Calls To Address Growing Fintech Skills Gap

A survey has pointed to a widening skills gap in the banking sector as demand for staff with IT knowledge increases, sparking calls for more resources to cultivate fintech, or financial technology, talent.

The Hong Kong Institute of Bankers spoke to more than 900 bankers, academics and human resources professionals from May to July.

It found that more than 90 percent of respondents saw a skills gap in fintech as a major problem, up from 82 percent in a similar survey last year.

This involves technology and data skills such as artificial intelligence and big data.

Meanwhile, 85 percent found a skills shortage when it comes to green and sustainable finance, up from 73 percent a year ago.

Carrie Leung, CEO of the institute, said the problem was fuelled by a rapid expansion of related businesses in recent years.

"The main reason is that both the banking [sector] and the Hong Kong government, and even mainland China, have put a lot of emphasis on expanding these businesses, especially on green and sustainable finance," she said.

"With that significant push and expansion of business needs, that's why it drives the high demand in relevant skills."

Leung said the widening skills gap highlighted the need to put greater resources towards staff development.

"For in-house training, they have to make sure they have a more structured training curriculum to build fintech talent within the bank, such as they may have a foundation course... and then the intermediate and advanced course, and collaborate with external partners, so that they'll be able to have a more up-to-date technology to train their staff," she said.

Leung also called on both employers and the government to provide more incentives for young people to join the banking industry, such as allocating more money to train newcomers.