The financial services sector has always evolved with pace, but in recent years, that evolution has accelerated. Emerging technologies, new regulations, and shifting customer expectations are placing increasing pressure on firms to be not only reactive but also proactive when it comes to workforce capability.
As the landscape continues to shift, many firms face growing challenges in attracting, developing, and retaining skilled talent. Research last September found that “almost two-thirds (62%) of firms are prioritising training and upskilling their current workforce over recruitment.”1 Historically, time and budgets have allowed for comprehensive onboarding programmes, but with the industry’s pace continuing to increase, and a magnifying glass on performance and cost, firms are under greater scrutiny to deliver cost-effective, engaging, and flexible training solutions.
There has been a shift in the sector in the approach and requirements for training. At one time, learning was looked at as a way to expand knowledge or upskill, whereas now I hear more and more from UK Finance members that they need to train or re-train their staff on essential topics or skills. According to the Financial Services Skills Commission (FSSC), almost a third of firms report skills gaps in areas such as data analytics, digital transformation, and risk management.2
Our members recognise the challenges that these skills gaps present, and many are working hard on two fronts to address current gaps and anticipate future needs. Those who invest in both the present and the future will grant themselves an advantage and create the best possible opportunity for success.
Formal qualifications and certifications still play an important role in career development and industry credibility. But for a workforce that is expected to adapt rapidly and regularly, they are only part of the picture
I speak regularly with many of our members and hear a range of challenges that can be addressed through upskilling staff. A common theme I’m hearing more from not only our members but also from firms across the sector is AI. I’m sure, like me, you are seeing that everything in your day-to-day life is AI-enhanced in some way. We are being forced to adopt this in both our personal and professional lives, which means it’s essential for us to understand the opportunities and risks it presents. I spoke with one of our members, Ted Winterton, Managing Director at Cynergy Business Finance Ltd, who shared:
“As business evolves, so does the need for different backgrounds and skill sets within our colleague base. Those who have the ability to adapt and learn new skills, especially on how to harness the ever-increasing power of technology and AI, will set themselves up well for the future. Those that embrace these technological changes will make themselves ‘super human’, allowing them to excel in their chosen career path by increasing their productivity and effectiveness whilst also taking the mundane out of their roles.”
Our Invoice Finance, Asset Based Lending and Commercial Finance members have shown a great appetite for using learning to improve the relationship between sales and risk, the sales process, and their relationships with customers. The mortgage space is shifting towards firms focusing on how they can support their customers through financial difficulties, improving their understanding of affordability, creating tailored solutions, and much more. And the pace keeps quickening in areas like Payments and Innovation where the sector looks to understand, embrace and capitalise on emerging technologies like the blockchain, account to account payments and digital currencies.
Another key theme is that firms are increasingly looking outside the sector to fill key roles, particularly in sales, technology, and operations. While this brings a welcome diversity of experience, it also means that new hires may lack the sector-specific knowledge necessary to operate effectively within regulated financial environments. Consequently, there is a growing need for rapid, effective upskilling and cross-skilling, not only in technical knowledge but also in understanding the broader regulatory and policy frameworks that financial services professionals navigate daily.
This isn’t just a hiring issue; it’s a business resilience issue.
Rethinking how people learn
Formal qualifications and certifications still play an important role in career development and industry credibility. But for a workforce that is expected to adapt rapidly and regularly, they are only part of the picture.
Learning needs to be available in the flow of work, accessible when needed most, and relevant to the challenges professionals face right now. That might mean responding to a regulatory update, refreshing a core concept before a client meeting, or quickly getting to grips with a new policy development.
Continuous learning is how the sector evolves to stay relevant and resilient. Firms need to actively drive opportunities for their employees to not only stay up to date but also upskill and reskill employees, which encourages retention and stimulates growth. Speaking with Fiona Parkinson, CEO, Close Brothers Invoice Finance, on this topic, she said:
“Continuous learning in a format that is both accessible and developmental empowers our people to adapt to new challenges and deliver value for customers. Also playing a critical role in engagement and retention, firms that invest in a wide range of learning create a workforce that is resilient and competitive.”
This is echoed in the FSSC’s Future Skills Report 2025, which found that 75% of FS firms are investing in “more flexible, modular learning” to meet real-time skills demands 3 For organisations, the benefit is twofold: not only does this improve employee capability and confidence, but it also supports retention by investing in professional growth.
As Catherine McGuinness, Chair of the FSSC says:
“Improving access to learning and development is key to ensuring the UK retains its competitive edge as a global financial hub. We must foster a culture of lifelong learning that benefits firms, employees, and the wider economy.” 4
Where UK Finance fits in
UK Finance represents 300 firms and is a centre of trust, expertise, and collaboration at the heart of financial services. We are known for our advocacy and insight, but we’re increasingly seen as a partner in learning. We provide a trusted source of support and direction for firms seeking growth and to build sector and organisational resilience through learning.
Through close collaboration with our members, we’ve developed a training offering designed to reflect the real challenges and demands facing financial services professionals today. Our programme covers more than 10 policy areas including Capital Markets, Personal Banking, Commercial Finance, Prudential Risk, Reporting and Tax to name but a few, and is delivered in four flexible formats: in-person, online, in-house, and on-demand. To view our regularly updated training schedule, click here.
This September, we’ll expand that offering further with the launch of a new digital learning platform, The Knowledge Hub. The platform will give members on-demand access to high-quality, practical content, designed to support both foundational knowledge and continued professional growth. Initial courses will focus on building strong foundations. Our newly re-launched CPD-accredited Invoice Finance and Asset-Based Lending Foundation is available now with “An Introduction to” Financial Services, Capital Markets and Economic Crime following closely behind. Whether you’re looking to support new joiners, enhance sector understanding, or stay ahead of evolving policy and regulation, we’re building the tools to help.
I believe that the financial services workforce will continue to evolve, and that our approach is that learning must evolve with it. At UK Finance, we’re committed to supporting the sector with the tools, knowledge, and insight needed to navigate what comes next.
If you’d like to know more about UK Finance and our learning solutions, I’ve compiled some options below.
Register your interest for The Knowledge Hub (launching in September)
Ask us about in-house learning for your team.
View our Training Schedule to see what workshops and webinars we have available.
Regardless of if you are a current member of UK Finance, I would welcome the opportunity for my team to meet with you and discuss how we can support your firm’s learning.
Let’s keep building a sector that learns and leads together.
1Financial services firms still struggling to bridge the digital skills gap | Financial Reporter, September 2024 Financial Services Skills Commission, Financial Services Skills Taskforce Report, 2020
2Financial Services Skills Taskforce: final report | TheCityUK Financial Services Skills Commission, Future Skills Report 2025, 2023
3FSSC_Future_Skills_Report_2025.pdf
Catherine McGuinness, FSSC Chair, quoted in Future Skills Report 2025
4FSSC_Future_Skills_Report_2025.pdf
