Financial sector grapples with multiple skills shortages amid broader disruption

According to a study by Ireland, there is a shortage of qualified specialists in data analysis, artificial intelligence and cybersecurity in the financial sector. UCD Professional Academy.

The report, Digital Upskilling Trends in the Irish Financial Sector, explores how the Irish financial industry is riding the wave of digital disruption driven by AI, big data and new competitors.

Competing big tech companies are also adopting new technologies to gain a competitive advantage as cybersecurity threats grow and data privacy concerns increase as regulatory burdens increase.

This is the first in a series of industry studies from UCD Vocational Academy examining digital skills trends across leading Irish sectors

The vast majority (85%) of senior finance executives believe their employees would struggle in the future without data literacy.

Similarly, nine in ten (89%) senior executives expect their team members to be able to explain how data influenced their decisions, but only 11% of employees have full confidence in their ability to analyze and work with data.

Currently, only 30% of Irish businesses use big data analytics.

To ensure they are not left behind, this report recommends that learning and development leaders in financial organizations use multi-layered learning programs to meet different skill levels and work with educational institutions to create training programs tailored to to the needs of their organization.

“In a rapidly changing world, the importance of developing a skilled workforce to enable a thriving economy is receiving increased attention from industry leaders,” he said John DelvesChief Executive Officer of the UCD Professional Academy.

“This is an opportune time for the financial sector to take a strategic approach to upskilling its workforce to ensure they are best positioned to continue to thrive in the years ahead.”

(Photo: Getty Images)