The latest study from European B2B banking service provider Banking Circle has revealed the new challenges faced by CIOs and CTOs working in Banks and FinTechs.
The insight from the Payments bank for the new economy found that more than half have skills gaps in their organisations that could hold them back from capitalising on the latest technology, seriously undermining their post-COVID recovery.
Polling 600 CTOs and CIOs at banks, fintechs and PSPs across Europe, Banking Circle found that all fintechs and 99% of banks have skills gaps in their organization.
While 63% of fintechs (56% of banks) expect to see their Payments IT team/resource increase in the next 12 months, 34% of all respondents are not confident that their recruitment plans are fit for purpose for the future.
35% of banks are not confident that existing systems maintenance and infrastructure is future-proofed; 31% of fintechs feel the same about their API technology
“FinTech CTOs and CIOs are kept awake at night by thoughts of tech outages, staying up to date with market developments and staff skills. Bank CTOs and CIOs worry about digital transformation projects. However, on a more positive note, increased investment appears to be a solution for tackling these concerns with plans cited for further funding in all areas of tech we looked at – from data access, data security and existing infrastructure maintenance to new systems procurement, AI/ML and API technology,” said Anders la Cour, Chief Executive Officer, Banking Circle Group.
Banking Circle found that tech budgets are increasing, but not by enough for CIOs and CTOs to sanction a complete overhaul of their tech or payments infrastructure. As a result, collaboration will be an important tool in futureproofing both Banks and FinTechs.