Want to cash in on top tech talent in the financial sector? First things first, you need to understand the technology and skillsets this evolving industry is banking on.

The financial sector is undergoing rapid evolution: Innovative tech is changing the way financial transactions are conducted, and traditional banking models are being disrupted. Several technologies rise above the rest due to their transformative impact on the industry.

We delve into the tech that’s driving the most change amongst the workforce and the market insights you need to get ahead when hiring.

Three emerging technologies shaping the financial sector

Among the emerging technologies within the financial sector are artificial intelligence (AI), machine learning (ML), cloud computing and blockchain — each presenting unique opportunities for innovation and transformation in the way financial services are delivered and experienced.

AI and ML

AI and ML are two of the most disruptive technologies in the financial sector, commonly adopted to automate tasks, improve decision-making, and detect fraud, among other functions.

The marketplace for AI and ML skills in the financial sector is highly competitive. Salaries for these tech professionals are rising, and there is a growing demand for these skills in both traditional financial institutions and fintech startups. Granted, there is also a shortage of qualified AI and ML professionals, which is driving up the cost of hiring candidates with these skills.

Talent Wellington Senior Recruitment Consultant, Adeline Le Bris, comments that “AI will fundamentally change the landscape of the Financial Services industry. To enable AI, financial organisations are currently going through significant digital transformation. Some of their key priorities include replacing and modernising their core systems platforms as well as modernising their data. Achieving data maturity will be key to the success of enabling AI.”

Resultantly, it’s expected that the skills landscape and workforce demands will shift, with Adeline observing “some of the skills that are emerging will cover data analytics, data engineering including big data, infrastructure automation, programming, cloud platforms, and security. Specific technologies that are sought after will include Python programming, AWS, and Azure.”

In 2022, while Data Science ranked in the top 5 most in-demand professions in Australia, LinkedIn ranked machine learning engineers as the second most in-demand role in the UK. And looking forward, estimates project that 97 million new AI jobs will be created by 2025. One way that the Australian marketplace is planning to mitigate these demands is through the Government’s investment of AUD $124.1 million, as a part of their Artificial Intelligence Action Plan. Similarly, the UK Government recently announced their plan to invest £54 million into their AI talent pipeline.

As AI and ML technologies continue to evolve, Adeline notes that the demand for professionals skilled in these spaces will continue to grow. What are companies looking for most in tech talent? “Organisations will look for agile and adaptable mindsets, innovators, people who think outside of the box and have an eagerness to keep on learning and developing.”

Cloud Computing

Cloud computing allows financial institutions to seamlessly scale their operations, improve their security and reduce their costs. According to LinkedIn Talent Insights, several of today’s in-demand cloud computing competencies include:

• Terraform
• CI/CD
• Amazon EC2

Other in-demand skills include AWS CloudFormation, Amazon S3, and Azure DevOps services, among others. Given this demand, 46% of employers in an Australian study identified the lack of skilled individuals as the main barrier to cloud migration; an obstacle that is expected to persist due to the projected growth of cloud computing.

In Australia, public cloud spending is set to surge by 83%, reaching AUD $22.4 billion by 2026, up from AUD $12.2 billion in 2022. Similarly, New Zealand is forecasted to experience nearly a twofold increase in public cloud spending, jumping from NZD $2.6 billion to NZD $5.1 billion during the same period. To fuel this growth, there is a focused effort to source and invest in robust cloud infrastructure, develop specialised cloud services and foster a skilled workforce capable of effectively managing and leveraging cloud technologies.

Blockchain

Blockchain is significantly reshaping the way transactions are conducted. This distributed ledger system ensures enhanced security and transparency while also offering cost reduction opportunities.

Some of today’s most in-demand blockchain-related skillets, according to LinkedIn Talent Insights, include smart contracts, Web3, TypeScript, and dApps, among others. The demand for blockchain technology and its skilled professionals is projected to increase, with the worldwide market witnessing significant expansion. In 2022 alone, the market for blockchain technology reached $11.14 billion. Looking ahead, the market value is projected to soar to an estimated value of $469.49 billion.

Understanding the marketplace to source top tech talent

With the rising technological demand, financial institutions need talented professionals capable of navigating the ever-evolving landscape of digital finance.

At Talent, leading financial companies bank on us to deliver top tech candidates, helping to address today’s skill shortages. Learn more about how we can help you build world-leading banking, financial and insurance teams here.

