Attracting and retaining specialists experienced in statistics, quantitative analysis and information-modelling techniques is, and will continue to be, crucial for banks. However, with the future forecasting a shortage of skilled talent, banks will struggle to translate data potential into profit.
The Accenture Institute for High Performance undertook a study to gather and interpret data on job creation and skills availability. Our research identifies that there is already a scarcity of highly skilled talent to meet this growing demand, which is a situation forecast to worsen.
The financial crisis of 2008 has changed the banking landscape. Customers are more empowered, demanding personalised services and products; shareholders are driving banks to address costs through structural improvements; and stringent regulatory changes relating to reporting and compliance procedures have been introduced.
Banks need skilled analysts to apply advanced analytics across their entire business model and generate the insight necessary to build more profitable customer relationships, mitigate risk and transform business strategies.