Many financial services (FS) CEOs are worried about skills gaps at a time when firms are embracing digitization, which is reshaping the competitive landscape. The UK’s Financial Services Skills Commission (FSSC) has underlined how big of a problem skills gaps and talent shortages are and the need for urgency in addressing them. But this is not just a problem in the UK.
FS firms are facing a war for talent not only from their fellow FS players, but also from the likes of the fintech and pure tech firms. As fintechs continue to mature and surpass the next major milestone — profitability — they’ll become an even bigger threat to the traditional FS players in attracting top talent.