Marketing teams in financial services are failing to keep pace with the rise of new technologies, evolving customer demographics, and ongoing geopolitical challenges, according to new research.
In its report, “How skills can unlock value for financial services,” the Financial Services Skills Commission said some 16% of the UK general financial services workforce requires upskilling, resulting in a large skills gap across the sector more broadly.
Specifically, the FSSC found artificial intelligence’s ability to rapidly assess data and analyse consumer behaviours could transform marketing departments if tools are put in place to train marketers.
The report, supported by EY and PwC UK, features 45 interviews with key stakeholders across financial services. It calls on senior leaders to commit to integrating training into their organisation’s business strategy, and to reskill 16% of colleagues by 2025.
David Storey, partner at EY, said developing technical and human skills in tandem is key to driving a lasting impact across the industry.
Storey added “strengthening female workforce participation” and “creating opportunities for older workers to participate in the workforce for longer” will also significantly benefit the industry.
As the demand for highly skilled talent grows to 73% – compared with 52% twenty years ago – current efforts to close the skills gap are insufficient, the report said.
Closing this skills gap will cost £555.6 million per year in additional output, with £3,339 per year per employee.
The report noted the need to upskill the younger demographic quickly, as by 2035, 260,000 of the highly skilled workforce will reach retirement.
Chris Box, global workforce risk leader at PwC UK, said closing the skills gap will help future-proof the financial services sector.
“By investing in upskilling and reskilling, we’re not only boosting economic output but also fostering a resilient, adaptable workforce ready to tackle the challenges of tomorrow,” Box said.
The FSSC is an independent, not for-profit body representing the UK’s financial services sector on skills.
This article is taken from the print edition of Financial Promoter. Click here to subscribe.