Research from Banking Circle reveals roadblocks that prevent banks and FinTechs from preparing their organizations for the future. The latest Banking Circle study has revealed the new challenges facing CIOs and CTOs working in Banks and FinTechs. Bank Payments’ vision for the new economy found that more than half have skills gaps in their organizations that could prevent them from capitalizing on the latest technology, seriously undermining their post-COVID recovery.
All FinTechs and 99% of banks confirmed that they have skills gaps in their organization
63% of FinTechs (56% of banks) expect to see their payment / resource IT team increase in the next 12 months.
34% of all respondents do not trust their recruiting plans to be fit for future purpose.
35% of banks do not trust that the maintenance and infrastructure of existing systems are ready for the future; 31% of FinTechs feel the same about their API technology
Across all respondents, ‘API technology’ will see the highest level of new funding compared to pre-Covid levels, with 44% planning more investment in the coming months.
‘Build’ or ‘Buy’? FinTechs (66%) are slightly more likely than banks (64%) to collaborate with external partners to solve their technology challenges.
In July 2021, Banking Circle spoke with 600 Chief Technology Officers (TOs) and Chief Information Officers (CIOs) at banks, FinTechs and PSPs in the UK, DACH (Germany, Austria and Switzerland) and Benelux (Belgium, Netherlands) regions. Netherlands and Luxembourg). The research has been published in a white paper: ‘Future Proof Payment Technology: The Challenges CIOs and CIOs Face’.
Anders la Cour, Executive Director of Banking Circle Group, commented:
“It was encouraging to see that the banks, PSPs, and FinTechs we surveyed remain generally optimistic about the future. The pandemic has forced IT departments to make big changes to digitize and prepare their organizations for the future, but they appear to be concerned about the distance they still have to travel. “