In the past few years, the emergence of FinTech has arguably been the biggest driver of change in the evolving FinServ landscape. The newer, nimbler startups have not only brought forward innovative business models and solutions but also brought about a much-needed cultural and strategic shift in the way traditional bankers perceive banking. With a growing focus on superior user experience, swifter mobile apps, data analytics, and open architecture driven by API integrations, the bid towards comprehensive digital transformation is pushing banks to incorporate more and more tech talent in their workforce. In this day and age, when tech giants are threatening to take away market share from FinServ incumbents, banks need a vast and skilled pool of tech talent to match with the Amazons, Alibabas, and Googles of the world.
Tech talent plays a major role in the digital transformation efforts by banks, especially with the dynamically evolving technology landscape in FinServ. Taking the Open Banking scenario as an example – out of the nine banks mandated to launch their APIs, only three of them (Danske, AIB, Lloyds) were able to launch well before the cut-off date. Interestingly enough, two (Danske, Lloyds) of these three banks had a tech-talent percentage of more than 25% of their total workforce. This proves that there is a clear correlation between a bank’s tech infrastructure and their readiness towards Open Banking.
In today’s world, when banks are dealing with state-of-the-art innovation in blockchain, AI, Robotics, Quantum Computing, etc., a dire need for competent talent pool with an expertise in these areas becomes prudent. Banks are now fighting it out in the war for tech talent and looking to hire more engineers and tech graduates. Inspired by the
