Companies employing over 250,000 people have been signed up to a Skills Compact aimed at preparing people for a future AI revolution.
22 financial services firms have been signed up by The Financial Services Skills Commission to the government-backed Compact initiatives. It is designed to improve skills within the workforce and help workers to stay abreast of technological changes, which have caused worries about mass redundancies.
Critical skills
Economic Secretary to the Treasury, Rachel Blake MP, said that the Skills Compact sets out ambitious, meaningful and targeted actions aimed at addressing skills gaps. Ms Blake is hoping that many companies will sign up to the Compact in the future, including FCA compliance consultants such as those at firms like https://www.adempi.co.uk/.
Businesses that have already pledged inclusion include the Nationwide Building Society, the London Stock Exchange, Barclays, and Lloyds Bank. They have committed to creating plans rolling over 3 years that are aimed at certifying and training UK staff.
Programmes overseen
There will be an annual monitoring of progress and a minimum of one senior executive from each firm will be tasked with overseeing internal programmes.
Banks and financial businesses around Europe are already spending billions of pounds on AI, which is revolutionising how they work and how workforces are made up. A Visa Consulting and Analytics study predicts that the disruption being caused by AI will accelerate further as banks increasingly shift from experimentation with available technology to execution. It believes that by 2030, retail banking will be fundamentally reshaped by technology.
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