People are the key to an uncertain future in finance
9 October 2018
The UK finance sector faces an uncertain future. New technology, new players and increasingly complex customer requirements mean the sector will look and feel quite different in 2030.
But regardless of what the future holds, people are one of its most valuable assets. Companies will need to build workforces that are resilient to change and able to adapt to the challenges of new technology – as well as make the most of the opportunities they bring.
Alex Fraser, Chief Executive of The London Institute of Banking & Finance
They’ll need workforces that can add value in a digital world, building lasting relationships with customers via remote channels. And they’ll need workforces that can manage increasingly complex compliance requirements as demographics, technology and products change.
Consumers need help too – to improve their financial competence and confidence to help them make good financial decisions.
Brian Wilkinson, Managing Director, Corporate and Professional Qualifications at The London Institute of Banking & Finance
For employers, preparing for the future means upskilling, reskilling, and redeployment of human capital. The industry needs more data analysts and cyber-experts, risk and compliance managers and new-product developers. But it also needs staff who have the softer skills that can make a real difference to customer service and experiences.
For those already working in the sector, jobs will need to change and adapt. And the next generation of finance workers will be expected to be digital natives, adaptable by nature and able to grasp the opportunities on offer with both hands.
Hema Tank, Associate Dean at The London Institute of Banking & Finance
The London Institute of Banking & Finance has been part of the finance sector since 1879. Starting life as the Institute of Bankers, we have been helping employers develop their workforces, and workers develop their skills and knowledge, for almost 140 years.
Alison Pask, Managing Director, Financial Capability and Community Outreach at The London Institute of Banking & Finance
Today we provide financial education and qualifications for the whole sector, and society more broadly. We start with school-age students, undergraduates and apprentices, and provide financial education and qualifications for people throughout their careers.
We also provide financial education in the wider community, to help improve financial capability across society.
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