there was an imperative for him to supplement his existing expertise and skills. “I recognised that in my role, there was a growing need for me to move between the worlds of finance and technology. Financial services firms are facing increased risk, and it’s not just cyber risk, operational risk is growing all the time, as regulations like GDPR, the Digital Services Act and the new sustainability reporting requirements come into play. Taking the MSc in Fintech Innovation at MTU means I’ve been able to add skills like digital transformation, cyber security and data analytics to my 30 years of accountancy and AML knowledge, and this is delivering a real and immediate return to my employers.”

    The MSc in Fintech Innovation referenced by Brian is an example of a course that exists specifically to bridge the skills gap in fintech. Developed by Munster Technological University (MTU) in partnership with Technology Ireland ICT Skillnet and its member companies, the course was designed alongside key financial and tech sector companies, with instrumental support from IDA & the American Chamber of Commerce Ireland, to ensure the course content and learning outcomes are relevant to their specific needs.

    Through the unique Skillnet Ireland course-creation model, the course directly answers one of the nine recommendations in the Skills for International Financial Services report – the encouragement of collaboration between industry and education sectors to ensure that relevant courses are put in place. 

    Brian alludes to this collaborative environment in terms of how the course is delivered – “One of the most valuable aspects of the course was that I got to speak with people I wouldn’t have met before, from the students and the lecturers in the course to the industry experts who came to the in-person events and the people I spoke to during the research for my project. Speaking with all these people and relating all the information I’m learning back to my work is so valuable.”

    Making the course accessible is another essential element to attract enough talented professionals to fill those skills gaps, says Ruth Cosgrove, coordinator of the MSc in Fintech Innovation at MTU. “Our course is delivered remotely and part-time to students from all over Ireland. It’s a mix between people from the financial services world, and the tech world.” 

    “It’s also a great mix between participants with years of industry experience and fresh, new graduates. The course fees are part-funded by Technology Ireland ICT Skillnet, making it affordable to potential students and a solid investment for financial services firms.”

    Applications are currently open for 23 September commencement date on the two-year online MSc in Fintech Innovation. Find out more here. 






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