Staying relevant in times of change
Financial services professionals need to upskill themselves and maintain transparency to keep pace with the technological evolution
The financial services profession has evolved greatly since the economic crisis in 2008. The financial downturn was instrumental in driving increased transparency by financial institutions and highlighting the need for the upskilling of talent. Meanwhile, the role of disruptive technologies has proved key in the creation of new financial infrastructures and practices that aim to deliver seamless service. Emerging trends such as fintech, artificial intelligence and chatbots have already made their mark and will continue to grow in importance in the years to come. Financial services firms have all the tools in place to be more competitive, but how they adapt during this time of digitisation is the key to staying relevant.
There is high demand for financial services professionals in the region, but competition is also strong. According to the latest Robert Half Salary Guide 2020, jobs like management accountants, chief financial officers, and risk managers top the list of the most indemand job roles in the region – with chief financial officers able to demand up to $438,900 (Dhs1.6m) a year. As technology continues to progress, upskilling is the key to success across many financial disciplines. In order to maintain technical expertise, data analytics proficiency and design skills, professionals have to work on keeping their skills current.
Continuing professional development (CPD) has never been more important. CPD and other learning approaches not only help keep practitioners abreast of the latest trends, but they also strengthen commitment to high standards of professionalism through international accreditations and certifications. Continuing learning establishes a strong foundation for integrity and ethics, which enable financial practitioners to become worthy of trust – a vital quality that clients seek in the profession. CPD focuses on development rather than training. Like building blocks, CPD adds to existing knowledge, providing a full up-to-date understanding of the profession. As we enter a new decade, upskilling will continue to aid the profession through strengthening the credibility of financial practitioners and institutions.
In the UAE, regulators Securities and Commodities Authority (SCA) and Dubai Financial Services Authority (DFSA) have made CPD a mandatory requirement for all licenced professionals working in a financial institution regulated by them.
According to the 2019 Edelman Trust Barometer, for the past five years (2015-2019) financial services among other key sectors such as telecommunications, energy and technology increased by eight points in terms of trust categorised globally. Trust is crucial when it comes to maintaining relationships in the financial services profession.
For practitioners to succeed in the field, they must demonstrate honesty and integrity to prove that they are aligned with customers’ values and needs. Transparency is vital for companies and firms to create trust and to establish clear communication about the services they provide, the costs, and how they can serve the best interest of their clients.
Although fintech and digital transactions are gaining popularity, consumers still seek human interaction that helps identify and validate the level of integrity and trustworthiness of the professional. It is by looking into the intrinsic qualities that clients make the decision about whether they can deliver quality financial input.
The financial services profession is a key driver of national economic growth for any country, and its workforce plays an integral role in this. As the profession experiences rapid evolution amidst digitisation, practitioners should keep their skills and knowledge up-to-date, and focus on continuing to build trust in themselves and the profession they represent as they look towards the next 50 years.