IOB celebrates a milestone year for financial services education

Eamonn Crowley (pictured), President of IOB and CEO of Permanent TSB, shares how the history of Ireland’s oldest education institute for financial services still shapes how it faces the future

This year IOB celebrates its 125th anniversary. In May 1898, a small group of bank workers met in Dublin to form a new institute to help all those working in the profession to further their knowledge and network with their peers. Even in those early days, financial services professionals shared a belief that education could be a powerful way to share knowledge and improve standards within the industry. Beginning with 800 members in its first year, IOB is now Ireland’s largest professional membership body, with over 33,600 members working in financial services across Ireland.

LEARNING TO TRANSFORM

Education has played a critical role in the growth and success of Ireland’s financial services sector. As the sector has transformed to embrace new customer preferences, technology innovations and regulatory changes, education has kept pace with transformation and evolved to meet the needs of financial services organisations and professionals.

The pace of change in the sector today is unprecedented. As we navigate the ongoing green and digital transitions, there is increased competition for skilled employees in key areas. IOB is playing a crucial role in supporting members to gain in-demand skills that are critical to the future of the sector.

EUROPEAN YEAR OF SKILLS

To launch the European Year of Skills 2023, the European Commission recently released a report highlighting that more than three quarters of companies in the EU are experiencing difficulties finding workers with the necessary skills. Latest figures from Eurostat suggest only 37% of adults undertake training on a regular basis. The EC is targeting an increase in lifelong learning to boost competitiveness and talent.

Ireland’s talent advantage in financial services has been a key factor in its growth and success. Our highly educated workforce has been a strong incentive for international financial services organisations to choose Ireland as a base. As we look to boost the sustainable growth of the sector, lifelong learning will be a key driver of success.

LIFELONG LEARNING

IOB is home to Ireland’s largest continuing professional development community, with over 23,800 members committed to ongoing professional development. Lifelong learning is a shared passion for IOB members.

In recent years, IOB has introduced new resources to make it easier for members to stay up to date with industry trends and updates. IOB Learn — an AI-enabled personalised learning platform and mobile app — connects members with bite-size insights and updates from industry experts and thought leaders.

This year we are also excited to launch Skills Accelerator, a new suite of Skills Certificate courses that will allow members to quickly and easily upskill within in-demand areas like compliance, digital and funds. This builds on our Skills Ignite initiative for which we partnered with Financial Services Ireland, IFS Skillnet and the five pillar retail banks, in collaboration with Skillnet Ireland.

FACING THE FUTURE

As we mark this milestone year for IOB, I am reminded that we are first and foremost a community. From a small group of professionals in May of 1898, a movement was born. Now, 125 years on, we are still connected as a professional community by our shared aim to deliver financial services to the highest standards for our customers and society. As we look to the future, we will learn and drive progress together.

Visit IOB.ie to become a member and access exclusive events, resources, and over 40 UCD accredited programmes.