The banking sector in Ireland is struggling to find and retain talent for roles that require non-traditional skills, such as data analytics, machine learning, digital transformation, and risk and compliance. This is according to a survey conducted by the Banking & Payments Federation Ireland (BPFI), which represents over 70 domestic and international banks and financial institutions.
Survey highlights challenges and opportunities
The survey, which involved 50 senior executives from BPFI member institutions, revealed that 72% of them considered skills shortages as a challenge, especially in areas that are not traditionally associated with banking. The survey also identified some of the opportunities and threats for the sector, such as sustainable finance, fintech, and cyber security.
Some of the key findings of the survey are:
- Sustainable finance is seen as the biggest opportunity for the sector, with 88% of respondents saying that it will have a positive impact on their business. However, 64% of them also said that there is a skills gap in this area, and that more training and education are needed to support the growth of sustainable finance.
- Fintech is another area of opportunity, with 76% of respondents saying that it will have a positive impact on their business. However, 60% of them also said that there is a skills gap in this area, and that more collaboration and innovation are needed to foster the development of fintech.
- Cyber security is seen as the biggest threat for the sector, with 92% of respondents saying that it will have a negative impact on their business. However, 56% of them also said that there is a skills gap in this area, and that more investment and awareness are needed to enhance the cyber resilience of the sector.
BPFI calls for action to address skills gap
The BPFI said that the survey results highlight the need for action to address the skills gap in the banking sector, and to ensure that the sector can compete and thrive in the changing landscape of financial services. The BPFI also said that it is working with its members, the government, and other stakeholders to develop and implement initiatives that will help to attract, develop, and retain talent for the sector.
Some of the initiatives that the BPFI is involved in are:
- The IFS Apprenticeship Programme, which provides an alternative pathway for people who want to pursue a career in financial services, and offers a combination of on-the-job training and academic learning.
- The IFS Skillnet, which provides training and education programmes for the financial services sector, and covers topics such as data analytics, machine learning, digital transformation, risk and compliance, and sustainable finance.
- The IFS 2025 Strategy, which aims to make Ireland one of the top 20 global financial centres by 2025, and sets out the vision, objectives, and actions for the development of the sector.
The BPFI said that these initiatives are crucial for the future of the banking sector, and that it will continue to work with its partners to support the growth and transformation of the sector.
