In today’s digital-first financial landscape, the biggest threat to small and mid-sized financial institutions isn’t just cybercrime or regulation—it’s a shrinking pool of tech talent.
The Numbers Don’t Lie
- The global talent shortage is expected to reach 85 million people by 2030, costing the global economy $8.5 trillion annually (Korn Ferry).
- 66% of SMBs say their growth is hindered by lack of access to qualified tech professionals (Salesforce).
- The cybersecurity talent gap alone will hit 3.5 million unfilled roles globally by the end of 2025 (Cybersecurity Ventures).
For BFSI SMBs, the consequences are immediate: stalled innovation, higher security risks, and a reliance on outdated systems while larger players surge ahead.
Why Is It So Hard?
- Cost barriers: Top tech talent often comes with top-tier salaries. Competing with global banks or Big Tech is near impossible for SMBs.
- Access gaps: Many regions—especially in emerging markets—lack robust tech education pipelines.
- Retention issues: Even when SMBs secure talent, retaining them is another uphill battle due to poaching and burnout.
What Can Be Done?
Smart BFSI leaders are rethinking their approach to talent:
- Leverage low-code/no-code platforms to reduce dependency on senior developers.
- Outsource critical functions to trusted technology partners.
- Invest in upskilling current staff through micro-credentials and modular learning.
- Implement hybrid delivery models, balancing internal teams with strategic partnerships.
At Cubic Systems, we help SMBs implement scalable digital banking platforms without needing an army of developers. Our modular solutions support automation, compliance, and customer experience with minimal tech overhead.
📩 Let’s talk about how you can bridge your talent gap without breaking the bank. Contact us