New report highlights need for upskilling in the Irish financial sector

The UCD Professional Academy has published a new report: Digital Upskilling Trends in the Irish Finance Sector exploring how the Irish financial sector is adapting to new pressures and where skills gaps currently exist. 

This is the first in a series of industry analyses by the UCD Professional Academy exploring digital upskilling trends in leading Irish sectors.  

According to the in-depth analysis, the Irish financial industry is facing a wave of digital disruption driven by AI, big data and new competitors. We are seeing that rival Big Tech organisations are embracing new technologies to gain a competitive edge, cybersecurity threats are escalating and data privacy concerns are mounting as regulatory burdens grow – all of which are putting a strain on the financial sector. 

Compounding these challenges is a notable shortage of skilled professionals in key areas to combat these threats: data analytics, AI, and cybersecurity. 

We all understand that a successful digital transformation requires a skilled workforce with up-to-date knowledge of fast-developing areas and specialised training or skills. The potential consequences of failing to remain competitive in these areas through upskilling workers may be extremely consequential and amount to considerable problems for the sector. Cybersecurity skill gaps leave organisations vulnerable to data breaches and financial losses and without adequate data literacy, finance professionals may struggle to make informed decisions. 

By investing in effective upskilling strategies, Irish financial institutions can close the digital skills gap, remain competitive and continue to thrive in the modern world. To ensure they don’t get left behind, this report recommends that L&D leaders in financial organisations leverage layered learning programmes to cater to different skill levels, and collaborate with educational institutions to build training solutions tailored to the specific needs of their organisations.

Commenting on the publication of this latest report, John Delves, CEO of the UCD Professional Academy said:

“In a rapidly changing world, the importance of developing a skilled workforce to enable a thriving economy is the subject of increased focus from industry leaders. This is an opportune moment for the financial sector to adopt a strategic approach to workforce upskilling to ensure they are best positioned to continue to thrive in the years ahead. 

At UCD Professional Academy, our curated courses can be built to adapt to the needs of individual organisations or companies. We are constantly updating and developing our learning modules in line with industry developments, making us the ideal upskilling partner for a fast-changing sector.”

The report is available to download here.