Chiraag Swaly, Head of Apprenticeship Design at Kaplan, spoke to Brian Runciman MBCS about tech in finance, working with BCS, the skills gaps in finance tech, and AI adoption in the industry.
Can you give us some background on Kaplan and your role?
Kaplan in the UK is well known for accountancy, tax, banking, and finance education, offering both apprenticeships and commercial training. Many people think of Kaplan when they’re studying for qualifications like ACCA, CIMA or AAT. But Kaplan is actually a global business, with entities in the U.S., Australia, and even Dublin Business School. In the UK, Kaplan has Kaplan Financial, focusing on apprenticeships and commercial training.
A few years back, apprenticeships started to grow larger than the commercial side, especially after we recognised a gap in technology focused apprenticeships around 2020. By 2021, we launched programs for data and business analysis. I joined Kaplan around this time as Head of Apprenticeship Design, responsible for end-to-end product design — everything from curriculum to delivery and support. My role also involves working with sales and vendor partnerships, and ensuring successful learner outcomes. So, it’s a multi-faceted role that gives me insight into a lot of different areas.
What motivated you to work with BCS, and what do you do with them?
Before Kaplan, I worked at QA and collaborated closely with BCS. It was such a significant relationship that I sometimes joked I spent more time at BCS’ offices than my own! My connection with BCS actually dates back to university when I joined as a student member. BCS was one of the first organisations to become an end point assessment organisation (EPAO) for apprentices, making them a natural partner for us, especially as they’ve been proactive in the industry with employer collaboration and grassroots projects. For example, BCS’ international diploma in business analysis is widely recognised and a valuable qualification we can offer through our partnership.
Let’s talk about the digital skills gaps in the finance sector. Where do you see the issues?
Data literacy is probably the biggest gap. The finance sector can sometimes be slow to adopt new technologies, and there are still firms relying on paper processes. Many companies are also heavily regulated, so data usage has to align with strict guidelines. However, with the growth of available data, it’s essential for these firms to improve data literacy for better insights and productivity. We’ve had retail banks, for instance, investing in apprenticeships specifically for data literacy, as they see the competitive advantage it brings. Regulatory frameworks like Consumer Duty will also require organisations to increase data monitoring and leverage data driven decision making.
Apart from data, there’s a clear need for digital transformation. Some firms are still using outdated technology, and they need support to modernise while staying compliant. This is why our business analyst program and digital product management courses are popular — they help companies bridge the gap in managing digital projects. Cybersecurity is also critical in finance, especially with regulations like the Digital Operations Resilience Act, which mandates robust protection measures. These are some core challenges, alongside general needs in IT support and infrastructure.
Given that many finance tasks can be automated, how is the sector responding to AI?
AI adoption is an interesting area. We recently hosted a webinar on using AI in the workplace, focusing on tools like Copilot, and we had a massive turnout. There’s genuine interest, but also concerns. Users often have limited access to AI tools at work, or they lack the training to use them effectively. In finance, accuracy is paramount, so there’s caution around using AI that might be inaccurate or biased.
Finance-specific AI, such as industry-tailored large language models (LLMs), are gaining interest because they’re designed for the sector’s regulatory requirements. Awareness and practical training around AI use are still limited, even though many applications, like in MS Teams, are already available. Earlier this year, funding was offered to help small-to-medium enterprises (SMEs) implement AI, but uptake was low, possibly due to a lack of awareness. So, while there’s high interest, adoption varies across companies based on resources, awareness, and regulatory comfort levels.
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As you know, BCS is very keen on professionalism in the IT industry, are there still issues around professionalising IT in finance?
Yes, I think so. The finance industry is regulated, and people tend to approach things a certain way because of that. But when you think about it, tools like Excel, Power BI, or Tableau are often underused, with people not realising the full potential of what they can accomplish with them. People often stick to familiar methods, but as the tools evolve with more functionality, there’s so much more they can do. While the regulated environment means they need certain safeguards, if they’re given access to the right tools and support, they can expand their creativity within those constraints.
And when you think about finance, it sometimes limits creativity, as people default to a box of ‘this is how we do things.’ But what if that box were expanded?
Often in finance and other industries, people don’t see themselves as tech-enabled, even though they are. For example, at the CompTIA Conference, they shared that about 34 million people are in the UK workforce, with 1.4 million in tech roles. But they estimate that about half the workforce — 16.5 million people — are in tech-enabled roles, meaning they rely heavily on technology to do their jobs.
In finance, people may focus on specific qualifications like ACCA or CIMA without considering that technology skills could be just as crucial to their roles. This is where programs like our finance data technician course come in; it combines data skills with finance specific tools. But recognising the importance of these skills, whether people see themselves as being in tech or not, is key.
So if you’re in finance or accountancy, you’re essentially in tech?
Exactly. Even if you’re not in ‘fintech’ per se, finance today is so data driven that tech is central. And of course, we can’t avoid talking about AI, which is becoming an enabler in so many ways. Developing a tech focused mindset can really make a difference, and I think we’re seeing that shift with professional qualifications too. They’re integrating more tech skills beyond standard productivity applications, and that mindset shift is vital in the sector.
