Fintech is among the world’s rapidly growing industries. In the United States, the fintech market accounted for $160.8 billion in 2022 and is projected to reach $1085.9 billion by 2032. The rapid adoption of online banking, digital devices, and cloud computing can be credited for this impressive growth.
Although this is excellent news for fintech companies, fintech employees must work harder to meet growing consumer demands and keep up with industry changes. Otherwise, this could lead to a skills gap that prevents employees from working efficiently, eventually affecting overall operations. To aid in this, here are some ways to close the skills gap in fintech.
Focus on upskilling
A direct way to address the lack of skills within a company is to upskill employees. This helps them get the necessary training for better work performance. While there are several ways to do this—such as self-studying or completing courses—upskilling your capabilities through expert-led training programs can often be the most efficient and effective method. This way, you ensure that participating employees are learning the right skills when it comes to specific topics such as data analytics and product management. Upskilling in data analytics can teach employees to use data to make more strategic decisions, while product management enables the effective development, launch, and promotion of market-ready products like payment apps.
Additionally, allowing a professional to lead your training sessions gives employees the opportunity to ask questions and get hands-on guidance, which makes learning and skills retention more effective in the long run. That’s why you’ll find that Goldman Sachs’s upskilling initiatives in its fintech department include skills-based education, leadership training, and project management. These allow employees to upgrade their skills not only in accordance with their roles but for potential higher positions they may qualify for in the future.
Improve company diversity
Aside from upskilling, it’s important to improve company diversity. This permits a wide range of skills to enter the workplace, which can potentially contribute to reducing the skills gap. A more diverse workforce is often able to better share ideas and skills that successfully address a variety of issues. Moreover, investing in diversity can improve business performance by 30% since it attracts many people eager to join firms for the long-term and contribute valuable ideas because they appreciate the inclusive workforce they belong to.
An effective way to educate your employees about diversity in the workplace is by conducting diversity programs designed by a DEI specialist. Diversity, equity, and inclusion can be a sensitive topic, which makes specialist training crucial. These experts can lead employee training on DEI topics, analyze your company’s current DEI efforts, and develop inclusion programs. This can eventually lead to hiring a more diverse workforce and developing a workplace that’s more accepting of different perspectives and ideas. By doing this in your business, you can cultivate an environment where various ideas can flourish.
Upgrade employees’ digital skills
At the core of fintech is using technology to enhance financial products and services. After all, the functioning of fintech companies relies on technologies like automation, blockchain management, and cloud networks.
Many of these digital tools have emerged only within the last few years, so current employees may have yet to develop the expertise to handle them. This makes it even more vital to sharpen digital skills through regular training and allow them to attend fintech events. Training that involves tutorials on using AI, managing cloud networks, and the like helps employees develop an understanding of the functionalities of these technologies. Meanwhile, major fintech conferences, such as Money 20/20—which will be held in Las Vegas in October—keep them informed about new developments in the industry. By offering focused training and networking opportunities, you make sure that your employees’ digital knowledge and skills in fintech are always up to date. You can follow Mastercard’s example with its Young Professionals Business Resource Group project that involves younger workers teaching older professionals how to navigate newer technologies so that they’re up to date.
The fintech industry is continuously growing and becoming more competitive. Companies must aim to close the skills gap in line with the industry’s growth to improve their operations and remain relevant within the sector.