Key Highlights
- 78% of payments industry executives believe upskilling is essential for digital transformation
- The global payments industry is expected to invest over $10 billion annually in employee reskilling programs by 2025
- 65% of payments companies reported increased demand for digital skills among their staff in 2023
- 56% of payment industry professionals have undergone some form of reskilling in the past year
- 40% of payments firms have a dedicated department for workforce development focused on upskilling
- 84% of payments industry leaders see rapid technological change as a primary driver for upskilling initiatives
- The adoption of AI and blockchain technologies has increased the demand for specialized skills by 60% in the payments sector
- Only 32% of payments employees feel their skills are current with industry demands
- 70% of organizations in the payments industry plan to increase their investment in reskilling programs in the next two years
- Training programs focused on cybersecurity in payments saw a 45% enrollment increase in 2023
- 58% of payments firms report difficulty in finding employees with advanced digital skills
- Reskilling initiatives led to a 22% increase in operational efficiency within payments companies
- 52% of payments organizations consider mobile payments expertise a critical reskilling area
As the payments industry accelerates its technological revolution, a striking 78% of executives assert that upskilling is essential to drive digital transformation, with over $10 billion expected to be invested annually by 2025 in workforce reskilling initiatives.
Industry Growth and Outlook
- The demand for cloud computing expertise in payments increased by 70% in 2023
Industry Growth and Outlook Interpretation
Workforce Development and Skills Enhancement
- 78% of payments industry executives believe upskilling is essential for digital transformation
- The global payments industry is expected to invest over $10 billion annually in employee reskilling programs by 2025
- 65% of payments companies reported increased demand for digital skills among their staff in 2023
- 56% of payment industry professionals have undergone some form of reskilling in the past year
- 40% of payments firms have a dedicated department for workforce development focused on upskilling
- 84% of payments industry leaders see rapid technological change as a primary driver for upskilling initiatives
- The adoption of AI and blockchain technologies has increased the demand for specialized skills by 60% in the payments sector
- Only 32% of payments employees feel their skills are current with industry demands
- 70% of organizations in the payments industry plan to increase their investment in reskilling programs in the next two years
- Training programs focused on cybersecurity in payments saw a 45% enrollment increase in 2023
- 58% of payments firms report difficulty in finding employees with advanced digital skills
- Reskilling initiatives led to a 22% increase in operational efficiency within payments companies
- 52% of payments organizations consider mobile payments expertise a critical reskilling area
- The number of online courses on blockchain and digital currencies for payments professionals doubled in 2023
- 60% of payments industry HR managers believe soft skills are undervalued in current training programs
- Approximately 70% of payments firms have integrated reskilling into their diversity and inclusion strategies
- The average time to reskill a payments employee from basic to advanced roles is estimated at 6 months
- 53% of training budgets in payments companies are allocated toward digital technology skills
- 65% of younger payments professionals prefer online and hybrid learning platforms for upskilling
- Investment in AI-specific training rose by 50% in the payments industry during 2023
- 45% of payments companies have increased their reskilling programs following technological disruptions in 2022
- 80% of payments organizations believe reskilling is vital to retaining talent amid industry transformation
- The proportion of payments staff trained in data analytics increased from 20% to 45% over three years
- 48% of payments firms report a skills shortage in agile project management
- 55% of organizations have adopted microlearning modules to enhance ongoing upskilling efforts
- 61% of payment industry HR managers see cross-skilling as a strategy to enhance workforce flexibility
- 90% of payments industry leaders agree that continuous learning programs are critical for future readiness
- Payment industry certifications in cybersecurity jumped by 65% in 2023, indicating a focus on upskilling in security measures
- 72% of payment firms have introduced mentorship programs aimed at skill development
- The revenue from upskilling and reskilling programs in the payments industry is projected to reach $2.5 billion by 2026
- 68% of payments professionals say their companies have a formal upskilling roadmap
- 60% of payments companies conducted skill gap analyses during 2022 to tailor their training initiatives
- The percentage of payments staff trained in AI ethics and compliance increased by 40% in 2023
- 83% of executives believe upskilling enhances innovation within payment organizations
- 50% of payments firms report that upskilling in digital payments increased customer satisfaction scores
- Investment in reskilling to adopt cryptocurrency solutions grew by 55% in 2023 across the payments sector
- 73% of payments organizations plan to incorporate virtual and augmented reality into training modules
- The number of payments industry professionals pursuing certifications in blockchain increased by 80% during 2023
- 47% of payments companies have partnered with edtech platforms to enhance upskilling efforts
- 69% of middle management in payments have undergone leadership development training recently
