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The finance sector is a specialized industry that requires highly skilled professionals to execute its critical tasks. Delicate tasks like financial reporting and control, tax and compliance, and budgeting still require the skills of well-trained personnel.
However, in as much as the finance niche needs experts, you realize that many of its daily operations are repetitive tasks. Tasks like loan processing, accounts payable, and credit card application is labor-intensive tasks that waste valuable time for more creative tasks.
Essential Skills for the Finance Industry
Repetitive tasks often draw unforced accounting errors that can cause a huge dent in the brand’s reputation. Based off that understanding, research shows that 75 percent of transactional operations and 40 percent of strategic work can be automated. Almost half of the tasks people are paid to the tune of $15 trillion to do can actually be automated. In the US, 51 percent of the tasks are highly susceptible to automation. Especially physical activities in structured and predictable environments.
No employer wants to keep spending money on tasks that will be better executed when automated. These realities—market changes and technological evolution have caused a shift in the most in-demand skills in the financial sphere. Here are four digital skills needed to remain relevant and that any finance service should know.
1. Market Awareness
Market awareness is the ability to analyze the stock market holistically. This skill is critical for anyone working in financial data or financial news. It helps you make informed decisions and eliminate risky choices. You should have a deep knowledge of market forces and how they shape the financial landscape.
It is critical to keep tabs on the latest market movement by looking for trends and gauging their impact. The financial market is very volatile, and you ought to know how a piece of news affects your sector. You want to understand the roles multinationals play in determining market stability. Also, understanding how human emotion can cause a rise and fall at any given time.
2. Analytical Skills
The ability to collect data, visualize potential scenarios, and analyze to see the bigger picture is critical in the finance industry. It takes the mind of a problem solver and a critical thinker to turn data into insight. This is a highly sought-after skill because of the uncertainty and volatility of the financial space. Being able to synthesize large data, analyze it, and proffer solutions to problems automatically sets you apart in the rat race.
Financial services would be a great fit if you get pissed off by vague statistics in the newspaper and would love a chance to get the data for yourself. To thrive in the finance niche, you must be comfortable and enjoy drawing conclusions from your analysis. Analytical skills are critical in executing tasks like budget forecasting, financial reporting, and competitor analysis, where you need to make projections and assumptions.
3. Automation
Customers are more demanding in today’s digital world, and the financial industry is no exception. There’s an increasing demand for speed and efficiency from customers. Customers expect a seamless customer experience involving data security and customized solutions. Hence the need for banks to reinvent themselves with Robotic Process Automation (RPA).
To compete in this ever-changing and increasingly saturated market, financial institutions cannot continue business as usual. About 60 percent of financial establishments have introduced RPA into their operations. RPA in banking helps companies deliver better services to their customers by reducing errors and improving quality and speed. It’s also reduced human involvement in routine work, enabling workers to focus on important tasks and increase productivity.
4. Effective Communication
Stakeholders are a critical part of the survival of any organization, and the ability to engage them is crucial. This is reflected in the management’s ability to share the organization’s vision with the staff, who reflect these values in engaging with customers. Communication, negotiation, and influence are essential skills all finance professionals must have. These skills come in handy when explaining technical and financial concepts to customers.
Your ability to communicate helps you personalize client experience and increase satisfaction. Effective communication includes creating a trusted channel of communication with clients. The financial market can be volatile, and customers need the expertise of financial experts in making important decisions. Businesses can decide and reach a resolution faster when there’s a clear communication channel.
Changing Times
The financial sphere is rapidly changing, all thanks to digital technology and customer expectations. More than ever, companies need to pay more attention to the environment. And take a more proactive approach to problem-solving while leveraging automation to beat out the competition.
