FSSC Publishes Report: Reskilling Everywhere All At Once, Skills for the future of financial services 2023

The Financial Services Skills Commission (FSSC) has published its report on reskilling for the future of the financial services industry. The report suggests UK businesses prioritise and implement reskilling programs to increase innovation, productivity and competitiveness across the financial services industry.

According to the report, financial services firms have identified 13 future skills, such as data analytics, cyber security, software development, and coaching, as crucial for sustainable growth in the sector. Despite efforts by organisations to focus on skills forecasting and upskilling, the report indicates that the demand for these future skills outweighs the available supply by 20%, leading to a significant skill gap in the industry.

Moreover, the report highlights that data analytics skills are particularly in demand, with 1 in 8 job roles in financial services now requiring technology proficiency – double the amount seen in the wider economy. This shortage of future skills is causing increased operating costs, workloads for existing staff, and stifling opportunities for innovation and growth across the industry.

Jasmine Zacher