From education to employment

8 future skills identified to tackle financial services’ skills gap

Helen Cook, Chief HR Officer at NatWest

Financial Services Skills Commission (@FSSkillsCom) launch online Future Skills Framework 

Financial services firms across the UK will now be able to access a standardised skills framework to prioritise their future skills needs, and attract and retain talent, in a bid to help tackle the ongoing shortage of technology, cyber and digital skills.

The ‘Future Skills Framework’, launched today (7 Oct), has been created by the Financial Services Skills Commission (FSSC) and is the culmination of cross-industry collaboration from firms including NatWest and the Chartered Insurance Institute to prioritise investment and training in skills.

Commenting on the Skills Framework, Claire Tunley, Chief Executive, FSSC said:

The Skills Framework is designed to tackle the sector’s existing skills gap and increase the supply of talent for the long term. Post pandemic, organisations are facing several external pressures; keeping up with the pace of technological innovation as well as working to exceed customer expectations. The Framework will help them respond by prioritising upskilling and reskilling efforts so they can remain competitive and inclusive employers”.

Helen Cook, Chief HR Officer at NatWest, said:

Organisations are undergoing huge digital transformation, and with this brings a tidal wave of demand for employees with skills such as empathy and agility alongside core technology and cyber based skills. The Skills Framework has been devised to encompass these elements and support the industry to reskill and upskill it employees and ensure the right capabilities are developed for future requirements”.

Ian Simons, Marketing Director at the Chartered Insurance Institute, said

“As the professional body for Insurance and Personal Finance, which exists to improve public trust, the Chartered Insurance Institute has worked closely with the Financial Services Skills Commission to support members in developing and maintaining behaviours such as curiosity, customer focus, and skills such as Data and technology – all with specific application to real roles and scenarios within insurance and personal finance.

“In representing our members’ and employers’ needs in identifying the broad range of knowledge, skills and behaviours that are needed to continue to serve our customers now and, in the future, we have been able to play our part in sharing the benefits of common language and priorities across the whole Financial Services sector, while enabling expertise to flourish within specialised roles and sectors.”

The 8 essential future skills and behaviours

8 Future Skills

The first of its kind, the online tool provides organisations with a uniform set of 8 essential industry skills and behaviours for individuals currently working in, or aspiring to work in, financial services:

  1. User experience
  2. Machine Learning / AI
  3. Agile
  4. Cyber Security
  5. Empathy
  6. Adaptability
  7. Relationship Managment
  8. Teamwork

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