Fintech in Scotland has attracted nearly £37 million in investment over the last 10 years and has a growing ecosystem which brings together startups, large established firms, universities and the public sector.

We are now home to more than 70 fintech companies and many of the world’s most respected financial institutions have technology-focused functions right here in Scotland, including the likes of Barclays, J.P. Morgan and NCR.

Outside of London, we are lucky enough to have the most complete financial cluster in the UK – supporting more than 160,000 jobs in financial and professional services as a whole.

Scottish fintech firms are at the cutting-edge of tackling societal and economic challenges using innovative solutions and technologies. But, they can only do that if they have the right people with the right skills. With this in mind, never has an industry been better suited to (and in desperate need of) work-based learning than the fintech sector.

The rapid pace and ever-evolving nature of this relatively new area of finance means that new skills are constantly in demand to meet the needs of new and speciality roles, particularly those with the right digital skills. And those people are hard to find.

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By hiring apprentices and focusing on other methods to upskill and reskills existing employees, such as mentoring schemes, boot camps and micro MBAs, fintech companies can ensure there is a steady talent pipeline open and flowing for them. As technology evolves and innovation continues leading to new tech needing new skills, work-based learning also offers a cost-effective, agile way to ensure staff can develop their career and stay ahead of fintech’s fast-moving curve.

The apprenticeship route offers three distinct options for employers:

Foundation Apprenticeships last more than one of two years, giving school students in S5 & S6 the chance to gain valuable work experience and learning in one of Scotland’s 12 growing industries, including the digital & tech sector. By spending one or two half-days each week, working with a local employer, young people gain valuable real-work experience while learning both the practical and technical skills needed for their future career.

Modern Apprenticeships help employers to develop their workforce by training new staff, and also upskilling existing employees. For individuals, an MA is a job which lets them earn a wage and gain an industry-recognised qualification. There are over 80 Modern Apprenticeship frameworks – from financial services through to IT – which have been developed in consultation with industry to ensure they are the best possible fit.

Graduate Apprenticeships provide a way into degree-level study for individuals who are currently employed, or who want to go straight into work. Employees can equip themselves with higher levels of academic learning and industry accreditation, which helps them progress as professionals. Because they are designed are the needs of industry, employers will have confidence that what their staff are learning at college or university will directly contribute to the success of their business.

A supportive business environment and a vibrant tech scene are helping position Scotland as one of the top fintech destinations in the world. We just need to make sure that we support this growth by creating and attracting exceptional talent to maximise this huge potential.

Work-based learning, in all its forms, should be a key driver to achieving exactly that. There is no doubt such initiatives require time, investment and commitment, but its time and money very well spent as you end up with a highly-skilled, highly-motivated workforce created and moulded to meet the exact needs of your fintech business – it really is a win-win for all.

For further information about how work-based learning can help your fintech business, visit the CWBL website and Apprenticeships.scot.

For additional information about the fintech sector, visit both FinTech Scotland and Scottish Financial Enterprise.