The changing face of financial services

Citation

(1999), "The changing face of financial services", Education + Training, Vol. 41 No. 4. https://doi.org/10.1108/et.1999.00441dab.011

The changing face of financial services

The changing face of financial services

Keywords Financial services, Information technology, Recruitment, Skills shortages

By 2002, some 100,000 clerical and managerial jobs will have been lost in the UK financial-services industry, and 60,000 information-technology and business specialists recruited.

Financial-services institutions report widespread shortages of leadership and communication skills, as technology increasingly replaces branch networks in delivering services.

A study by two national training organizations ­ the Banks and Building Societies NTO and Insurance and Related Financial Services NTO ­ reveals that senior financial-services managers need a range of leadership capabilities, while their staff are expected to be more self-driven, resilient and articulate.

Some 70 per cent of institutions report gaps in leadership, information technology and social skills. Most of them have responded by using new avenues of learning such as coaching by managers, networking with peers, learning from customers, relying on multi-media and carrying out case-study assignments.

"These new avenues not only complement classroom learning, but also encourage staff to take on far more responsibility for their own development. A training culture is giving way to a learning one", said Tony Lancaster, GAN Insurance chairman.