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There was a time when successful people in the finance industry primarily needed strong math skills and well-developed business sense. However, financial jobs have evolved, and many roles are now data-centric.

Automation Will Become Progressively Important

One of the significant advantages of automation is it allows people to speed up their workflows and use tools to find information that might otherwise stay hidden. For example, automation could make data mining more efficient, helping entities such as banks learn how to serve their customers better.

Because it’s possible to examine large quantities of data quickly, financial representatives can spot patterns by using automated platforms. Picking up on suspicious activity could minimize instances of banking fraud or lead to more accurate risk models for extending loans or credit card offers or tracking stock market activity.

Statistics show jobs requiring automation skills — such as those related to artificial intelligence, and machine learning in particular — are limited in number, but growing more than six times faster than the demand for other capabilities in finance.

There’s a Lack of Crucial Data Analysis Skills

Research highlights how the financial industry needs data analysts, but there aren’t enough qualified individuals to fill the skills gap. More specifically, accountants recognize knowing data …

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