The vast majority of businesses leaders in the financial services sector say their roles have become more complex over the past five years, yet a quarter have received no training to enhance job performance.
This is according to a study by Alliance Manchester Business School (AMBS), one of the world's leading business schools. It commissioned Censuswide to survey 500 managers, directors and C-suite executives within UK businesses, of which 59 worked in financial services.
Overall, 73% of business leaders said their roles have become increasingly complicated over the past five years – butamongst those working in financial services, the figure rises to 85%.
When financial services leaders were asked what had contributed to this increased complexity, the most commonly selected factors were increased cybersecurity and data privacy risks (38% said this had made their role more complex since 2020), the rise of remote working (36%), emergence of new technologies such as artificial intelligence (32%), new regulation and legislation (24%), and managing reputational risk in a 24/7 media and social media environment (also 24%).
Additionally, 54% admitted they worry about remaining relevant and competent as the business and management world evolves, with 53% saying they regularly doubt their judgments at work – well above the 40% average seen across other industries.
However, despite their roles having become more complicated since 2020, AMBS’s data shows that 25% of senior decision-makers in the financial services sector have not received suitable training to enable them to do their job well and manage effectively.
When finance leaders were asked what areas they would most like to receive formal training in, the most common responses was ‘financial analysis’ (44% selected this in their top three), followed by ‘understanding AI and how best to leverage it’ (39%) and ‘managing digital transformation projects’ (36%).
Arif Khurshed, Professor of Finance at Alliance Manchester Business School, said: “There is a huge amount at stake when leaders in the financial services sector make decisions. Money can be on the line, trust is paramount and the industry is highly competitive. Throw in increasing business complexity, which our research highlights as a common concern, and it is clear that leaders are facing significant challenges.
“We cannot underestimate the importance of organisations supporting their leaders and equipping them with the right tools to navigate a constantly-evolving business environment. In doing so, businesses can ensure that they retain and get the best out of their talent, and ensure they are best placed to navigate the challenges and opportunities to come.”
