The financial services industry is undergoing a profound transformation as fintech reshapes how money is managed, moved and multiplied. For finance professionals, this fast-changing environment requires them to adapt their skills just to stay relevant, let alone competitive.

The fintech sector’s momentum highlights this urgency.

Fuelled by technological innovation, shifting consumer behaviour and supportive regulation, key trends such as digital payments, neobanking and digital assets are revolutionising financial services, offering convenience, speed and entirely new financial products. This dynamism ensures fintech will remain a hub of innovation, continuously reshaping the global financial landscape. This dynamism ensures fintech will remain a hub of innovation.

Analysts at Statista project sustained rapid growth, fuelled by technological innovation, shifting consumer behaviour and supportive regulation [source to come]. Key trends such as digital payments, neo-banking and digital assets are revolutionising financial services, offering convenience, speed and entirely new financial products. This dynamism ensures fintech will remain a hub of innovation.

According to a report by Boston Consulting Group (BCG) and QED Investors, financial technology revenues are projected to grow sixfold from US$245bn billion to US$1.5 trillion by 2030. The fintech sector, which currently holds a 2% share of the US$12.5 trillion in global financial services revenue, is estimated to grow up to 7%, of which banking fintechs are expected to constitute almost 25% of all banking valuations worldwide by 2030.The global fintech industry is valued at US$305.7bn and growing at a CAGR of 6% [source to come].

Regionally, North America leads with a mature fintech ecosystem, Europe shines with fintech hubs including London and Berlin, and Asia-Pacific demonstrates massive growth potential, driven by large populations and rapid digital adoption.

So how can finance professionals develop the fintech skills to ensure long-term career relevance?

XHEAD In-demand skills

According to global financial recruitment specialist company Huxley, to stay relevant in the fintech revolution without a complete career change, finance professionals should focus on developing skills that complement their existing expertise while aligning with the industry's technological advancements.

It says upskilling in key areas like data analysis, machine learning and artificial intelligence (AI) is crucial. Understanding how to interpret and leverage data will allow finance professionals to add value in areas like customer insights, risk management, and financial forecasting. Familiarity with these technologies doesn’t require becoming a software developer but having the ability to use data-driven tools and make informed decisions based on emerging trends.

Blockchain is another area where finance professionals can expand their knowledge, particularly in how it’s used for secure transactions, digital assets and compliance. Gaining an understanding of the fundamentals of blockchain will help you navigate the evolving landscape and better advise clients or employers on its applications.

Cybersecurity awareness is also essential, as the protection of financial data becomes increasingly important in the digital age. ‘A shortage of cybersecurity talent is one of the most significant risks facing society and in particular financial services firms, becoming a critical business risk and reaching crisis levels within many organisations,’ says Philip Freeborn, head of services at consultancy Delta Capit.

‘Half of all businesses have a basic cybersecurity skills gap, according to 2023 UK government research. But the ISC Cybersecurity Workforce Study 2022 says the gap is growing twice as fast as workforces, with businesses needing 26% more cybersecurity experts each year.’

On the interpersonal side, Huxley suggests soft skills such as adaptability, problem-solving, and collaboration are crucial. In an industry driven by rapid technological changes, being able to work effectively with cross-functional teams, adapt to new tools, and remain flexible to shifting trends will set professionals apart.

Creativity and strategic thinking are key to identifying new opportunities and solving complex challenges that arise as fintech continues to evolve. By upskilling in these areas, finance professionals can remain invaluable assets in the changing world of financial services.

A mindset of continuous learning is key. The key to futureproofing finance professionals’ skills lies in evolving alongside the industry, ensuring they remain relevant and competitive in an era of profound transformation.

Key skills for the fintech era

Data analytics and visualisation: Understanding and interpreting complex datasets to inform business decisions. Tools such as Python, R, and Tableau are increasingly essential

Blockchain and cryptocurrencies: Familiarity with blockchain fundamentals and its applications, such as smart contracts and decentralised finance (DeFi)

AI and machine learning: Developing a working knowledge of AI tools used for predictive analytics, natural-language processing and algorithmic trading

Cybersecurity: Ensuring the integrity and security of financial data in an era of increasing cyber threats

Regtech: Leveraging technology to navigate and comply with regulatory requirements, particularly in anti-money laundering and know-your-customer processes

Agile and design thinking: Cultivating the ability to innovate, adapt and deliver customer-centric solutions in dynamic environments.

Global programmes

PwC has been working on its $3bn New World, New Skills programme to address the growing gap between the skills people have and those needed in the digital world. The initiative supports PwC’s 275,000 employees globally.

‘It’s clear that one of the world’s most pressing challenges – and one faced by business – is the gap between the skills people have and those needed for the digital world,’ says Mike Bynoe, PwC East Caribbean Partner. ‘There is a need for organisations, governments and educators to come together to fix this growing problem, and business has a vital role to play.’

The World Economic Forum’s Reskilling Revolution initiative, aims to equip more than 600 million people worldwide with the skills needed for the future of work by 2030. The platform has support from over 70 CEOs, with a commitment to address critical gaps in skills, especially in light of rapid technological advancements and the green transition. It involves partnerships with major companies such as Salesforce, IBM and LinkedIn, as well as international organisations such as UNICEF and Coursera. By 2030, the programme expects to boost global GDP by US$6.5 trillion through targeted investments in workforce development.