Addressing the Payments tech skills gaps

By Anders la Cour, CEO, Banking Circle Group
Anders la Cour, CEO of Banking Circle Group provides data and comment on the skills gap

In July 2021 we spoke to 600 CTOs and CIOs at Banks, FinTechs and Payments businesses across the UK, DACH, and Benelux regions. Published in a new white paper: Futureproofing Payments Tech: The challenges facing CIOs and CTOs, the results revealed the challenges faced by tech decision-makers in 2021.

Despite being generally optimistic about the future, the CIO and CTO respondents were less confident that their organisation is ready to take on the future in terms of recruitment. This lack of confidence is a concern because 60% of our respondents hope to increase the size of their payments IT team in the coming year.

One motivation behind taking on additional employees is the need to plug skills gaps. 

The most common gap was in Cloud skills, where 60% of FinTechs and PSPs lack experienced team members. Artificial intelligence (AI) and machine learning (ML) were close behind at 53%. Interestingly, though, when we asked which were the most crucial skills for their teams in the next year, just 39% of PSPs and FinTechs included Cloud skills in their top three; the same percentage cited AI/ML. 

Organisations recognise their weakness in these areas, but they are not rushing to fix the issue, suggesting that they may not fully appreciate the opportunities the technologies can provide for boosting performance and improving customer experience.

Working in partnership with external providers like Banking Circle can help fill these skills gaps can, utilising third-party expertise rather than through in-house recruitment. Digitalisation is achieved far more quickly and without the need to build a new team or infrastructure, helping organisations remain competitive whilst reducing stress on any one individual or team.

To discover more of the survey findings, download the white paper here.

 

Share

Featured Articles

Capital One's Takeover of Discover: All you Need to Know

Capital One's proposed US$35.3bn acquisition of Discover Financial would bring together two of the largest credit card companies in the US

Sustainability LIVE Net Zero: Sustainable Finance Insights

Financial services and banking executives have the opportunity to hear from the world’s biggest sustainability leaders discussing the future of Net Zero

EPAM: 96% of Consumers Happy With AI in Banking

EPAM Continuum has conducted its 2024 Consumer Banking Report, suggesting that 96% of consumers are happy with banks adopting AI

Bitcoin Reclaims US$1tn Valuation; the Bull Market is Here

Crypto

COMING SOON: Top 100 Women in FinTech 2024

Digital Payments

FinTech LIVE Dubai: Linoy Kidd, CIO at HSBC

Financial Services (FinServ)