- 62% of respondents in the payments industry believe that automation knowledge is crucial for future roles
- The proportion of payments companies offering online reskilling courses increased from 30% to 65% between 2020 and 2023
- 78% of payment organizations prioritize upskilling in digital transformation strategies
- 49% of payments workers see upskilling as vital for career progression
- 67% of payments firms provide incentives for employees to pursue certifications and additional training
- The use of virtual classrooms for payments training grew by 35% in 2023, indicating a shift toward remote learning
- 53% of payments firms find that skills in data privacy and compliance need immediate upskilling focus
- 40% of senior executives in payments industry have completed leadership development programs
- 73% of payments companies reported adapting their training programs to include new digital currencies
- Over 60% of payments organizations conduct regular skill audits to identify reskilling needs
- 55% of payments sector HR managers believe that ongoing training can significantly reduce employee turnover
- The average retirement age for payments industry professionals has increased by 2 years due to ongoing upskilling efforts
- 47% of small payments startups lack formal upskilling programs due to resource constraints
- 65% of major payment firms have launched internal training academies focused on digital and technological skills
- 79% of payments industry respondents say fostering a learning culture increases innovation
- 42% of payment employees believe that integrating AI tools into workflows requires more specialized training
- 58% of payments organizations are actively reskilling their workforce to support digital onboarding processes
- 71% of organizations that invested in upskilling saw improved customer retention
- The number of professionals with accreditation in digital payment security increased by 85% in 2023
- 60% of payments firms actively track ROI on their upskilling investments
- 50% of large payment organizations plan to use virtual reality simulations for employee training by 2024
- Employees trained in new digital payment platforms increased by 38% in 2023, indicating rapid skill acquisition
- 69% of payments managers believe that cross-disciplinary training improves team collaboration
- The share of payments companies offering micro-credentials and digital badges increased to 55% in 2023, supporting ongoing skill validation
- 88% of payments organizations identify upskilling as a key component of their digital transformation roadmap
- 46% of employees in the payments industry believe that their current training programs are insufficient to meet future skill demands
- 54% of payment companies focus on reskilling as part of their talent acquisition strategies
- The percentage of staff in payments with proficiency in machine learning increased by 50% in 2023
- 72% of payments organizations provide ongoing digital skills training to all employees
- 44% of payments firms allocate part of their training budgets specifically for emerging technologies like quantum computing
- 81% of companies in the payments sector see upskilling as a way to future-proof their workforce against industry disruption
- 44% of payments firms allocate part of their training budgets specifically for emerging technologies like quantum computing
Workforce Development and Skills Enhancement Interpretation
Sources & References
- Reference 1STRATEGY-BUSINESSResearch Publication(2024)Visit source
- Reference 2HBRResearch Publication(2024)Visit source
- Reference 3GRANDVIEWRESEARCHResearch Publication(2024)Visit source
- Reference 4ELEARNINGINDUSTRYResearch Publication(2024)Visit source
- Reference 5TECHNOLOGYREVIEWResearch Publication(2024)Visit source
- Reference 6FINTECHFUTURESResearch Publication(2024)Visit source
- Reference 7CUSTOMEREXPERIENCEINSIGHTSResearch Publication(2024)Visit source
- Reference 8COMPLIANCEWEEKResearch Publication(2024)Visit source
- Reference 9DIVERSITYINCResearch Publication(2024)Visit source
- Reference 10EWEEKResearch Publication(2024)Visit source
- Reference 11PAYMENTSSOURCEResearch Publication(2024)Visit source
- Reference 12COINDESKResearch Publication(2024)Visit source
- Reference 13LINKEDINResearch Publication(2024)Visit source
- Reference 14MCKINSEYResearch Publication(2024)Visit source
- Reference 15EDTECHMAGAZINEResearch Publication(2024)Visit source
- Reference 16TECHCRUNCHResearch Publication(2024)Visit source
- Reference 17HRZONEResearch Publication(2024)Visit source
- Reference 18CSOONLINEResearch Publication(2024)Visit source
- Reference 19EYResearch Publication(2024)Visit source
- Reference 20TECHREPUBLICResearch Publication(2024)Visit source
- Reference 21TDResearch Publication(2024)Visit source
- Reference 22ISC2Research Publication(2024)Visit source
- Reference 23HRTECHNOLOGISTResearch Publication(2024)Visit source
- Reference 24CIOResearch Publication(2024)Visit source
- Reference 25MOBILEPAYMENTWORLDResearch Publication(2024)Visit source
- Reference 26CAREERARCResearch Publication(2024)Visit source
- Reference 27MOBILEWORLDLIVEResearch Publication(2024)Visit source
- Reference 28COGNIZANTResearch Publication(2024)Visit source
- Reference 29CUSTOMERTHINKResearch Publication(2024)Visit source
- Reference 30TRAININGINDUSTRYResearch Publication(2024)Visit source
- Reference 31FINTECHMAGAZINEResearch Publication(2024)Visit source
- Reference 32FINEXTRAResearch Publication(2024)Visit source
- Reference 33PWCResearch Publication(2024)Visit source
- Reference 34BLOCKCHAIN-COUNCILResearch Publication(2024)Visit source
- Reference 35FORBESResearch Publication(2024)Visit source
- Reference 36DELOITTEResearch Publication(2024)Visit source
- Reference 37COURSERAResearch Publication(2024)Visit source