Minister of State, Michael D’Arcy TD launched a leadership development programme for senior professionals across the financial services sector
Programme is one of the formal action items on the ‘Ireland for Finance’ 2025 strategy
Minister D’Arcy TD stated that the programme is ‘designed to develop future leaders for a disruptive landscape’
Minister of State, Michael D’Arcy TD today launched the IMI Future of Financial Services Leadership programme, one of the formal action items on the Irish government’s plan for the international financial services sector.
“The Future of Financial Services Leadership Programme is a product of cooperation between industry experts and higher education to identify the key challenges in the financial services sector and has been designed to develop future leaders for a disruptive landscape” said Minister Michael D’Arcy at the Launch of the Future of Financial Services Leadership Programme. “The programme is a headline action in the Ireland for Finance strategy and increasingly, we will be adopting a ‘life-long learning approach’ to ensure that people and their employers have the necessary skills and expertise to deal with both current and future demands.
“This programme is an opportunity for senior managers working in financial services and fintech to not only input on where they see the future of financial services and fintech going, but to assemble the toolkit necessary to lead their organisations through a time of transformation and to ensure that we have continued success in these areas.
“I would like to thank the IMI, BPFI, and IFS Skillnet for developing this course.”
An industry-led initiative, the programme aims to develop the leaders in the financial sector so they can support the overarching ‘Ireland for Finance’ 2025 strategy; for Ireland to be a top-tier global location of choice for specialist international financial services.
As part of that goal, an employment target of having 50,000 people in direct employment by 2025 has been set, compared to 44,000 people currently employed in the sector.
The programme is a result of the collaboration between the Irish Government, IFS Skillnet, Banking & Payments Federation Ireland (BPFI) and IMI. The design was a result of a series of focus groups and workshops with stakeholders in the industry, starting in late 2018, which identified the key challenges leaders are facing in the sector.
“Accessing talent and appropriate skillsets are major priorities for our members. In a recent survey of our international banks some 62% pointed to digital skills as a key skills shortage area’ said BPFI’s Chief Executive, Brian Hayes. ‘’With this in mind, we have worked closely with our members and the IMI to develop this programme. It will focus on the impact that technology and customer expectations are having on business models and on how firms can use tools like design thinking to compete through innovation. We believe this programme will greatly foster innovation and critical thinking in those firms that participate.”
‘’The availability of a well-educated, highly skilled adaptable workforce has enabled Ireland to become an important global location for financial services. If we want to continue growing in this ever-changing financial landscape, it’s vital our workforce is equipped with the latest thinking and skills.’’ Said Brian McMahon, Network Manager, IFS Skillnet. “We’re delighted to support the IMI Future of Financial Services Leadership programme which is designed to enhance leadership capabilities for the sector.”
The Future of Financial Services Leadership programme brings together senior leaders in organisations from across the sector, from established financial providers to regulators and fintech’s – something Chris Roebuck, economist and IMI Programme Director, feels is an advantage the Irish sector has over competing countries.
‘From digitisation to changing consumer behaviour, the financial services sector is going through a necessary upheaval at the moment to better meet the needs of customers and deliver sustainable profitability’ said Chris Roebuck. ‘Ireland is in a unique position to take advantage of the current disruption in financial services. The programme puts the stakeholders in the same room to enable them, their organisations and the sector to move forward with a leading edge, coherent and agile strategy.’
Within the programme, cross-company strategic projects will be created and presented to sectoral sponsors, alongside stakeholders in the civil and public sector. These projects aim to deliver strategic value at both organisational and sectoral level and influence the thinking about the ‘Ireland for Finance’ 2025 strategy as it grows and evolves.
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Banking & Payments Federation Ireland (BPFI) represents the banking, payments and fintech sector in Ireland. Together with its affiliates, the Federation of International Banks in Ireland and the Fintech & Payments Association of Ireland, BPFI has 100 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.
About IFS Skillnet
IFS Skillnet is co-funded by Skillnet Ireland and member companies. It’s aim is to support the IFS sector in maintaining Ireland’s position as a top international financial services centre, through ongoing investment in the development of the skills and expertise of this workforce.
The network is led by a steering group with includes member companies and the leading financial services industry associations. It comprises of Financial Services Ireland (FSI), the Federation of International Banks in Ireland (FIBI), Irish Funds (IF), Insurance Ireland, and the Irish Association of Investment Managers (IAIM).