Finance firms eye analytical skills to exploit big data
Analytical skills will become a major part of financial services professionals' roles as the industry undergoes a massive shift in focus to tap into the rise of big data.
That is one of the key findings of The FinTech Barometer from fintech company Onguard, which shows that almost a third (30%) of CFOs and finance professionals put analytical skills at the top of the "must-have" skills required for the future, with adaptability (27%) also considered crucial. Relationship management came in third place (16%), while only 6% cited leadership qualities.
In the study, the CFOs surveyed indicated that they consider learning to programme (12%) even more important than the development of service orientation (5%).
Developments in the field of new technologies and the acquisition and storage of data are rapidly advancing, so much so that almost half of finance professionals (43%) expect financial service providers to be transformed into IT companies in the next ten years.
The availability and use of data is important for companies with data playing a role in 93% of organisations. It is not surprising, therefore, that 45% of finance professionals think that big data will have the most influence within the industry. These aspects could explain why CFOs and other finance professionals expect the need for skills development in the future, particularly in the field of analysis.
Onguard chief technology officer Marieke Saeij said: "We are seeing that more and more companies are looking to collaborate with partners to continuously deliver increased value to customers. Through these partnerships, platforms are being created that in turn provide a wealth of extra data, which companies can use to make sound decisions.
"In addition, it is important for finance professionals who are in contact with clients on a daily basis to be able to analyse this data and, in so doing, provide an extra service. For example, through data, finance professionals can find out the customer's preferred communication channel and payment method for their invoices. Data analysis by a finance professional therefore creates a lot of added value within organisations."