Results of a survey on FinTech

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Published 15 November at 02:30PM, inArticles


Last summer, you were invited to fill out a survey on FinTech. As a result of your participation, we are now better informed on your challenges, your perspective on the FinTech reality and its impacts on our profession.

Thank you to all those who took the time to participate in the survey.

View the results.

In a survey conducted in-house among CFA Montreal members, 93% of respondents agreed the rise of FinTech will require financial professionals to develop new skills. However, it appears some companies are doing more to prepare for this than others. While 60% of respondents indicated their company is taking steps to address the FinTech revolution, less than half of them (45%) consider those measures to be adequate. Respondents mentioned the cost of adopting technological tools as well as a lack of knowledge and human resources as the main obstacles to using FinTech. At the same time, 77% of them recognize that FinTech will have an impact on their business.

Interestingly, 73% of respondents believe FinTech will lead to job losses in the finance industry, but few feel their own jobs are threatened. Even though half of respondents think their jobs will be affected by the increasing popularity of FinTech, they’re confident they’ll be able to adapt, and 79% of them doubt their roles will be replaced by new technologies within 10 years.

About 10% of CFA Montreal’s 2,500 members took part in the survey, which showed that respondents also feel they should have a better understanding of artificial intelligence (61%) and blockchain (35%). Meanwhile, 47% believe that they should learn programming (several possible answers).

Other survey highlights

Interest in FinTech is still in the early stages of development among members
  • 75% of respondents attended none or only one FinTech event in the past year
  • The topics of interest in order of preference are artificial intelligence, blockchain, data analytics and technology applied to portfolio/asset management
Development of programming skills
  • More than 75% of respondents would have difficulty with programming, but 47% consider it important to develop these skills
Limited interest in cryptocurrencies
  • 9% of respondents hold cryptocurrencies
  • 17% are interested in them
  • 24% would like to learn more
The survey was conducted online by CFA Montreal among its 2,500 members between August 20 and September 6, 2018. A total of 227 members took part. The maximum margin of error is 6%, 19 times out of 20.

CFA Montreal FinTech Events

As a follow-up to the survey and to better meet the needs and interests of its members, CFA Montreal will present a series of events on FinTech, including:

- November 29, a luncheon on the theme: The FinTech Revolution & Digital Reputation Management,  an event that will present key aspects of the FinTech revolution and offer a unique opportunity to better understand the issues and how to adapt to this new reality.

- February 7, 2019, Rendez-Vous FinTech, which will bring together several experts in artificial intelligence and blockchain in the afternoon. In the evening, participants will hear Mark van Rijmenam, renowned speaker and author of the book Blockchain: Transforming your Business and Our World.