From bartering beans to adding with an abacus, from sharing spreadsheets to diving into digital, the world of finance is always on the move.
Alas, not everyone is keeping up to speed with emerging technology.
According to a new report published by 451 Research, the move to digital transformation is creating an acute skills shortage for the financial services sector.
Its study reveals 60% of financial businesses aim to use multiple cloud platforms in the next 24 months yet 46% face a shortfall in the necessary expertise.
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Around 41% also find it difficult to recruit information security pros, while 37% fall short when it comes to candidates who can work with artificial intelligence and machine learning.
There’s a silver lining, however: if you’re looking for a role in financial services, these skills shortages mean opportunities.
So, what do you need to plug the gaps and multiply your chances of landing a new career?
Cloud control
You don’t have to have the numerical genius of Rain Man to harness the immense power of the cloud. However, if you want to become a member of the new financial generation, you do need to make digital skills in mobile information and the cloud your priority.
Not only do these technologies allow for easier access and flexibility for the core business – and for business analysts – they also make many financial processes more efficient and agile.
Forecasting
Today’s finance professionals should be able to show off the kind of analytical skills that allow them to make accurate predictions.
No, we’re not talking about star signs, handsome strangers or knowing which horse is going to win the 3:30.
As numbers are the building blocks of finance, being able to analyse them as raw data then pick up on patterns leads to greater insights and more detailed forward planning.
This is especially helpful if you’re an independent advisor or financial planner for a bank or corporation.
Artificial Intelligence
We’ve been talking about ‘robots’ since the Robinson family got lost in space and Buck Rogers’ best pal was Twiki.
But it’s only now artificial intelligence (AI) is fulfilling its true potential in financial services.
Building on data analytics, AI is adept at recognising patterns and learning from them.
The resulting insights and recommendations can influence many fundamentals of finance, such as tax regulation, risk management and compliance – all areas the paraplanner and senior administrator need to be on top of.
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