Bringing Tech Into Education is the Key to Fintech’s Future
The rapid growth of the fintech industry in the UK has positioned the country as a global leader in financial technology. However, a significant challenge looms on the horizon: the educational gap in fintech and the broader digital skills gap in Scotland. A staggering 77% of students in the UK have never considered a career in the fintech industry, according to a 2023 survey from Quotezone.co.uk. 36% of these students explain that this is due to a lack of education and awareness about the fintech sector.
Without addressing this gap, Scotland’s future growth could be hindered . The key to ensuring Scotland's continued success in fintech, therefore, lies in providing tech resources and tech training in education, equipping students with the necessary skills to thrive in this dynamic field. Let’s take a closer look below.
The digital skills gap and its impact on fintech
Besides a lack of education and awareness about the fintech sector, students face challenges such as a lack of relevant experience and pressure to gain such experience during their higher education journey. This educational gap is not unique to fintech but extends to the broader digital skills gap, where up to three-quarters of IT employers report difficulty in finding workers with the right skill sets.
As fintech relies heavily on technology and innovation, a shortage of skilled professionals could hinder the development of new products, services, and technologies. Furthermore, it may hinder the industry's ability to keep up with rapidly evolving technological trends, ultimately affecting its competitiveness on the global stage.
Bridging the gap through tech in education
To ensure that students are adequately prepared for a future in fintech and other technology-driven industries, it is imperative to bridge the digital skills gap through education. One effective way to achieve this is by integrating tech resources and training into educational curricula. Emphasising coding and programming skills from an early age can spark interest in technology-related careers. Additionally, providing students in higher education with exposure to emerging technology, such as artificial intelligence or data analytics, can inspire innovation and creativity.
One shining example of how tech resources in education can lead to promising fintech careers is the partnership between Edinburgh Napier University (ENU), known for its innovation in computer science and cybersecurity, and FinTech Scotland. Through this partnership, students gain access to the latest academic insights, industry knowledge, and real-life problem-solving experiences.
Tech resources can include access to modern computer labs, software, and digital learning platforms or tools that promote better learning experiences. Note-sharing platform Studocu.com is an online portal that allows students to study more efficiently using lecture notes and study materials from various universities — including the aforementioned Edinburgh Napier University — providing resources that can possibly help them transition into fintech careers later on. Beyond fintech-specific skills, such tech training can also equip students with general digital literacy. This enables students to navigate technology efficiently, access online resources, and communicate effectively in a digital environment.
As students near graduation, the implementation of graduate apprenticeships can help students gain practical work experience that will later help them contribute to the workplace before the end of their first year. The Graduate Apprenticeship in Software Engineering at the University of Glasgow additionally reflects in more diverse graduates, with female trailblazers encouraging more young women in the UK to take up software engineering.
As we look to the future, bringing tech into education is the key to securing a prosperous future for fintech and Scotland's position as a global fintech leader. To stay updated on the latest fintech news, check the rest of our work at FinTechScotland.com.
Image credit: Pexels by Liza Summer
Source: https://www.pexels.com/photo/crop-ethnic-trader-with-smartphone-and-laptop-on-bench-indoors-6347720/
