ICT in Financial Services
Assessing and Addressing the Human Resource Needs
On the strength of its financial services sector, the Canadian economy managed to stay abreast of the 2008 global recession. Strong banking laws, a highly skilled and educated workforce and significant investments in robust information and communications technologies (ICT) allowed Canada’s financial services industry to remain resilient and vibrant throughout the recession, proving its capacity to withstand the harshest of economic conditions. However, the aftermath of the recession has created immense pressures on the global financial industry.
In today’s global economy, providers of financial services face many challenges. Chief among them include the growing consumer demand for disintermediation on a global scale, the need for low-cost, high-quality services, immense security concerns, growing regulatory requirements and the need to develop products and services that are accessible to consumers at any time and in any place. At the same time, financial services must be innovative in meeting these challenges on a reduced budged and with fewer resources.
In light of the prevailing economic conditions following the 2008 global recession, ICTC has conducted an exploratory study into the domain of financial services in order to understand the ICT business opportunities and challenges facing financial service providers. The study provides key information on how ICT can foster innovation and productivity among providers of financial services. The study also identifies and explores key challenges facing the financial services industry in a globally integrated marketplace, such as finding skilled workers at the intersection of technology, finance and business. By engaging with representatives from Canada’s financial services industry, including banking, investment and insurance companies, the study explores the human resource needs of Canada’s major financial players.
It can certainly be argued that no other sector has been influenced more by ICT than Financial Services. ICT has revolutionized the financial industry’s services and provided it with a profound source of product and process innovation. Harnessing the innovative potential of ICT in the domains of mobile technology, cloud computing and digital content has the potential to overcome the many challenges facing financial service providers in the aftermath of the 2008 financial crisis. ICTC’s latest report, ICT in the Financial Services Sector, is the first step in understanding the linkages between technology and finance.
For more information on how you can be involved in the next phase of this exciting study, which explores the challenges and opportunities facing Canadian financial services in this critical post-recession period, please contact:
Sam Bourgi, Research Associate, ICTC
(613) 237-8551 ext. 152
JULY 2012 – TORONTO WHITEPAPER: Talent-Innovation-Investment: ICT in Toronto’s Financial Services Sector
In addition to its national report, ICTC partnered with the Toronto Financial Services Alliance (TFSA) to launch a regional whitepaper that explores the linkages between Talent, Innovation and Investment in Toronto’s Financial Services sector. As the epicentre of Canada’s Financial Services Sector, Toronto represents one-half of the total financial ICT workforce in Canada. As the third largest financial hub in North America, Toronto’s Financial Services Sector has made Canada a world leader in financial services, spurred by decades of ICT integration and innovation, thus contributing to the transformation of Canada’s digital economy.
While Toronto’s strength lies in its diverse and highly skilled talent base, the talent-innovation chain must be strengthened by aligning skills with the evolving needs of industry. The Whitepaper explores these topics and suggests ways in which industry, academia and ICTC can work together to ensure that Toronto’s Financial Services sector has a highly-skilled, forward-looking ICT workforce.