Within the financial services industry (FSI), digital transformation has not only begun to reshape operating models and workflows, it has also started redefining the needed skills for finance jobs and what fresh talent can do to get ahead in a competitive marketplace.
While the migration to digital has revitalized top- and bottom-line growth for many banks, accountancies, and investment companies, the widening employee skills gap is quickly becoming a barrier to driving innovation. Those looking to enter into the FSI now have to demonstrate a strong mix of strategic thinking and negotiation skills and prowess in data analysis and technical efficiency.
Top Skills for Finance Jobs
As technology advances in the FSI, finding talent with the right balance of financial skills and technological knowledge is becoming harder and harder. Here's a closer look at the top skills companies in the FSI are looking for in new employees.
1. Data Analysis Skills
Digital adoption in the finance sector has opened the floodgates to an abundance of robust data that can be used to usher in growth and innovation. For financial institutions, translating this raw data into useful intelligence and applying it to operating models to bolster productivity and efficiency is a constant work in progress. Finding the talent to expedite and streamline this process is what financial leaders desperately desire.
With the right tools in place, financial institutions can use a combination of technology and personnel to collect and analyze streams of data that would otherwise overwhelm even the most efficient organizations. For example, a unified communications-as-a-service (UCaaS) system collects data in one centralized hub, allowing employees to pull relevant information as needed. Having employees that can accurately analyze the data collected and pulled from a UCaaS system is critical for today's financial institutions.
2. Digital Fluency
In a data economy, digital fluency is a must-have skill set, but the role of each position often dictates the extent of the necessary skills. Today, financial analysts need more advanced digital fluency to create more accurate forecasts and insights, while financial planners and advisers continue to need intuitive skills that help with high-touch client engagements.
All FSI workers should strive to broaden their digital fluency to properly engage the innovations that drive efficiency and productivity. Indeed, digital fluency enables workers to acclimate to and operate the latest fintech innovations. For example, initiating or attending video conference meetings with clients or team members from anywhere exemplifies how productivity is enhanced with digital innovation and utilized with digital fluency.
3. Intuitive or Experiential Skills
While most finance leaders have an insatiable appetite for data, many still place a high value on intuitive talent. Skills like strategic thinking, negotiation skills, and people management are often gained through experience in the field. These skills for finance jobs enable awareness of situations, precise communication, strategic and lateral thinking, and relationship building.
The ability to provide personalized care that results in positive customer experiences is the human edge, but it's the combination of employee skill and communications technology that can make all the difference here. Application programming interfaces (APIs) embedded into a CPaaS platform, for example, allow businesses to synchronize applications like Salesforce into their existing systems. With APIs, employees can pull client information, transcribe calls, and even use real-time sentiment analysis to provide the best personalized customer care possible.
Being able to seamlessly move from voice to SMS to video via cloud-based communications systems is a differentiating capability for financial institutions.
Mixing Talent and Communications Tech
In the financial industry, communication is the link that forges relationships. As much as technology helps with personalization, a direct one-on-one engagement with a live human specialist brings an added layer of customer care. Today's financial institutions recognize this and look for employees with both technological prowess and contemporary skills.
Acquiring talent is one thing, but optimizing that talent relies on providing a seamless, flexible, and reliable communications infrastructure that can enhance the skills needed for successful customer engagements. Being able to seamlessly move from voice to SMS to video via cloud-based communications systems is a differentiating capability for financial institutions who want to make the most of their employees' skills and provide effective customer service.