Recent reports by Pricewaterhouse Coopers, KPMG, EY, and other industry-focused reports have identified technology as a key contributor to transforming the financial services industry. The Financial Technology (FinTech) industry, however, faces mounting concerns related to attracting and retaining highly skilled talent that is necessary to sustain and grow local finance industries. Specialized talent that combines financial and digital skills is required to develop innovative and cost-efficient FinTech solutions. This report examines the current challenges faced by the industry, as well as the distinct skills that are lacking within the workforce. The report aims to inform post-secondary education institutions (PSEs) and the FinTech industry about strategies for reducing the talent shortage.
The report is part of a larger research project led by various partners at Ryerson University. The project examines how the industry and PSEs can align with each other to address the talent shortage challenge. Through case studies of leading global FinTech hubs, namely London, New York, Singapore, and San Francisco, this report presents a series of recommendations that can be adopted to address Toronto’s own FinTech talent shortage. These recommendations are presented based on examining three categories of strategies of interventions: Education Interventions; Incubators and extra-curricular events, and; Government and Policy Interventions.
