What are the top jobs in Banking, Finance and Insurance?
WHAT DEFINES A GOOD LEADER? LOOK FOR THESE SIX QUALITIES
Modern business challenges can require new approaches. Leadership will need to evolve in order to continue to guide organisations in tomorrow's world of work. But what are the characteristics of a good modern leader in the workplace - and how can organisations develop them?
Many studies draw parallels between effective leadership and solid organisational performance. But whether they’re a junior manager or a senior executive, the qualities that leaders need are changing.
Nearly 1,500 HR professionals ranked leadership development as the number one priority for 2025, with managers feeling 'overwhelemed' by the expansion of their responsibilities. In today’s unpredictable world, you must combine traditional leadership skills with new abilities. So, what does an effective modern leader look like?
1. Remember what makes a good leader
Before looking at the new skills future leaders may need, it is worth reflecting on what a leader actually is.
What are the qualities of a good leader? It’s not what you may think.
Being in charge of colleagues does not necessarily make you a ‘leader’. Former Facebook COO Sheryl Sandberg explains: “Leadership is about making others better as a result of your presence and making sure that impact lasts in your absence.”
Retired astronaut Chris Hadfield believes that good leadership is: “Not about glorious crowning acts. It’s about keeping your team focused on a goal and motivated to do their best to achieve it. Especially when the stakes are high and the consequences really matter.”
There may be varying opinions on the strengths and weaknesses of leaders. But overall, most people believe that great leaders motivate their team members to perform their best and achieve common goals.
What traits do you need to achieve this in the modern workplace?
2. Use blended leadership styles for a VUCA world
Stacey Philpot from Deloitte Consulting maintains that the core skills needed historically in leadership roles have remained unchanged.
“These skills allow someone to become a leader faster than their peers. This is even true in today’s volatile, uncertain, complex and ambiguous (VUCA) environment,” she says.
The core skills for leading in a VUCA environment include:
- Pattern recognition
- Motivation
- Agility
- Emotional intelligence
- Ability to understand, control and express emotions
This represents psychological assessments of 23,000 senior leaders globally over the past 25 years.
Consider introducing servant leadership:
Leaders need new styles of leadership to deal with changing cultures. Being comfortable with not having the answer and owning failure can create an environment of trust and openness.
Collectively, these behaviours form ‘servant leadership’. The Chartered Management Institute (CMI) defines servant leadership as emphasising behaviours and values such as:
- Active listening
- Empathy
- Leading by example
These are instead of opting for a more authoritative, ‘command-and-control’ leadership style. Leaders create the conditions for team members to excel by displaying vulnerability. But given the stigma around servant leadership, how can organisations encourage it?
How to combat stigma surrounding servant leadership:
Alsu Polyakova, HR Leader for GE Healthcare, says reducing stigma around servant leadership will take a specific strategy. Most importantly frequent performance appraisals for leaders.
“We give leaders lots of opportunities for self-reflection, so they understand how they behave,” she says. GE Healthcare’s most successful leaders help to encourage behavioural change, Polyakova says. The company measures success by how well employees rate leaders on achieving GE Healthcare’s ‘cultural pillars’. These pillars include inspiring trust and empowering employees.
3. Create a culture of trust in the workplace
Gaining workers’ trust is more important than ever. One way to build trust is for leaders to take action on issues such as climate change. 71 percent of employees consider their CEOs’ social awareness as critically important, according to the Edelman Trust Barometer.
Social awareness may yield rich rewards. The Edelman poll shows that workers who trust their employers are far more engaged and remain more loyal than their more sceptical peers.
Leadership styles are clearly changing. The most effective leaders will need to tailor their styles to suit different scenarios, says Professor Sattar Bawany. “Leaders need a broad repertoire of management styles and the wisdom to know when each style should be used,” he says. “In crisis scenarios like cybersecurity breaches, for example, leadership should be authoritarian because the scenario is unstructured.”
4. Adapt your leadership style for different generations
Managers must also balance leadership styles to suit different generations. Modern workplaces will soon house up to five generations under one roof. Therefore, there will be many people with differing preferences on leadership style.
As of 2023, millennials are the biggest group in the UK workforce, at 35 percent. Modern leaders must mix old and new leadership styles that meet the needs of younger generations. Doing so will future proof organisations. However, new leadership approaches cannot come at the expense of alienating older workers.
5. Commit to lifelong learning
With the workplace evolving so rapidly, leaders cannot rely on past experience alone to get by. Ben Farmer, Head of HR at Amazon UK agrees: “Experience is not always synonymous with wisdom and judgement. And naivety doesn’t always engender novel thinking and openness to change.”
Organisations should look for leaders who understand the future as well as those with experience. “Success comes from the ability to combine understanding of exciting, new trends with the experience required to put that knowledge into action,” says Farmer.
But what is the right balance? There is no one-size-fits-all approach when balancing experience with adaptability. Achieving the right balance will mostly depend on the organisation and the sector it operates in.
6. Be conscious of culture
Organisational culture is an important factor. Risk-averse firms may prefer experience over novel thinking. Leaders may be fearful of a backlash from stakeholders should novel thinking fail. To lower risk, companies should seek leaders who use both scientific evidence and intuition when making decisions.
Ultimately, there’s no single blueprint for an effective modern leader. Each organisation must tailor their approach to leadership development. There must be a focus on organisational culture, industry nuances and employee mix.
