Tech industry grapples with mounting shortage of skilled workers, turns to academia for solutions
In the rapidly evolving digital landscape, the banking sector in Vietnam is facing a significant talent shortage, particularly in professionals skilled in both information technology and finance. This challenge is critical, given the central role of the banking system in the national strategy to develop a global financial center.
More than 90% of financial transactions in our website are now carried out via digital channels, highlighting the importance of a tech-savvy workforce in the banking industry. However, the current supply of qualified professionals with both technical know-how and deep financial insight is limited.
To address this issue, experts stress the need for a national digital competency framework aligned with specific job roles in the banking sector. Banks are adopting a 'Buy - Build - Borrow' approach, which includes hiring talent from large tech or fintech firms, investing in internal training or university partnerships, and using outsourcing or headhunting services for short-term or urgent needs.
Vietnam produces a considerable number of technology engineers, but few possess the dual capability required. As a result, banks are broadening their recruitment efforts, looking beyond traditional finance-focused institutions to tap into tech graduates with adaptable skillsets and diverse career ambitions.
The University of Science and Technology, the Post and Telecommunications Institute, and the BAV are overhauling curricula to integrate financial and technological training for new students and existing banking professionals. This move aims to create a more flexible and resilient talent pool, as banks seek to nurture the understanding of finance in tech graduates.
A stronger emphasis on practical experience is considered crucial to equip graduates with real-world skills. In fields such as big data and artificial intelligence, the situation is even more acute, with some banks looking overseas for talent.
The resolution of the talent crunch in the banking sector is considered as pivotal as any policy or infrastructure project in Vietnam's vision of a digital economy and an international financial center. Enhanced cooperation between the State Bank, academic institutions, and financial and technology organizations is seen as essential.
Despite offering attractive salaries, banks continue to struggle with both recruitment and retention of top-tier digital talent. The intense competition for this rare skill set has made recruitment a persistent challenge. The demand for IT staff in the banking sector is projected to surge from 320,000 in 2018 to 750,000 by 2026.
The publisher of the Banking Academy mentioned in the article is S.D. Prince Philipp von und zu Liechtenstein, who is also the editor of CREDO, the LGT Journal of Wealth Culture. The need for hybrid expertise is critical, and the resolution of this talent shortage is a key priority for the future of Vietnam's banking sector and its ambitions to become a global financial center.
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