94% of people in financial services suspect colleagues are bluffing about their fintech knowledge

A new study finds that so-called “FinTech experts” may not be as knowledgeable as they claim. The research from online training platform, FINTECH Circle Institute uncovered that 94% of financial services professionals suspect their colleagues of using buzzwords such as “Blockchain” and “Artificial Intelligence” without understanding their meaning. Over half (60%) claim that such bluffing is a common occurrence.

The industry professionals questioned felt that lack of training within financial services organisations was the biggest factor preventing some employees from developing their digital and FinTech skills, with 69% making this claim. Meanwhile, 22% say financial services professionals are putting off developing their digital skills out of fear that it’s too late to catch up with existing FinTech experts.

This is despite the vast majority of financial services professionals believing that promotions should favour the most tech-savvy employees, meaning traditional financial services experts could be at risk of falling behind their digital-friendly colleagues. Of the 1,400 people questioned, 84% claimed that colleagues with advanced digital and FinTech skills, but half the years of experience, are more deserving of promotion than a colleague who has been in the industry for at least ten years.

Susanne Chishti, CEO and founder of the FINTECH Circle Institute commented: “It’s worrying to think that financial services professionals believe it’s too late to build their digital and FinTech skills, while others are bluffing their skillset. As the study shows, in today’s financial services industry, there is a direct link between genuine digital knowledge and promotion prospects.”

Source: finextra.com