Machines have replaced humans in many jobs. Innovative farming has also substituted humans and horses. But computers cannot completely take the place of human beings. Neither can technology completely take over human skills. Humans are needed in the areas of creativity and critical thinking. In the future and now, we will have humans at the centre of inspiration. Because of this, we have experienced the human-machine team.
For instance, some factory floors deploy robots to increase machine learning. This has encouraged people to work alongside the machine. Machines are being used to turn hand-drawn sketches that are done by humans. These sketches are turned into digital source code. This same idea has pushed Airbnb – the startup known for enabling homeowners to rent out their homes to travellers – to develop a new artificial intelligence that will empower its designers and product engineers to take ideas from the drawing board and turn them into actual products.
In this case, human creative endeavours are transformed and enhanced by machines and scale. Machines and creatives are working together everywhere. Especially in the fintech ecosystem. But there is a paucity of human skills. The talent gap in the fintech space is glaring. Why? Research has shown that Fintech is a fast-moving sector. As a sector that embraces two fields, technology and finance, Fintech has changed the traditional way in which financial services are delivered. Fintech has evolved over time.
The subjects being taught in Nigerian universities are not evolving. There is, therefore, a clearly identified skills gap.
The subjects being taught in Nigerian universities are not evolving. There is, therefore, a clearly identified skills gap. Some of the skills include Blockchain, cybersecurity, programming, big data, machine learning, Artificial Intelligence, deep learning and soft skills. The high demand for the skills is a result of the growing trends. Artificial intelligence and Blockchain are areas with the largest gaps. Other areas such as sustainability, resilience, operational disruptions and changing customer demands have lower gap.
To maintain competitiveness, Fintech firms depend on fast and continuous evolution of technologies. To access the right candidates and talents in the right geographies is vital. KPMG and H2 Ventures in their 2016 report, Fintech100, explained that the persistent skills gap in the Fintech industry is illustrated by the existing change in employers’ needs. Employers, therefore, need the most suited candidates with the right skillset. To match the growing demand of newfound alternatives in the industry. The existing skills gap is worsened by difficulties of a limited pool of tech candidates.
According to the Institute of Coding and Manchester Metropolitan University report, limitations exist in the evolution of Fintech. These limitations include the regulatory burden and reliance on the supply of skilled labour to effectively benefit from technological innovations. The report informed that to meet Fintech’s demands, skills need to be elastic, ever-changing and dependent on innovations and changing practices.
Take big data, for instance. It comes as structured and unstructured data. Big data is generated by electronic devices. The data is too large. It cannot be handled and processed by your regular databases. The data has a high volume. The data has high velocity. The data has a high variety. It is structured data: It has numbers. It has names. It has addresses. It has ages. It has dates. The unstructured data is different: It has video. It has image. It has audio. The structured data can be analysed and processed easily.
But the unstructured data cannot be processed easily. It requires a special technology. Big data can be deployed to detect fraud. It can be analysed to construct habits. It can be arranged to explain behaviour. Big data plays a crucial role in the evolution of Fintech. The skill is in high demand. If you are a scientist, you are a billionaire. You would sit in the hallowed chamber of big tech companies. You would dine with Bill Gates. You would wine with Mark Zuckerberg.
But there is a gaping hole. To fill the hole, Fintech companies, top universities and research institutions could collaborate to train the workforce. On the flip side, upskilling is another way to keep the current employees within the industry. With upskilling, experienced workers will desire to start something new to enrich their current skill through training.
Well, with the ever-changing nature of the Fintech industry, new training programmes should be introduced. This would support upskilling.
This is crucial in retaining talents within any organisation. Also available training schemes would allow new recruits and experienced employees to build a portfolio of various skills. This is an investment. It is the right investment in the careers of the workforce. It is an opportunity to gain an insight. To plan for a career future. If the Fintech industry lacks high quality training with a variety of choices, employees would not be encouraged. But this is not so. There are competent trainers. So, this would spur employees. It would discourage them from leaving altogether.
Well, with the ever-changing nature of the Fintech industry, new training programmes should be introduced. This would support upskilling. It would introduce advanced products and services. This would close the gap of talent shortage. Fresh graduates would be attracted. Skills would multiply. Already, Beijing uses top universities and research institutions to train the Fintech workforce. This can be replicated.
It would create diversity in the talent pipeline. It would provide role models for pre-university education. It would support employers. To attract and retain a larger and diverse workforce. Universities should collaborate with the Fintech industry to increase awareness of Fintech. To bring financial service innovation closer to the undergraduates. To support the development of alternative programmes of learning. These can be achieved through apprenticeships and work placements. Talents would be groomed. Talents would be harvested. Talents would develop machines. Machines would do the heavy lifting. Machines would learn from humans. Machines and human work side-by-side. Machines win. Humans win.
*Olaegbe ([email protected])
