Skills crisis on the cards in fintech sector
Going by recent trends and commissioned surveys, the fledgling fintech sector is staring down the barrel as far as skilled manpower is concerned. According to a research conducted by Peru Consulting, as many as 80% of IT Managers estimate that there will be a skills crisis by the year 2022, Those surveyed expressed the fear that fintech professionals will be poached by tech giants like Google, Amazon, Facebook, and Apple (GAFA). “ The banking market in recent years has seen an explosion of new entrants, with brands offering exciting cultures and ways of working,” said Ashley Pick, principal consultant at Peru Consulting. “In many cases, suppliers or acquisitions have been used to fill the skills gap, but those also have come with their own difficulties”. This fact has been further corroborated by the findings of a recent survey carried out by a private entity.
The Yes Bank survey confirms that “India’s emerging fintech sector faces a shortage of future-ready tech talent, This shortage cannot be met with the current academic curriculum which falls short in terms of skills required for the future. “
71% of the survey respondents find a lack of deep tech expertise in the current talent pool to be a hurdle in their business growth. Internship matchmaking and talent programs. The Indian bank survey was conducted to “identify the key drivers for creating an enabling fintech ecosystem in India and put forth recommendations to help India make the transition to a fintech hub” The trend report also pointed out that it may get difficult to attract new graduates to the banking sector “as a third of those asked said their technology was underfunded and out of date. Banks, according to the survey, are struggling to keep up, let alone lead the pack.”
by Sunny Shukla – MD, Confluence Consulting India Pvt Ltd