Pictured at the event L-R: Garvan Callan, Innovation and Transformation Advisor, Institute of Banking, Claire Percy Chartered Accountants Ireland, Barry Dempsey Chief Executive, Chartered Accountants Ireland, Minister Michael D’Arcy, Mary O’Dea, Chief Executive, Institute of Banking, Conall O’Halloran and Barrie O’Connell Partner, KPMG Ireland and Partner in charge of the KPMG Cork office.
Minister D’Arcy says developing technologies will require a skilled talent pool
Ireland’s Transforming Financial Services Breakfast Briefing was held in collaboration with The Institute of Banking and Chartered Accountants Ireland, demonstrating their commitment to supporting the Ireland for Finance strategy, launched in April by Minister D’Arcy and Paschal Donohoe TD, Minister for Finance. Addressing a 180-strong crowd of members and stakeholders of both The Institute of Banking and Chartered Accountants Ireland on Tuesday 25 June, Michael D’Arcy, Minister of State at the Department of Finance and the Department of Public Expenditure and Reform with special responsibility for Financial Services and Insurance, said: “Innovation in financial services is much more than the use of new technologies and also includes the development of new financial products, services, instruments, and ways of doing business.
Minster D’Arcy added: “These new and developing technologies will require a talent pool of people with the skills to develop, manage and implement them. In many cases we can expect that the employment of highly-skilled staff in this area will move Ireland’s international financial services sector up the value chain. We are fortunate to have a solid technology base in Ireland to undertake the development and the research that will deliver the next generation of changes in financial services.”
Mary O’Dea, Chief Executive of The Institute of Banking, spoke about The Institute’s role in empowering a transforming sector through strategic and digital initiatives. She said: “Our consultations with industry showed that while organisations have embraced the digital agenda, they have not built digital capability throughout their business. Full capability requires all those working in the financial services industry to be comfortable gathering and using appropriate information to continuously enhance financial products and to manage their inherent risk. This way of working requires a whole new capability and our digital product programme is designed to provide this ‘end-to-end’ immersive learning, using real-life case studies and, crucially, requiring students to apply their learning in the workplace. Harnessing digital product management can enable better customer outcomes and ultimately, raise standards within the industry.”
Echoing the Minister’s sentiment, Barry Dempsey, Chief Executive of Chartered Accountants Ireland, said technological advances are “game changing” for accountants. He addressed the fact that, as an Institute, Chartered Accountants Ireland is acutely aware of how technology is impacting on the accountancy profession. He discussed how automation removes the requirement for human interaction with routine processes and how “the cloud” changes the way data is stored, opening up huge opportunities in blockchain, cryptocurrencies and more. To find out more about The Institute of Banking’s Digital education offering please visit https://www.iob.ie/digital