{"id":5984,"date":"2018-11-02T14:05:54","date_gmt":"2018-11-02T18:05:54","guid":{"rendered":"https:\/\/blog.brainstation.io\/?p=5984"},"modified":"2021-01-29T09:16:29","modified_gmt":"2021-01-29T14:16:29","slug":"every-business-tech-company-digital-skills","status":"publish","type":"post","link":"https:\/\/brainstation.io\/blog\/every-business-tech-company-digital-skills","title":{"rendered":"5 Industries That Need Tech Talent"},"content":{"rendered":"\n

The need for digital skills is no longer confined to startups and app developers. It spans across industries and roles, from middle-skilled positions to senior executives. Research from the <\/span>Information and Communications Technology Council<\/span><\/a> shows that even traditional banking institutions and retail jobs are requiring upgraded digital skills.<\/span><\/p>\n\n\n\n

\u201cGiven that more than half of Canadian ICT workers are employed in sectors outside of ICT, the value-added by ICT workers across all sectors of the economy is expected to intensify over the next five years as businesses adopt new technologies,\u201d the ICTC report explains.<\/span><\/p>\n\n\n\n

Every sector, from banks to the food industry, now needs an online presence; digital marketing expertise is needed to procure clients and customers, and developers to make their websites function. <\/span><\/p>\n\n\n\n

Unfortunately, these technical skills are still in short supply \u2014 and this is <\/span>raising the value of digital skills training<\/span><\/a>. Here\u2019s an outline of a few traditional industries whose digital transformations are creating demand for more tech talent.<\/span><\/p>\n\n\n\n

Fintech<\/h2>\n\n\n\n

Financial technology continues to experience <\/span>rapid growth<\/span><\/a>, with a surge in investment capital and startups capturing an estimated <\/span>$470 billion in profit<\/span><\/a> from established financial services companies. <\/span><\/p>\n\n\n\n

As you might expect, fintech is ever-evolving, and as blockchain technology and artificial intelligence are further embraced, a wide range of digital career opportunities will be created. In London alone, for example, <\/span>46,000 new jobs are expected to be added by 2024<\/span><\/a>, with Blockchain and Mobile Developers, Cybersecurity Analysts, and Product Managers, among others,<\/span> in hot demand<\/span><\/a>. <\/span><\/p>\n\n\n\n

Fintech firms, however, will also be expecting professionals in more traditional roles to upgrade their digital qualifications.<\/span><\/p>\n\n\n\n

\u201cWe\u2019ve taught ex-compliance officers and legal experts to code as it really empowers them to be self-sufficient and solve problems themselves without having to look for \u2018developers\u2019 to help them solve simple automation issues,\u201d adds Andrew White, founder and CEO of regulatory fintech firm, FundApps, in an interview with <\/span>efinancialcareers.com<\/span><\/a>.<\/span><\/p>\n\n\n\n

Commercial Banking<\/h2>\n\n\n\n

“Everything about our business model is changing,” said <\/span>Deutsche Bank’s CEO John Cryan<\/span><\/a> in 2016, “….we’re too old fashioned.”<\/span><\/p>\n\n\n\n

This has only intensified in the last two years, as banks continue to digitize their traditional analog processes. <\/span><\/p>\n\n\n\n

\u201cLoan processing, account opening, service subscriptions, problem resolution and one-to-many payments are all examples of current processes that are ripe to be reimagined in order to gain speed, efficiency, and scale,\u201d Chris Nichols, Chief Strategy Officer at CenterState Bank said. <\/span><\/p>\n\n\n\n

As this digital transformation continues, banks are also integrating new technology. <\/span>Research conducted by Personetics<\/span><\/a> in partnership with CapitalOne found that almost 50 percent of financial institutions, including MasterCard and Bank of America, are introducing artificial intelligence (AI) and chatbots. <\/span><\/p>\n\n\n\n

These <\/span>industry innovations require <\/span><\/a>Software Engineers, Data Analysts, Developers, and more, but they also demand Customer Service Representatives and Commercial Bankers with the skills to work in an increasingly technology-focused environment. Enter the increasingly urgent need for digital skills training, which was underscored by one participant in EY\u2019s \u201cThe future of talent in banking\u201d survey, who said: \u201c<\/span>We will retrain 60\u201370% of our workforce<\/span><\/a>.\u201d<\/span><\/p>\n\n\n\n

Investment Banking<\/b><\/h2>\n\n\n\n

Investment banking is becoming highly automated, with powerhouses like <\/span>Goldman Sachs relying heavily on automated trading.<\/span><\/a> The industry is now largely reliant on quantitative trading versus an investing pro\u2019s \u201cgut feeling.\u201d<\/span><\/p>\n\n\n\n

Investment bankers now need the skills to track customer behaviour, analyze data to find anomalies and opportunities, and perform purely electronic trades. And according to a <\/span>report from Accenture<\/span><\/a>, investment clients want information far more quickly, to the point where it supports real-time management decision-making and compliance monitoring. For example, one major European investment bank estimated that it could save upwards of <\/span>US $1 billion per year<\/span><\/a> in capital allocation costs if it was able to have a real-time view of capital needs across the regions and lines of business.<\/span><\/p>\n\n\n\n

Because data is now playing such a leading role in this industry, investment banks are <\/span>actively recruiting Data Scientists and Data Engineers<\/span><\/a>.<\/span><\/p>\n\n\n\n

Retail<\/strong><\/h2>\n\n\n\n

While online shopping and eCommerce was responsible for<\/span> $2.3 trillion in sales last year<\/span><\/a>, the importance of brick and mortar stores isn\u2019t dissipating, but rather changing. Stores are now turning into physical extensions of the online shopping experience, introducing digital features based on convenience and customer experience. <\/span><\/p>\n\n\n\n

96 percent<\/span><\/a> of Americans shop online, and even if they are in-store, technology is an integral part of their purchasing decision. A <\/span>recent report<\/span><\/a> found that 82 percent of smartphone users consult their phones before making an in-store purchase.<\/span><\/p>\n\n\n\n

This means that omnichannel retail marketing is the new name of the game. In fact, 25 percent of retailers list omnichannel marketing as their number one priority for 2019, according to <\/span>Adobe\u2019s Digital Retail Trends report.<\/span><\/a> In short, it\u2019s not enough for retail brands to only have a storefront. They need a robust eCommerce website, branded social channels, and digital marketing to capture consumer interest online. Which in turn means that the retail industry is looking to hire digitally skilled talent that can help them to compete in an extremely competitive industry. <\/span>LinkedIn\u2019s recent study<\/span><\/a> showed that there has been a drop in the proportion of sales roles in retail, but an increase in digitally-focused positions. In fact, Software Developer and Marketing Specialist are currently the third and fourth most popular retail jobs. <\/span><\/p>\n\n\n\n

Additional digital skills that have gained importance in the retail sector include:<\/span><\/p>\n\n\n\n