Future Competency Framework identifies key skills to increase Fintech competitiveness

The Financial Services Skills Commission (FSSC), in collaboration with NatWest and other financial services employers, have developed the Future Skills Framework. This identifies the core skills and behaviors businesses must consider to increase competitiveness.

The five main skills identified by the Future Skills Framework are digital competence, coaching, software development, creative thinking and data analysis and insights. These are business-critical for companies across the sector. Especially given the ongoing lack of skills in technology, cyber and digital. It aims to help them prioritize their future skills needs and attract and retain talent.

The framework (initially launched in October 2021) has been expanded over the past 12 months through cross-industry collaboration from FSSC members including Direct Line Group, Zurich Insurance, Danish Bankand Barclays to include a total of 13 skills and behaviors to support companies to prioritize upskilling and reskilling work.

Furthermore, the framework is closely aligned with the FSSC’s recently published Skills Gap Analysis Toolkit developed in collaboration with Lloyds Banking Group. This helps companies identify long-term future skills and support ongoing skills forecasting.

Commenting on the skills framework, Claire TunleyCEO, FSSC said:

“Financial services recognize that people are the key to success. The development of the framework will help companies prioritize investment and skills training. This is crucial because it will help the sector close skills gaps. Career progression and training opportunities for employees will be improved. In addition, it ensures that companies are equipped with the right talent and skills. As a result, this will enable them to increase innovation and competitiveness in the long term.”

Jane Tippgroup manager and transformation officer at NatWest, concluded:

“It is critical for finance organizations to understand their future skills priorities. NatWest worked closely with the FSSC to ensure the extended framework identifies the essential skills and behaviors businesses require to ensure our people have the core skills to perform their roles to the best of their ability and to serve their customers effectively.