More than half (58%) of UK banks are currently looking for greater in-house technology skills with 48% either recruiting extra skills or using partners to gain the skills they need, research commissioned by fintech provider Fraedom has found.
The report also revealed that more than one-third (38%) of banks say they are likely to invest in recruitment as a priority in order to find specific skills. Currently, banks most want to attract technology risk analysts (32%), data scientists (30%) and network specialists (24%) as they address their financial ecosystem.
Russell Bennett, CEO at Fraedom said: “We can see that there is a great opportunity for banks to partner with fintechs to uncover the skills they need and how best to attract them, whether that be by recruiting or upskilling existing employees. These partnerships would be particularly beneficial as, at present, 34% of banks feel they don’t have the expertise in-house to implement new technology. Fintechs can help banks gain a greater understanding of what technology they need which also will be instrumental in attracting new talent, especially as the younger generations progress in their careers and expect to have access to the latest technology.”
“Fintechs can help banks gain a greater understanding of what technology they need which also will be instrumental in attracting new talent”
As banks have placed a greater emphasis on upskilling employees, Fraedom found that over the past five years, 60% of banks have improved in-house training courses, while 36% have implemented new external training schemes.
Looking to the future, to further develop skills in-house, 28% of banks are putting new internal training schemes in place and 20% plan to send staff on external training programmes.
“Banks are not just focusing on recruiting new talent to gain a broader range of skills but are also looking to retain their existing talent and provide the tools they need to grow with the pace of the technology. They can also partner with fintechs to harness the talent and experience they already have in the company to support their use of technology. To get the most from these activities, banks must prioritise creating the right culture which gives the freedom and flexibility that most employees in technical and development roles desire,” added Bennett. “Financial organisations across the sector are all competing to attract the best talent, so it’s vital they create points of differentiation within their culture so as to be the most attractive.”