​The tech hiring market is changing. With the cost of living reaching new heights and big tech companies making significant layoffs, candidates and employers are starting to adopt a more cautious approach when navigating the hiring market. This has seen the intense salary growth of the past few years and rapid pace of hiring begin to plateau.

As a job seeker in this changing market, it may be time to run a skills update to level up and put the best version of yourself forward to employers. Here are 5 of New Zealand’s most in-demand tech skills which hold the greatest opportunities for 2023:

1. Cybersecurity

Data breaches and cyber hacks are on the up, placing cybersecurity at the top of companies’ priority lists for 2023. However, with a global cybersecurity skills shortage of 3.4 million people, accessing talent with the right skillsets isn’t easy.

In New Zealand, demand for these professionals is clear and only set to increase, with Talent Wellington recruitment expert, Josephine Kempson, highlighting that, “demand for cyber is increasing significantly within New Zealand, and will only grow and grow from here.”

What’s driving this demand?

“Recent cyber-attacks in the public sector in New Zealand, remote/hybrid working becoming the norm, and cybercrime getting more and more sophisticated on the daily. Because of this, there is a strong need for organisations to ensure they are protected against any attacks or breaches and in order to do this, they need talent which isn’t there in the quantity needed.”

This shortage of candidates is driving companies to invest in nurturing and strengthening talent pools, meaning there are growing opportunities for professionals with security skillsets. Talent NZ Country Manager, Kara Smith, explains that, “Due to the forecasted demand and shortfall in these talent pool areas across New Zealand, we are seeing organisations invest in early talent. Organisations have realised they must commit to increasing the available talent pools themselves and therefore grad programs, internships and bootcamps continue to increase.”

So, if you can build a hacker-proof firewall and execute a robust defence-in-depth strategy to protect against those cyber pirates, employers will want you on board in 2023.

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2. Cloud Computing

Forecasted global spending on cloud services is estimated to reach over $591 billion in 2023, up 20.7% since last year, meaning the need for professionals with Cloud Computing skillsets is higher than ever.

This demand is placing those with the right skillsets in the driver’s seat and seeing salaries increase despite a slowing market. According to LinkedIn Talent Insights, this is a strong growth area, with NZ tech professionals who are skilled in Microsoft Azure growing by 41% since 2022.

Whether SaaS, PaaS, or IaaS is more your speed, harness your skills in this space and you’ll be in a good spot for the year ahead.

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3. Business Analysis & Business Intelligence

As companies plan for the year ahead and continue to prioritise data-driven decision-making, Business Intelligence and Business Analysis skills are only growing in demand. According to LinkedIn Talent Insights, tech professionals with Microsoft Power BI skills have grown by 41% since last year in NZ.

Talent NZ Country Manager, Kara Smith, comments on the growth of these skillsets and increasing demand in the NZ tech hiring market, “The market is fiercely competitive for BI developers”, and although the “Business Analysis market has been quieter in the beginning of the year, we are now seeing that increase as organisations kick off programs of work again”.

This demand is ultimately driving salaries up, with Business Intelligence roles in particular, seeing 17% average global salary growth in the past 12 months. So, if you possess a strategic mindset and know your SQL from your HTML, this is a great space to set your sights in 2023.

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4. Software Development

Professionals with skills in software development are highly sought after in NZ this year, however, supply of this talent is running low. Talent Wellington Managing Director, Nik King-Turner, observes that, “Mobile developers and developers in general are still hard to find”. Which places you in a good position if you’re a Python professional and live and breathe data. Strong competition for these skillsets has also seen salaries for software roles increase by 15% since 2022. With growing opportunities in this sphere, it’s a great area to upskill in in 2023.

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5. Artificial Intelligence

The popularity of ChatGPT has emphasised just how prevalent AI technologies are set to become. Those with skills in AI and Machine Learning are only going to grow in demand as investment in this tech reaches new heights – it’s forecasted that global AI spend will reach $500 billion in 2023.

According to Talent Wellington recruitment expert, Josephine Kempson, “With the emergence of new AI technologies and influx of better data management tools in the market, organisations are now better placed to utilise this improved data to provide better solutions to their customers. These new tools and technologies still need to be driven and maintained, leading a strong increase in demand right across the data space especially here in Wellington. This includes roles from Data Visualisation, through to Data Engineers, Data Platform Leads and Data Architects.”

