4 Must-Have Tech Skills for the Modern Financial Expert

Gone are the days when professionals were partitioned into their own silos and required only to possess the expertise of their fields. The modern professional does not have the simplicity of a singular toolkit. Instead, today’s workers cement their value by wielding a swiss-army knife of skills.

What about today’s financial experts? What skills should they have in their toolkits to maximize their value and remain relevant in a quickly changing field?

1. Machine Learning and AI

Machine learning and artificial intelligence hold tremendous potential for the financial industry. Machines can be trained to automate burdensome, repetitive tasks so professionals have more time to use their experience to interpret results and provide informed recommendations. You don’t have to be a coder, but if you’re familiar with this technology and are able to incorporate it into your work day, you’ll be an invaluable asset to your organization.

 2. Advanced Analytics and Forecasting

How important is data analytics? EY surveyed financial professionals and 57 percent of the respondents said it’s critical to hire professionals skilled in predictive and prescriptive analytics. Data analysis will power the finance function to new heights. Get to know the tools and familiarize yourself with data that creates forecasts so accurate it’ll seem like clairvoyance.

3. Cybersecurity

Cyberattacks against financial services firms rose by 80 percent in the last year. As technology improves, so too do those seeking to manipulate it for their own malicious purposes. While cyber protection is not the primary responsibility of the financial department, financial experts should be the first line of defense. Financial experts work with incredibly sensitive and classified information and have a corresponding responsibility to take the appropriate protective measures.

Cyberthieves thrive on inattention to risk. That’s why PwC has said, “it's imperative for financial services companies to prepare their workforce for increasingly sophisticated attacks by cyberintruders.” Tell your employer how you add greater protection to their sensitive material and you’ll be worth your weight in gold.

4. SaaS Applications and Cloud Computing

In 2015, KPMG surveyed almost 800 technology industry leaders. After the votes were cast, cloud technology was ranked as having “the greatest impact in driving business transformation.”

That was three years ago. Mobile innovation and cloud solutions have only become more mainstream. And yet, many companies still use decade old, on-premise systems well-due for replacement. As this replacement occurs, organizations will be desperate for workers capable of using these new financial management solutions well outside of their “Excel” comfort zones.

SaaS financial software helps streamline processes by reducing time and effort; which pays dividends on the bottom line. Further, SaaS technology opens the door for greater collaboration, greater visibility, and greater accuracy within the organization.

But these tools are only as good as the people using them. You can be sure employers are foaming at the mouth looking for talent that can make sense of this new technology.

Bonus Skill: Familiarize Yourself with the Blockchain

You may not know this, but banks are investing millions to develop blockchain applications with the hopes of minimizing costs and simplifying their back-office processes.

Some claim that Blockchain will revolutionize the banking industry because of its ability to speed up transactions and reduce the risk of fraud.

So what is the blockchain? Now might be the time to learn everything you can.

Think you have the right skills? Why not check who’s hiring.