Three-quarters of the Financial Services industry is being ‘held back’ by a lack of digital skills leaving significant gaps in workforces, according to new research.
That figure rises to 83 per cent of those aged 18-24, holding back the UK from becoming a global Science and Technology superpower.
The findings follow a survey of 250 decision makers at UK financial institutions and banks by strategic talent solutions partner FDM Group.
In a digitally advancing world, 91 per cent of staff believe that improved digital skills would support the implementation of technology at their organisation highlighting the need for more opportunities for upskilling and training to allow organisations to enjoy the use of emerging technologies.
It was also revealed that 86 per cent agree that their organisation prioritised staff training and digital skills, with this figure rising to 92 per cent of females that agreed.
A new approach should be taken to ensure individuals are being trained, skilled and re-skilled in the necessary areas
Chief Operating Officer Sheila Flavell said: “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 re-skilled in the necessary areas.
More must be done to support those wishing to gain new skills, says FDM’s Flavell
“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.”
Elsewhere, other research revealed an Auditor is the most sought-after finance job in the UK, according to analysis which revealed it is searched for with 223,900 times a month on Google.
There are currently 785 auditor jobs in the finance sector on Indeed, and the average salary is £32,405 a year in the UK from the 3,500 wages reported.
As a whole, financial careers are being searched for 2,935,840 times per month on Google
Actuarial careers came closely behind as the second, with 89,500 searches a month. An actuary was the only career within the insurance sector to make it into the top ten. There are currently 1,030 actuary jobs within the finance sector on the jobs platform, with an average salary of £32,405.
With a total Google search volume of 39,800, Forensic Accounting has emerged as the third-most sought-after career. Despite being one of the ten most desirable finance jobs, the searches only yielded 128 openings with an average salary of £52,969.Coming in fourth place is corporate banking, with 31,100 average monthly Google searches, followed by compliance officer, Bank Teller, Branch Manager, Loan Officer and Risk Manager, with Client Advisor in tenth place.
“Despite the scarcity of jobs in some industries, there seems to be a noticeable interest within different sectors of the finance world,” said Michael Hewson, chief market analyst at CMC Markets which commissioned the study.“It is interesting to see that a large proportion of this number comprises searches related to the banking sector. And as a whole, financial careers are being searched for 2,935,840 times per month on Google.“This number is something to keep an eye on as we approach the new year, as people may look to seek new opportunities in 2023.”
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