According to Cynozure, a data and analytics consultancy, 27% of financial services firms in the UK do not have the right people with the correct skills to maximize the value of data at their firms. Cynozure bases this information on research undertaken by Obsurvant between the 18th and 22nd of November 2022.
Access to talent in the UK has long been a point of concern in the financial services sector – including Fintech. The UK government has enacted programs over the years in an attempt to mitigate shortcomings in the existing talent pool. Innovate Finance kicked off a “Talent and Skills Programme” several years back to encourage schools to support the demands of the key Fintech sector. In the UK, over 70,000 individuals are employed at innovative financial services firms, with a good percentage from outside the UK.
Cynozure states that the ability to understand and communicate data within a particular context is “critical to maximising the value of data within a business, but nearly a third (31%) of respondents say there is a lack of data literacy in their organisation.”
Jason Foster, CEO and Founder of Cynozure, says that data can bring a host of benefits to firms in the financial services sector, especially during a time when many people are interested in personalized financial services.
“The findings of our research reveal a significant opportunity for financial services firms in the UK to revamp their data strategies and start benefitting from the expanse of insight that data can provide.”