As market volatility, economic uncertainty, and tech disruption continue to rattle the finance sector, one thing remains clear – change is constant and unavoidable. There is now a major financial skills gap that needs to be addressed, and investment in closing these skills gaps is the only way forward.
Research shows that 1 in 6 financial services employees needs reskilling and that many organizations simply don’t have the skills needed to thrive today, let alone in the future. The finance sector is going through a period of rapid transformation, with technological advances reshaping the way financial services organizations operate.
With new technologies come new skills that need to be learned. As tech continues to play a greater role in finance, knowing the skills you need to succeed will ensure your organization remains competitive, dynamic, and thriving.
How is technology impacting financial services?
Many organizations are embracing AI and automation technologies to streamline processes, boost productivity, and enhance efficiency. Research conducted by PageGroup and The Foresight Factory found that by 2030 increased automation will spur innovation, which will see a completely new landscape of jobs emerge as a result.
While these innovations bring a wave of opportunities, they also indicate the obsolescence of specific roles and skills. Jobs in finance are one of the top three occupations at the highest risk of being replaced by AI automation. In the UK alone, 20.8% of financial jobs are at risk of displacement.
Tasks that have traditionally been done by humans are now either being enhanced by tech or, in some cases, are being completely replaced with automated technologies. The top finance skills in high demand have changed drastically, and the rapid evolution of these skills is expected to continue through to 2030.
Today’s hot skills in financial services
To truly understand the skills you need for the future, you must first ensure you have the top skills needed today. Researched and validated by Fuel50’s team of Skills Strategists, the Hot Skills in Financial Services Guide highlights the most in-demand skills across our base of top financial services companies.
One of the top hard skills identified is Financial Forecasting – the ability to analyze a company’s past revenue performance current growth rate to estimate future income. In addition, one of the top soft skills is Digital Fluency. As new and advanced technologies emerge, the ability to understand them and leverage them for success will be vital.
Not knowing what skills are needed in today’s landscape can set your business up for risk and future vulnerabilities. Download the guide to explore the full list of the top 6 hard and soft skills financial services companies need to succeed.
The top finance skills needed for a tech-enabled future
Do your people have the skills needed to support a tech-enabled future? Fuel50’s Skills Strategists say skills that support the successful adoption and maintenance of AI and automation must take precedence as you prepare for the future.
As technology continues to advance, it presents major opportunities for financial services organizations to transform and enhance their ways of working. However, to ensure this transformation is successful, organizations should be upskilling and reskilling employees to ensure optimum use of these technologies.
Some of these skills include:
Hard skills:
- Data Analytics and Visualization: The ability to translate complex data into meaningful insights through visualizations.
- Process automation: Leveraging technology to streamline and automate routine tasks, workflows, and processes will be extremely valuable in enhancing accuracy and efficiency.
Soft skills:
- Project management: Managing the implementation of automated processes effectively and being able to achieve and report on ROI will be essential.
- Leadership: Effective leadership skills are required to develop a team that’s equipped to meet the needs of the wider business. By embedding a culture of growth, they can inspire team members to take on strategic initiatives to propel the finance function further forward.
It’s time to prepare your workforce now for a better future
As much as we hate it, change and disruption are here to stay. The most successful organizations embrace these changes and find proactive ways to evolve and stay ahead of the game.
The fact is, without the right skills and expertise, you won’t be able to meet the ever-changing needs of the market. If left unaddressed, skills gaps can widen and severely impact your organization’s ability to remain agile, profitable, and prosperous in the future.
Investing in the development of critical skills helps future-proof your organization against the challenges that lie ahead. It’s time to start building these skills now to create a better future for your people and your business.
