Is Upskilling Vital to Stay Relevant in the Finance Industry?
The short answer is yes. FinTech is impacting every single vertical and divisions in the finance industry. Be it investment banking, capital markets, compliance or sales, no one is immune from this pending disruption. Last year, FinTech accounted for 33% of revenue in financial services according to Accenture, and it’s a safe bet to assume that this figure will continue to increase year-on-year.
It’s Important to Know How It Works
The idea of FinTech or AI in finance is to make life easier, both for people within the industry as well as customers. However, there’s currently a big gap in the market for individuals with the right skills needed for FinTech. As the technology automates the tedious jobs, the high-level execution such as strategic planning is left to humans. Without the right qualifications and understanding of FinTech and AI, it will soon become impossible to remain relevant.
For example, AI can be used to report and analyse huge amounts of data collected. However, it will be left to humans to interpret the data or determine what it is used for. Without understanding FinTech, this data cannot be utilised properly. This is just one example of how it is imperative to understand the technology to be able to execute accordingly.
Many Jobs Will Be Created
Global FinTech investment hit a record US$111.8 bil in 2018. It’s no surprise that recruitment is going to use up much of these funds. Jobs in FinTech startups are going to increase exponentially and these roles are likely to be given to those with the best FinTech qualifications. Without a solid FinTech education, you’re likely to be trailing the pack.
Banks and many other financial institutions are already looking to upskill their employees via various online FinTech courses to prepare for the future. If industry stalwarts are already getting ready for the FinTech revolution, why shouldn’t you?
The FinTech Foundation Course by CFTE is designed to help build your Fintech knowledge in just 8 hours with the help of leading academics and industry leaders, and boasts a community of thousands of alumni and experts.
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Thank you for reading this post. If you would like to know more about how to learn what is Fintech, get into Fintech or even build a bank, we have some resources for you:
Nicholas Tonnard will do the honours of introducing what is Fintech to us. Then watch the CEO of CFTE, Huy, present his idea on the transformation in Finance. He will also go to the extent of teaching you how to build a bank.