In a rapidly evolving financial landscape, Ireland’s financial services sector has risen as a notable global contender, boasting a thriving ecosystem of around 9,000 financial services companies that employ over 100,000 people. With assets under administration exceeding USD 5 trillion, Ireland has solidified its position as the third-largest financial services hub on a global scale.
CEO
The Institute of Banking (IOB)
According to Mary O’Dea, the Chief Executive of IOB (The Institute of Banking) in Ireland, the sector’s transformation has been nothing short of extraordinary. Just three decades ago, the landscape was vastly different. Thanks to Ireland’s comprehensive approach and leveraging its strategic advantages over the last several decades, the country has transformed to become a global hub for financial services, making it an increasingly attractive destination for international financial services companies. The educated workforce, combined with the successful establishment of global entities, has fortified its allure. This metamorphosis has been exemplified by the sector’s expansion beyond traditional banking to encompass international banking, the global funds industry and fintech enterprises.
This expansive growth is reflected in the presence of 17 out of the top 20 global banks headquartering their European operations in Ireland, a remarkable indicator. The workforce has surged in tandem, with professionals from various sectors contributing to the dynamic financial landscape.
Yet, challenges persist. Navigating legislative developments within the European Union remains paramount to ensure Ireland’s continued active participation in the global financial arena. As the sector evolves, so does the demand for human capital. Addressing this, Ireland maintains an open economy that adapts to workforce needs.
IOB, founded in 1898, has paralleled this evolution, becoming Ireland’s largest professional membership organization. With a commitment to diversity and inclusion, IOB offers a range of tailored education and learning experiences, helping members advance their careers and reach their full potential through lifelong learning. The organization’s online platform provides bite-sized, accredited learning to cater to the diverse needs of working professionals, and ensures Ireland’s human capital remains competitive and empowered by learning the in-demand skills of tomorrow.
As the financial industry embraces digitization and sustainable finance, IOB leads by example. Their programs in sustainable finance, digital and compliance for regulatory changes underscore their commitment to supporting the financial sector’s progress in adapting to twin transitions in digital and sustainability.
According to Mary O’Dea, Chief Executive of IOB, “In line with our commitment as the industry’s education partner, IOB ensures that our education aligns seamlessly with the evolving needs of the financial sector. As digitization transforms the financial landscape, we have continuously adjusted our training programs to cater to the rise of digital businesses. This year we are celebrating IOB’s 125th anniversary. As we mark this big milestone for financial services education, our vision remains steadfastly forward-looking. We are dedicated to raising industry standards and fostering human potential here in Ireland and internationally. We’re passionate about bringing innovation and technology to the fore of learning with IOB. In addition to IOB Learn – our AI-enabled personalized learning platform for our members – we recently introduced a new blockchain-enabled credentialing platform to provide real-time access to micro-credentials and qualifications.”
As the global financial sector continues to evolve, Ireland’s financial services sector stands poised to seize opportunities, adapt to challenges, and inspire a future of resilient growth through education and innovation.