Hong Kong banking industry needs to amp up skills on fintech and cybersecurity: study

Only 2 in 5 industry professionals have gone through fintech training courses.

The Hong Kong banking industry might need to pump up programmes for its manpower as 6 in 10 practitioners in the field think that the sector is facing a serious skills gap, a survey by the Hong Kong Institute of Bankers (HKIB) found.

A whopping 97% of the respondents who are primarily working in the industry think that general banking practitioners should develop fintech abilities. However, only 44% of them have went through fintech training courses.

The survey found that professionals in the field view fintech and cybersecurity (64%) as the area with the largest skill gap, followed by regulatory and compliance (37%).

“Fintech and Cybersecurity have become some of the most in-demand skills in banks and financial institutions,” said Sharon Cheng, Member of the Executive Committee of the HKIB. “Employers should implement a long-term talent development strategy to bridge the existing skills gap and build a sustainable talent pipeline.”

HKIB chief executive Carrie Leung noted that HKIB has launched the first training programme on Cybersecurity under the Enhanced Competency Framework (ECF) introduced by the Hong Kong Monetary Authority.

"In 2019, The Hong Kong Institute of Bankers will continue to strengthen its professional qualification and training efforts, equipping practitioners with ‘future-proof’ skills to better respond to the innovative financial and technological trends," she said.