Financial services sector launches fresh skills action plan to prepare sector for AI revolution

Scottish Financial Enterprise has launched an update to its skills action plan to help prepare the industry for its future skills requirements. The update comes as rapid advances in emerging technologies and a competitive hiring landscape are reshaping the industry and seeks to highlight how best to prepare the workforce for an AI and data led world.

Other recommendations from the plan include strengthening partnerships between industry and government agencies, working with the Financial Services Skills Commission to identify future skills gaps and insights and taking a lead in demonstrating effective collaboration between business and the skills system.

The action plan also highlights the SFE's role in ensuring the higher education system is equipped to respond to the needs of the industry, as well as provide industry insight to governments on the impact of skills related policies such as apprenticeships and education reform.

Originally launched in 2022, SFE’s skills action plan has been updated to take account of the rapid proliferation of AI, data and other disruptive technologies which are set to change the way the sector work.

Sandy Begbie CBE, chief executive of Scottish Financial Enterprise said:

“In Scotland, our talented workforce is one of our key selling points on the global stage and it is critical that business and education work more closely together to build on this. In our sector growth strategy, we set out an ambitious plan for skills in our sector and our getinto.finance platform provides a resource to help demystify roles in our industry and the various pathways that exist.

“Our industry is committed to playing its part in addressing high levels of youth unemployment and as author of the Young Person’s Guarantee, I am passionate about widening access to employment.

“This update provides the framework for us to do that, which will ensure we remain globally competitive, create real opportunities for workers in our sector and deliver lasting benefits to the Scottish economy. This will go a long way to ensuring we continue to grow our sector and deliver on the ambition of our growth strategy to achieve our target of £21bn GVA.”