Upskilling in the Finance Industry

Artificial Intelligence (AI). Automation. New regulatory policies.

The way financial services are delivered and managed is evolving and for finance professionals, this means the skills that were once sufficient may no longer be enough. To keep pace in this evolving environment, upskilling in finance has become fundamental. “As a leader, you have a duty of care to continue reinforcing the existence of open-source learning for your employees,” says Brad Mroz, Sr. Manager of Partnerships at Thought Machine, a core banking software company.

So, whether you’re operating in sectors like banking and retail and consumer or even strategizing on how to further develop your team of financial analysts, harnessing the power of continuous learning and development ensures that your employees will remain:

Adept
Flexible
Efficient
Innovative

And that sounds like a pretty good return on investment if you ask us! Your employees are also more likely to feel valued and motivated, which has direct impact on job satisfaction and high retention rates (a key, long-term objective for any organization).

Keep reading for details on where to start with upskilling in the finance industry and more insight on how you and your people can benefit from it.

Identify the Gaps that Upskilling Can Fill

Is there a lack of proficiency in emerging financial technologies? Gaps in regulatory knowledge? Softened hard skills?

Identifying where your needs lie is the first step in crafting a strong upskilling strategy. This process involves a thorough analysis of both current competencies, pending, and future needs– focusing on areas where your team’s capabilities can be strengthened.

Navigating Technological Disruptions

Advancements in areas like financial technologies (fintech), blockchain, chatbots, and Machine Learning (ML) are at the forefront of the finance industry’s technological evolution. For instance, blockchain technology is enhancing transparency and security across many financial transactions while ML is modernizing data analysis practices.

So, how can you approach upskilling here? Consider extending learning resources to your team that can help hone competencies like:

Digital asset management
Automated Compliance Solutions

For example, understanding how to leverage RPA (Robotic Process Automation) can streamline routine processes, granting additional time to complete more strategic tasks that may have more impact on your bottom line.

Adapting to Regulatory Changes

Regulations for financial institutions enforce strict requirements regarding capital adequacy, risk management, and transparency. Staying up to date on regulatory changes that occur is essential for maintaining legal and operational integrity.

Compliance with anti-money laundering (AML) and know your customer (KYC) regulations helps to prevent financial crimes and maintains trust with stakeholders. Upskilling in these areas involves not only understanding the regulatory frameworks but also utilizing compliance systems and practices. If applicable to your needs, consider having your trained on regulatory technologysolutions including:

Compliance management
Risk Assessment
Regulatory reporting

can improve your organization’s compliance processes and heightens security.

Leverage Free and Low-Cost Resources for Upskilling in Finance

If your budget is limited for paid resources, consider the following alternatives that can be just as effective.

Industry Webinars and Online Courses

Many regulatory bodies, industry associations, and financial institutions offer free webinars, online courses, and virtual workshops on regulatory changes. Consider tasking your employees with signing up for similar opportunities!

Government and Regulatory Websites

Regulatory agencies often provide comprehensive resources, including guidelines, and training materials on their websites. Try hosting quarterly meetings that recap recent news and updates; it’s a great way to share knowledge but also keep the lines of communication open for inquiries and brainstorming.

Professional Associations

Encourage your people to join professional finance associations and networks (as their schedules allow) that offer free access to regulatory updates and educational content. Organizations like the Association for Financial Professionals (AFP) may have free resources or member-only materials.

Build a Future-Ready Workforce Through Upskilling

Upskilling is not a one-time effort but an ongoing process that contributes to building a future-ready workforce. When you invest in this strategy, you create a culture of learning and adaptability that prepares your team to handle current challenges and equips them with the skills needed to tackle future disruptions.

A properly upskilled workforce is also better positioned to drive organizational change and positively disrupt the industry’s status quo. When leaders in the finance space foster an environment where learning and development are encouraged and supported, it ensures that your team remains agile, capable, and eager to seize new opportunities (and challenges) as they arise.