Financial services 'held back' by lack of digital skills
Three quarters of workers in the financial services industry believe it is being ‘held back’ by a lack of digital skills and gaps in the workforce.
That’s according to new research from FDM Group, which found that 75% of respondents believe their organisation has struggled to fill vacancies requiring digital skills. In addition, more than 90% of workers believe that improved digital skills would support the technological implementation taking place in their workplace.
FDM Group surveyed 250 decision makers at UK financial institutions and banks to determine how the financial services industry is being affected by the much-reported skills gap within the wider tech sector.
Despite the problems that still exist, many respondents were positive about the effort that their employer was putting into resolving the matter: 86% of them agree that their organisation prioritises staff training and digital skills, rising to more than 90% of female respondents who agree.
Tech skills ‘essential’ right across financial services
Sheila Flavell, Chief Operating Officer of FDM Group, comments: “Tech skills are essential across all industries, especially financial services with the increasing adoption in areas such as AI and analytics. A lack of tech proficient staff is holding back the industry from effectively implementing new technologies and is ultimately stunting the growth of many financial services institutions.
“While workers may believe their organisations prioritises training, clearly more must be done to support those wishing to gain new skills and a new approach should be taken to ensure individuals are being trained, skilled and reskilled in the necessary areas. Technology can provide huge benefits to organisations, allowing processes to be made easier, services to be made more efficient and operations generally to become more seamless. For the UK to achieve its goal and cement itself as a global science and technology superpower, government and businesses must come together to re-think their approach to both educating and training the nation in digital skills in order to maximise the benefits of the technology that is available.
“Providing access to greater training and upskilling, through means such as outsourcing or graduate programmes, can offer a wider pool of staff the opportunity to improve their skills and plug the skills gap within the industry.”
******
For more insights from FinTech Magazine, you can see our latest edition of FinTech Magazine here, or you can follow us on LinkedIn and Twitter.
You may also be interested in our sister site, InsurTech Digital, which you can also follow on LinkedIn and Twitter.
Please also take a look at our upcoming virtual event, FinTech LIVE London, coming on 8-9 November 2023.
******
BizClik is a global provider of B2B digital media platforms that provides executive communities for CEOs, CFOs, CMOs, Sustainability Leaders, Procurement & Supply Chain Leaders, Technology & AI Leaders, Cyber Leaders, FinTech & InsurTech Leaders as well as covering industries such as Manufacturing, Mining, Energy, EV, Construction, Healthcare, and Food & Drink.
BizClik – based in London, Dubai, and New York – offers services such as Content Creation, Advertising & Sponsorship Solutions, Webinars & Events.
- Launching in 2025… The FinTech SurveyFinancial Services (FinServ)
- FIs: Staying at the Cutting Edge of Cybersecurity InnovationFraud & ID Verification
- Blockchain Technology and Modern Banking SystemsCrypto
- Join UiPath for a Free Webinar on Delivering Value with AIFinancial Services (FinServ)