AI literacy skills identified as major driver of growth
02/06/2025 | Financial Services Skills Commission
A new report from the Financial Services Skills Commission highlights that the UK financial services sector, a key driver of economic growth and employing around a million people, faces significant skills challenges due to the rapid expansion of artificial intelligence (AI) tools and applications. Despite the potential for AI to add £26 billion to financial and professional services by 2030, the report identified a 35% gap between AI-related skills demand and talent availability, with 160,000 professionals requiring urgent upskilling. First identified in 2020, this skills gap has evolved from technical coding skills to experience in navigating and implementing generative AI.
The report highlights that AI will, for the most part, enhance existing roles rather than create new ones. Furthermore, while AI specialists are vital, a comprehensive understanding of AI is required across the entire workforce. Specifically, the data reveal a 17-fold increase in demand for conversational AI since 2021, with human qualities such as relationship management and empathy now surpassing most technical skills in demand, placing a premium on uniquely human attributes.
To unlock the many benefits of AI, financial services companies must assess skills requirements, implement targeted training, and collaborate on knowledge development.
Elsewhere, research by Accenture reveals that UK technology vacancies have grown by 21% to reach pre-pandemic levels, driven by a nearly 200% annual increase in demand for artificial intelligence (AI) skills. London accounts for 80% of AI-related job postings and almost two-thirds of all technology vacancies nationwide. The study, which used LinkedIn data from February 2025 and a YouGov survey from mid-2024, also noted a 53% annual rise in individuals reporting tech skills.
Accenture's Emma Kendrew highlighted London's central role in the UK's potential as a global AI leader. However, Kendrew also expressed concern over the regional disparity in AI upskilling, warning of a widening digital divide that could hinder long-term national competitiveness.
Meanwhile, research by PwC indicates that higher productivity and wage growth are found in sectors that actively adopt AI. An analysis of approximately one billion job listings worldwide between 2018 and 2024 showed that AI-exposed industries deliver more than three times the revenue growth per employee compared to other sectors.
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