For some years now the financial services space has become heavily focused on Financial Technology (FinTech). Many entrepreneurial startups have entered (and disrupted) the space, and for the incumbents, the benefits that platform modernisation and transformation bring to their services have allowed them to build competitive differentiation. In Australia alone, just last year CBA announced a massive $5 billion investment into FinTech to cement its position in the market as an innovator.
This announcement was made before COVID-19 struck and transformed the way that customers interact with banks. Now, current reports suggest that there has been as much as a 72 per cent increase in the use of FinTech apps, and prompted financial services organisations to increase their investments in FinTech. As the financial services industry in Australia faces a significant challenge in finding FinTech skills, professionals who possess these in-demand FinTech capabilities are going to find significant career development and renumeration opportunities in the years ahead.
“The financial services industry is facing significant skill shortages, especially in technology. The industry is struggling to attract individuals with both business and technical expertise. This combination of skills can help improve the efficiency of institutions and generate new products and services,” UNSW Senior Lecturer and Program Director, MFinTech, School of Banking and Finance, Luis Filipe Goncalves-Pino said.
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