Financial Services Industry Hindered by a Lack of Digital Skills, Reveals FDM Group Study

Three-quarters of Financial Services Workers Believe their Organizations Struggle to Fill Vacancies Requiring Digital Skills

1 min read

Key Takeaways:

  • Held Back: 75% of Financial Services industry workers believe their organizations have difficulty filling roles requiring digital skills.
  • Young Workers Concerned: This figure rises to 83% among workers aged 18-24, stunting UK’s aspiration to become a global Science and Technology leader.
  • Call for Upskilling: 91% of workers believe that improved digital skills would support better tech implementation in their organizations.
  • Training Prioritized: 86% of workers agree that their organizations prioritize staff training and digital skills. This figure rises to 92% among female workers.

Introduction

New research from strategic talent solutions partner FDM Group reveals that 75% of workers in the Financial Services industry believe their organizations are struggling to fill vacancies that require digital skills. This situation is holding back the UK’s progress towards becoming a global Science and Technology superpower.

Digital Skills Shortage

The findings are based on a survey of 250 decision-makers at UK financial institutions and banks, conducted via independent polling agency Censuswide. The study was undertaken to understand the extent to which the Financial Services sector is affected by the current skills crisis. A significant 83% of workers aged 18-24 felt that the lack of digital skills is holding back their organizations.

The Need for Upskilling and Training

In our digitally advancing world, 91% of workers believe that improved digital skills would support the implementation of technology in their organizations. This belief highlights the need for more opportunities for upskilling and training to enable organizations to leverage emerging technologies effectively.

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Organizations Prioritizing Training

The study also revealed that 86% of workers believe that their organizations prioritize staff training and digital skills development. This figure rises to 92% among female respondents.

Comments from FDM Group

Sheila Flavell CBE, Chief Operating Officer of FDM Group, stressed the importance of tech skills across all industries, especially in financial services due to the increasing adoption of AI and analytics. “A lack of tech-proficient staff is holding back the industry from effectively implementing new technologies and is ultimately stunting the growth of many financial services institutions,” she said.

Flavell further emphasized that while workers believe their organizations prioritize training, more effort is needed to support those wishing to gain new skills. She called for a rethinking of strategies for education and training in digital skills to maximize the benefits of technology. “Providing access to greater training and upskilling, through means such as outsourcing or graduate programs, can offer a wider pool of staff the opportunity to improve their skills and plug the skills gap within the industry,” Flavell added.


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