It seems even the mega bucks on offer in the UK financial services industry do not make the sector immune from the skills shortages facing the marketing sector, with the drive to provide personalised products and services also being hampered by a lack of data expertise.
According to research from data and analytics consultancy Cynozure, there is also a lack of understanding of the value of data at senior levels of UK finance firms.
The research, which quizzed 200 senior executives at UK finance firms, reveals that 27% of respondents lacked the skills needed to make good use of data. About a third (31%) said this data skills shortage was across the entire organisation.
One of the problems faced by financial services companies is understanding the ROI of data investments. Over half of respondents (52%) said this was the biggest barrier to introducing or improving the use of data.
Most (94%) respondents agreed that data insights would be an important way to support customers as the cost-of-living crisis worsens.
Traditional banks need to improve their use of data if the automation of personalised banking is to come to fruition and match that of more digitally savvy tech-led competitors.
Cynozure chief executive Jason Foster said the research highlighted an opportunity for financial services firms in the UK to revamp their data strategies and start benefitting from data.
“Used correctly, data can bring a host of benefits to organisations in the financial services space, particularly at the moment when many people are looking for more personalised financial support to help them through the cost-of-living crisis.”
The skills crisis in marketing has been widely reported. Last summer, the World Federation of Advertisers and global media advisors MediaSense claimed nearly half (48%) of all companies in the advertising and marketing industry believe the sector is facing its “worst-ever crisis” when it comes to talent, topping off at 54% among agencies, with the most pressing issue being a dearth of data and analytics professionals.
Government pledges help to tackle industry skills crisis
Where will we be in 2023… with the skills shortage?
Forget graduates, only retraining can tackle skills crisis
Skills shortage threatens to derail digital transformation
Industry is facing ‘worst ever’ talent crisis, say bosses
‘A little and often’: DMA calls for micro-upskilling drive