Financial sector will lack employees with tech skills: report

Recent report predicts a potential shortage of skilled technologists and data analysts over the next five years

Financial service tech skills

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A new study from Luxembourg for Finance agency revealed a “notable mismatch between current skillls and those required in the next five years”. The lack of skilled workers will be most acute for companies requiring advanced data analysis and mathematical operations. 

In addition, the report predicts that roles linked to automation will be in high demand in the near future. However, preparing such professionals will require not only “significant reskilling and upskilling on an industry level” but also a shift in education strategy. 

Namely, the future calls for employees with strong leadership, social and emotional skills along advanced financial literacy and technological know-how. Automation will allow focusing more on communication with clients and understanding their needs. Therefore, future financial professionals will spend more time on activities that go beyond basic tech expertise. 

Furthermore, financial professionals today face a growing responsibility towards society and environment. Thus, sustainability skills come to the forefront, not only to properly assess investments, but also to build internal ESG strategies.

The functioning of legal and compliance teams is changing as well. That’s why professionals in this space will become more strategically minded and tech-savvy to meet new demands.

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