Alongside this, the benefits of AI adoption are clear. According to the AI Forum of New Zealand, AI is projected to increase New Zealand GDP by up to $54 billion by 2035, while 82% of all business decision-makers in ANZ, according to another study, believe that AI and Machine Learning will be integral to strengthening their tech security framework in the near future.

The robots can’t do everything though. People power is essential. There is immense opportunity in this space, and if you possess the right skills, companies will want you on their teams quick stat.

Interested in uncovering more insights on the New Zealand and global tech hiring market? Check out our More Than Money Salary Guide 2023.

For tech and digital opportunities suited to you, check out our jobs board.

The tech hiring market is changing. Layoffs in big tech companies and an uncertain economy are driving greater caution amongst candidates and employers alike, seeing the intense salary growth of the past few years and rapid pace of hiring begin to plateau.

As a job seeker, you don’t want to let your tech skills age like old software. It’s time to run an update to help you get ahead in this uncertain market. Here are 5 of Australia’s most in-demand tech skills with the greatest opportunities for 2023:

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1. Cybersecurity

Cybersecurity is one of the hottest topics this year. With data breaches and cyber hacks on the up, the priority is placed squarely on securing company data. Anthony Whyte, Talent Adelaide Managing Director weighs in:

“As well publicised, there have been numerous critical data breaches over the past 12 months. As a result, cybersecurity is now the number one most talked about topic in most (if not all) company board meetings.”

According to LinkedIn Talent Insights, the number of professionals skilled in cybersecurity in Australia has increased by 30% in the past year, however, demand continues to outweigh supply. Australia needs an additional 7,000 cybersecurity workers over the next two years to make a dent in the skills shortage, which globally sits at a staggering 3.4 million people.

If you want to lead the charge when it comes to innovation and security, skilling up in this space is the way to go. According to Talent Melbourne recruitment expert, Joelle Beaton “2022 demanded that we secure our data in more innovative and sophisticated ways and the focus on data security will only increase again this year”. Bolster your security skills in 2023, and you’ll be in top demand.

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2. Data Analysis

Data skills are increasing in importance as companies continue to prioritise evidence-based decision-making and embrace the power of data.

What does this mean for hiring? Talent Brisbane Managing Director, Keith Dixon highlights that “As businesses look to maximise the revenue opportunity within their data, business intelligence and data analytics skills continue to be in high demand.”

Salaries for data roles are also evidence of the strong demand for these skillsets, with positions experiencing 17% salary growth since 2022. If you’re proficient in this space, your skills will hold you in good stead over the next 12 months.

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3. Microsoft Azure

Microsoft and cloud computing are coveted skillsets as cloud migration projects continue to sit high on companies’ priority lists. This is evident with forecasted global spending on cloud services estimated to reach over $591 billion in 2023, up 20.7% since last year.

This demand is placing those with the right skillsets in the driver’s seat, seeing salaries increase despite a slowing market.

Alan Dowdall, Talent Sydney Practice Manager shares “We are seeing strong demand and salary growth for people who are coming from the Architecture and Design side of Cloud Infrastructure, more specifically with Microsoft skillsets. Microsoft continues to gain market share in the Cloud space and Power Apps continues to grow, claiming market share in the low code space.”

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4. Python (Programming Language)

Software development skillsets continue to be in demand, with Python a key proficiency you should have in your arsenal. It’s seen 22% growth amongst tech professionals since last year according to LinkedIn, however, candidates are still in short supply.

Matthew Munson, Talent Sydney Managing Director shares that although the market is slowing and salaries are plateauing, “Skill sets in high demand and short supply such as Cyber and Software Development have bucked the trend with rates still rising.”

What does that mean for you? If you know your class attributes from your instance attributes, you could be earning the big bucks. Software development salaries have seen 15% growth in the past 12 months, even in this shifting market.

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5. Artificial Intelligence

The advent of ChatGPT has emphasised just how pervasive AI technologies are set to become. Those with skills in AI and Machine Learning are only going to grow in demand as investment in AI reaches new heights – global AI spend is forecasted to reach $500 billion in 2023.

The robots can’t do everything though. People power is essential. If you possess skills in this space, you’ll be in a good position for the year ahead and beyond.

Uncover more about what the tech hiring market holds and how you can get ahead this year, in our More Than Money Salary Guide.

For hundreds of tech and digital opportunities suited to you, visit our jobs board.