Financial Services
The Financial Services sector is amidst rapid change driven by factors such as advances in technology, globalization and competition. Employers are facing increased competition from outside the traditional sector and change in the digital behaviors of consumers, which has been exacerbated by the pandemic. This has seen job roles in the sector changing, with some jobs converging or disappearing and new ones being created, with some international reports suggesting that up to half those currently working within the sector will be significantly impacted either by job loss or the need to reskill.
The Financial Services Sector Skills research was conducted with the guidance of the Central Bank of Bahrain (CBB) and was overseen by an industry-representative Steering Committee consisting of ten employers in the sector, along with key government and regulatory stakeholders.
The World Economic Forum estimated in their 2020 Future of Jobs report that 50% of employees will need reskilling by 2025, with 40% of these needing urgent reskilling.
Competing on service and quality is what differentiates, and we have the right talent and resources, but there is big scope for improvement in terms of service delivery.
Digital skills on their own are insufficient. Many vendors create technologies and platforms and the gap between digital skills and the technical aspect of developing a product is huge. Hence someone purely with digital skills, without technical product knowledge is not useful. Someone with a combination of digital skills and technical knowledge can generate the most powerful engine because it suits the needs of business.