It’s an exciting time to be in fintech. Cutting-edge tech has empowered fintech startups and established enterprises to raise their game, revolutionizing the way we manage, send and spend money.

But with all that exciting growth comes something a bit less exciting: a serious shortage of skills professionals to fill the niche roles this new market requires. It’s harder than ever to find skilled employees whose experience is keeping pace with the fast pace of change in fintech.

From blockchain developers to cybersecurity analysts, the demand for specialized talent in fintech is at a historic high. Businesses who want to address the talent gap in fintech will need to consider innovative solutions — and that doesn’t just include attracting outside talent. 

One of the most effective strategies for getting the talent you need is by growing it yourself:  developing internal training programs to craft the necessary skills within your own workforce. 

This article from our team of experts here at Techtrust explores the importance of training programs in addressing fintech talent gaps, and how you can implement them effectively.

The Talent Gap in Fintech: A Growing Concern

First, let’s look at why the fintech talent gap has become so wide. A rapidly evolving sector has created a very unique set of challenges for talent acquisition, and these are just a few of those challenges:

1. Emerging Tech: Fintech relies on advanced technologies like blockchain, artificial intelligence (AI), and machine learning (ML). Pros with expertise in these areas are in high demand, and that means they’re tough to find and attract.
2. Evolving Skill Sets: Skills in fintech can become irrelevant almost as quickly as they’re learned. Following the traditional educational routes means that much of the new talent coming out of universities is already behind. There’s a gap between what’s learned, and what needs to be learned.
3. Global Competition: The fintech talent pool isn’t just very limited — it’s also extremely competitive. Companies must compete globally to attract skilled professionals, often leading to higher recruitment costs.
4. Lack of Industry-Specific Knowledge: Beyond basic technical skills, fintech roles also demand an in-depth understanding of financial systems and regulations. This dual expertise is very rare.

It’s no surprise that many companies are floundering when it comes to finding talent. So why not create some of that talent yourself?

Why Internal Training Programs Are Essential

Instead of relying solely on external technical hires, businesses can address the challenges outlined above (and others) by investing in internal training programs. 

Why? Because recruiting niche talent externally can be expensive. Training existing employees is often more affordable and ensures a cultural fit. You can also adapt your training programs to focus on exactly the skills and knowledge you need for your business. Not only does this help create the skilled workers you need, it also helps ensure that they stick around with you — offering professional development opportunities shows employees you’re willing to invest in their growth, and that adds up to increased retention and decreased turnover.

Finally, training internal candidates eliminates the need for lengthy onboarding processes associated with external hires.

Training Focus Areas in Fintech

However, everything in the preceding section isn’t worth much if your training programs don’t focus on the right things. Here are some of the areas you probably want to consider:

1. Blockchain Development: Topics like blockchain architecture, smart contracts, and decentralized finance
2. Cybersecurity: Identifying and combatting cyber threats, data protection and compliance.
3. Data Analytics: Big data processing, predictive modeling, and AI-driven analysis.
4. Regulatory Compliance: Financial regulations and how they apply to fintech.
5. Customer-Centric Design: Developing user-friendly interfaces and improving customer experience.

Steps to Building an Effective Training Program

So far we’ve covered why attracting talent is so hard and why internal training programs are a great solution for filling talent gaps. But how exactly are companies supposed to implement them? 

Here’s a basic step-by-step guide to help inspire your process.

1. Assess Skill Gaps

You can start by determining where you have gaps within your organizations. Try conducting a skills assessment with your teams to figure out where training is needed most. Are you in need of some blockchain expertise, or is it regulations & compliance where your employees need support?

2. Set Clear Objectives

It’s always important to define exactly what you want to achieve with your upskilling/training program. This could range from preparing employees for specific roles to putting them on a path to certification or enhancing their general knowledge of emerging tech. Whatever your objectives, make sure they’re clear to you and everyone involved in the training process. 

3. Design Tailored Learning

Remember — if you’re going to go through the trouble of upskilling your employees yourself, it’s worth investing the time and energy to make suring the training curriculum addresses exactly the gaps you want to address. Whether it’s through online courses, hands-on workshops, mentorship programs or other methods, give credibility to your program by customizing it to what your organization actually needs — not jus what’s trendy or hot in the fintech space at the moment. 

4. Leverage Technology for Training

Consider using a learning management systems (LMS) to deliver and track progress for your learners. Gamification, interactive modules, and real-world simulations have all been shown by actual research to help improve the recall and effectiveness of training programs in professional settings. 

5. Encourage Cross-Functional Learning

Collaboration across departments can help expand employees’ understanding of the fintech ecosystem and their place in it. For example, consider partnering up your IT professionals with finance teams. The result will be that both get a more complete understanding of the space where they operate. 

6. Measure Success

You need actual metrics to evaluate the effectiveness of your training program, ones that can be measured easily and adjusted based on your needs. These metrics can vary depending on your organization, but they could include completion rates, employee feedback, or improvements in performance.

Overcoming Challenges in Training Implementation

Here at Techtrust, we’re obviously big advocates for internal training programs. But that’s not to say there aren’t some significant challenges to consider when implementing your own. 

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Here are some of the biggest problems we encounter with internal training programs.

1. Time Constraints: Employees may struggle to balance training with their regular duties. Offer flexible learning options, such as self-paced online courses.
2. Budget Limitations: Allocate resources wisely by focusing on high-priority skill gaps. Consider partnerships with external training providers if you’re looking to reduce costs.
3. Employee Resistance: Some employees may be hesitant to embrace new training programs. Talk early and often about the benefits, and consider offering incentives for those who participate.

Conclusion

Handling niche talent gaps in fintech requires you to be proactive and creative in how you approach training. Internal training programs might seem overwhelming. But offer a practical and effective way for your employees to upskill, and you’ll boost employee growth and loyalty while also creating the skilled experts you need most. This way you can not only address current skill shortages but also future-proof your workforce against the constantly evolving demands of the fintech industry. 

With expert support from partners like TechTrust, your organization can thrive in a competitive market and continue driving innovation.