Banks and financial service providers are on the brink of radical change, driven by technologies such as generative AI (GenAI). Recent figures suggest as much: in a recent adesso survey conducted in November 2023, 63% of the bank executives in Germany surveyed stated that their institutions are already well prepared for the use of GenAI. But the big surprise comes next: 60% of banks planned to implement GenAI solutions within the next four to six months. This means that the financial sector is changing even faster than many expected.
Initial experiences with AI tools like ChatGPT are almost universally positive. Over 75% of users in banks report that using AI has significantly increased their productivity, and many are already using these technologies on a daily basis. New job profiles and skills are emerging at a rapid pace as a result – from data analysts to AI specialists to strategic consultants for digital transformation.
The question is how we prepare for it. Which skills are crucial now? And how can professionals and young professionals prepare for the future? In this article, we examine the new demands on job profiles in finance and provide an insight into the knowledge that is or will be required. But it's not just tech skills that are in demand. The following sections explain what other skills are required.
Digitisation meets finance: where we stand now
Digitalisation has arrived, at least in the banking world. Just a few years ago, traditional banking was still characterised by physical branches and paper documents, but today a large proportion of processes are digital. The Bundesbank emphasises that new technologies such as blockchain, artificial intelligence (AI) and big data are bringing about profound changes in banks' business models. As we can see from the adesso study, financial institutions are rising to the challenge, at least as far as GenAI is concerned.
So banks have long since recognised the opportunities offered by digitalisation. According to another blog post by adesso, many banks see digital transformation as one of the most important drivers for the future of the industry. Fair enough, that was to be expected. Banks are therefore using AI to improve customer experiences, analyse risks and automate processes.
But digitalisation is not just about technical processes. It is also about how financial institutions will design their services in the future and what skills their employees will need to do so. The German Bundesbank points out that banks are increasingly relying on digital platforms and fintech solutions to respond more flexibly to customer needs and work more efficiently. On the one hand, this shows that the demand for expertise in technology and data analysis is increasing. On the other hand, however, it also shows that it is becoming more and more important to develop new business models and implement them strategically.
As in all areas, digitalisation is changing the demands placed on employees and managers. In the next chapter, we will look at the positions that are emerging as a result.
New job profiles: What jobs are emerging in the digital finance sector?
Numerous new job profiles are emerging that expand and, in some cases, even replace traditional banking. While accountants, controllers and financial analysts are still in demand, the demands on today's financial experts are growing. The combination of in-depth financial knowledge and digital skills is more important than ever.
Data analysts and data scientists are some of the new roles in finance that have emerged as a result of digital transformation. Banks and financial service providers process huge amounts of data, from customer information to market developments. Analysing this data and using it to make decisions is part of almost every corporate strategy – and of course also in the world of finance. Accordingly, there is a demand for specialists who can work with modern analysis tools and understand complex data structures.
Digital consultants are another profession that has become more important in the finance industry as a result of digitalisation. These specialists advise financial institutions on implementing digital strategies, introducing new technologies and optimising business processes. Their expertise lies in combining financial knowledge with technological know-how and a deep understanding of digital trends. As Adesso points out, banks are increasingly relying on digitalisation projects to improve their customer service and automate internal processes. Digital consultants are the driving force behind this development.
And as we now know, AI specialists in the financial industry will, of course, be in greater demand in the future. Artificial intelligence will take over tasks such as risk assessment, fraud detection and personalised customer service. These AI applications need to be developed and integrated into existing processes. Knowledge of machine learning and data analysis is indispensable in this area. Adesso also confirms here that AI tools like ChatGPT are already used by many banks and considered an integral part of everyday work.
Even traditional roles such as accountants and controllers have changed. The demands on these positions have increased due to the use of digital tools. Knowledge of specialised financial software and automated systems is now standard. In accounting, for example, automated booking systems are used, while controllers are increasingly relying on data visualisation tools to make reports and analyses more understandable and clearer.
Hard skills that pay off in finance
Digitalisation has increased the demands on the required hard skills. Young professionals and specialists need a combination of traditional financial knowledge and digital skills. But which hard skills are currently in particular demand?
A solid understanding of accounting, controlling, taxes and finance continues to form the basis for a career in finance. These classic skills are complemented by digital skills, which depend on the area in question or the technology used. Let's go back to the Bundesbank – it highlights technologies such as blockchain, artificial intelligence, cloud computing and, above all, cybersecurity. Ideally, there are technical experts who specialise in the financial sector. But the transition from another industry is the easiest hurdle for such profiles. While not all employees need to become programmers, a basic understanding of the technology used is an advantage in certain areas, especially for those working in areas such as risk management, portfolio analysis or financial technology.
Speaking of risk management: finance professionals now have to manage digital risks such as cyber attacks and data protection violations. The Digital Operational Resilience Act (DORA) was created for this purpose. Knowledge of IT security and compliance is therefore vital. Employees should have the ability to identify and assess risks and, if necessary, develop appropriate countermeasures. Read our other two articles on the topic of risk management: Is it worth the risk? Salaries in risk management 4.0 and Controlling meets Risikomanagement – Evolution in uncertain times for businesses
In conclusion, it should be emphasised that while these hard skills are important, they should not be considered in isolation. Particularly in the context of AI, the human component is increasingly coming to the fore, going beyond a customer-oriented way of thinking.
Soft skills: Why customer focus and flexibility are important
The human element mentioned above is characterised by soft skills that shape how we interact with customers and our ability to adapt to new challenges. Success in the financial sector depends largely on how well professionals respond to the needs of their customers and navigate a dynamic environment.
Customer focus is paramount. Whether in direct customer contact or in an advisory role, the ability to explain complex financial issues in an understandable way and to offer tailored solutions is increasingly in demand. Financial service providers are looking for employees who have strong communication skills and are able to build trust. This is particularly true in professions such as financial advisor, investment banker and customer service representative. The high demand for such skills shows how central a focus on the customer has become in the industry.
In addition, flexibility is playing an increasingly important role. The financial world is changing at a rapid pace, driven by digitalisation and new regulatory requirements such as DORA. As a result, young professionals and specialists must be willing to engage in continuous learning and adapt to new technologies and market conditions. Flexibility also means working together effectively in teams and embracing different projects and working methods.
These soft skills, along with digital and analytical skills, make professionals in demand in the financial sector. Those who bring customer focus and flexibility to the table are ideally equipped to meet the current and future challenges of the industry.
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