A quarter of workers in the financial services sector are uncertain whether they have the skills to deal with the changes brought about by artificial intelligence (AI) and automation, but almost half do not have time to undergo training in the technology, according to a new report.
The report from the Institute of Banking (IOB) suggests “strong confidence in existing skills” alongside “clear recognition” roles will evolve to demand new skill and competency requirements into the future.
Based on a survey of 5,000 professionals in Ireland’s financial services industry, the report shows more than 70 per cent of members believe their current skill set will meet the needs of a changing financial services environment, but one in four are uncertain of this.
Almost two in three members expect their role to change significantly within the next three to five years. “The results point to a workforce that is both aware of the pace of transformation and optimistic about its ability to adapt,” the report said.
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“Members overwhelmingly identify AI and automation as likely to have the most significant impact on the future of financial services, citing it as both the leading sources of disruption and the skill set most critical to long-term success, highlighted at more than twice the rate of any other area.”
The survey also underlines the practical realities facing financial services professionals as they navigate change. It suggested there is a “strong appetite” for skills development, but 45 per cent cited a lack of time as the main obstacle to accessing further education or training.
IOB chief executive Mary O’Dea said the research highlighted a “confident and highly engaged” financial services workforce that “understands how the industry is evolving and what will be required in the years ahead”.
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“What’s particularly encouraging is the strong level of confidence professionals have in their existing skills, alongside a clear recognition that roles will continue to change as technology and customer expectations evolve,” she said.
“Financial service professionals are well used to constant upskilling – with more than 6,000 professionals undertaking UCD accredited training with IOB last year and 25,000 individuals participating in continuous professional development programmes.
“The findings reinforce the importance of accessible, flexible learning pathways that support professionals to build on this strong foundation and continue to develop the skills required to thrive in a rapidly changing environment.”
The IOB is a recognised college of University College Dublin. It is a professional network of more than 32,100 members who work in banking, funds and asset management.
