It is hard to escape the calls to improve data literacy from data offices and leaders, and it seems to only be getting harder as financial services now join the trend in calling for more data literacy skills. In a new report by Qlik, data literacy is expected to be the most in-demand skill for financial services in 2030. The solution: invest early in data literacy, upskill existing staff and develop a futureproofed data culture for new talent.
In the last year alone, it has been reported by employees across different sectors that data-led decision making has more than doubled – but financial sectors and the banking industry seem set to fall behind as they lack data development. The findings show that industry leaders in the sectors state their intentions to double data literacy training in 2023, with only 6% of financial services currently offering data literacy training or upskilling experiences for staff.
Left behind
It was revealed that only 14% of those employed in the financial sector have confidence in their ability to read, analyse, work and communicate with data. This lack of confidence is instrumental in the stagnation of data skills that are being seen across financial industries which has led to 85% of C-level executives surveyed believing that those lacking data literacy skills risk being left behind.
The fact an entire industry may be left behind is a concern as those who did feel confident in their levels of data literacy revealed:
Data literacy expectations have grown in recent years, even in financial sectors that are not keeping up with wider data trends. Eighty-six percent of C-suite finance executives expect employees to be able to explain how data has impacted their decision making, but less than 2 in 10 employees have the confidence to do this.
To rectify the problem, financial sectors need to be involved with the wider data community and conversations as well as investing the time and resources into providing suitable training and tools. There needs to be a shift in culture to centralise data as a theme and core skill, as well as improving the support network staff have available to ensure they can develop data confidence.
The study was based on a broader global study of over 1,200 C-suite leaders and 6,000 employees in the US, UK, Germany, France, Japan, Australia and New Zealand. The study included responses from more than 160 C-suite executives and over 900 employees working in financial services and banking.
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