With all the political and regulatory uncertainties affecting the finance sector, and disruptive technologies gaining more traction by the day, the biggest challenge for the sector is how to train a workforce that is future-proof and resilient to change.
As part of their UK2030 campaign, Business Reporter asked our leadership team how the finance sector can prepare for the future.
In their video series they talk to us about;
- the challenges for the sector,
- the skills employers will need,
- the role of apprenticeships and degrees, and
- the role of financial education in creating more confident consumers
Watch the video series
We believe people are the key to an uncertain future in the finance sector. Here’s a summary of the challenges and how we can help.
People are the key to an uncertain future in finance
The UK finance sector faces an uncertain future. New technology, new players, and increasingly complex customer requirements, mean the sector will look and feel quite different in 2030.
Regardless of what the future holds, people are one of its most valuable assets.
Companies will need to build workforces that are resilient to change and able to adapt to the challenges of new technology – as well as make the most of the opportunities they bring.
They’ll need workforces that can add value in a digital world, building lasting relationships with customers via remote channels. And they’ll need workforces that can manage increasingly complex compliance requirements as demographics, technology and products change.
Consumers need help too - to improve their financial competence and confidence to help them make good financial decisions.
For employers, preparing for the future means upskilling, reskilling, and redeployment of human capital. The industry needs more data analysts and cyber experts, risk and compliance managers and new product developers. But it also needs staff who have the softer skills that can make a real difference to customer service and experiences.
For those already working in the sector, jobs will need to change and adapt.
And the next generation of finance workers will be expected to be digital natives, adaptable by nature and able to grasp the opportunities on offer with both hands.
So who can help?
We have been part of the finance sector since 1879. Starting life as the Institute of Bankers, we have been helping employers develop their workforces and workers develop their skills and knowledge for almost 140 years.
Today we provide financial education and qualifications for the whole sector, and society more broadly. We start with school age students, under graduates, and apprentices; and provide financial education and qualifications for people throughout their careers.
We also provide financial education in the wider community, to help improve financial capability across society.