But above all, leaders should recognise that today’s reality may be old news tomorrow.
For more expert advice, take a look at the following articles:
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WHAT ARE THE TOP JOBS IN BANKING, FINANCE AND INSURANCE?
Demand is soaring for specialist skills in the Banking, Financial Services and Insurance (BFSI) sector.
Our latest report, ‘The Workforce of the Future’ explores a vast, global 2024 dataset of job listings and candidate profiles to understand the most in-demand roles and top jobs in BFSI.
Organisations rely on so much more than just a competent Chief Financial Officer (CFO). We highlight key roles that are essential to current operations and critical for the future of the sector, to help you shape a smarter hiring strategy.
Additionally, we explore the emerging talent networks and locations with notable skills deficits. This information is invaluable for employers searching for business-critical talent, with clear next steps to help you get the best talent onboard, wherever they are in the world.
In the blog below, we will expand on each of the top jobs for the finance sector, as outlined in the report. Discover how Artificial Intelligence (AI) is impacting each role and what this means for the future of finance.
1. Client Lifecycle Management Specialist
Client lifecycle specialists ensure the ultimate client experience, from onboarding to offboarding - and are crucial for maintaining customer loyalty.
AI is transforming customer interactions by offering advanced analytics and personalised engagement strategies. AI tools can predict client needs, identify potential issues before they escalate, and automate routine communications. This allows specialists to focus on building deeper relationships.
Specialists who can blend traditional relationship management with AI-driven insights are in high demand.
2. Business Analyst
Business analysts play a key role in bridging the gap between IT and business objectives. Their expertise in analysing financial reports, processes and data helps organisations make more informed decisions.
AI is becoming an integral part of the analyst role. AI tools can process vast amounts of data faster and more accurately than more manual methods. Therefore, analysts can identify trends, forecast outcomes and optimise recommended investment strategies with greater precision.
As a result, business analysts who can leverage AI to enhance their work are particularly valuable.
3. Front Office Support
The front office is the centre of any financial institution. Front Office Support professionals are, therefore, the key to smooth operations.
AI can automate routine tasks such as data entry, transaction processing and routine customer inquiries. Embedding these automations will release time and enable professionals to refocus on the activities which still require a human touch – liaising with customers and navigating more complex challenges, for example.
The ability to integrate AI into daily tasks will soon be a baseline requirement for success in these positions. However, it’s worth considering that some workers may feel threatened by AI, given that large parts of their role could be subject to automation. In response, you should explore opportunities to upskill your workforce to empower them to work with, rather than against, emerging technologies.
4. Data and Documentation Specialist
The BFSI sector is driven by data. Data and Documentation Specialists are, therefore, essential for ensuring the accuracy and integrity of financial data.
Maintaining comprehensive records shapes the role of these specialists. AI-enhanced documentation and analysis tools are increasingly supporting this function. These tools can automate the collection, processing and analysis of large datasets. In turn, this reduces the potential for human error and increases efficiency.
The need for high quality data and its effective management is why this role deserves a place in the top 10 jobs in finance.
5. Payments and Processing Control
As digital transactions surge, the role of Payments and Processing Control professionals has expanded. These professionals ensure the security and efficiency of payment processes; however, the task has become increasingly complex.
AI-driven fraud detection systems are now essential tools in this field. These systems are capable of identifying suspicious activities in real-time and reducing the risk of fraud. Professionals in this field must navigate both traditional and AI-enhanced processing environments. This requirement applies to entry-level individuals as well as those with years of experience.
The ability to monitor and optimise transaction processes is a critical skill. This growing importance of AI proficiency is especially true as these systems continue to evolve.
6. Front Office Integration Manager
Front Office Integration Managers oversee the integration of new technologies and processes. Essentially, these managers ensure that all systems work smoothly together.
Trading, investment banking and client management are now seeing the introduction of AI tools – and these managers are crucial for leading transformation efforts. Integration managers must understand both the technical aspects of AI tools and the operational needs of the front office, bringing the two together to shape systems and processes that are theoretically sound, as well as entirely practical.
Managing technology-driven changes, troubleshooting integration issues and training staff on new technologies are key to successful digital transformations. This role is particularly important for any organisational mergers and acquisitions.
7. Remediation Specialist
Compliance and risk management remain top priorities in the finance industry. Remediation Specialists are responsible for addressing compliance issues and implementing corrective actions.
Regulatory environments are becoming more complex and AI-enhanced tools for risk assessment continue to emerge. These tools can analyse vast amounts of data to identify potential compliance issues, predict risks and suggest corrective actions. Therefore, companies value professionals with a deep understanding of traditional compliance methods and how this can be combined with emerging AI capabilities.
8. Integrated Middle Office Process Specialist
Next on the list for the top ten jobs in finance is an Integrated Middle Office Process specialist. These individuals work to streamline operations across departments.
With the rise of AI, these specialists must now focus on integrating tools. By doing so, Integrated Middle Office Process specialists enhance efficiency and accuracy as portfolio managers, financial planners and reporters. Specialists in this role must focus on how AI can optimise operations, reduce costs and improve decision-making processes.
9. Customer Service Specialist
Not all of the top jobs in banking require a degree in finance. Customer expectations in the financial sector are higher than ever – and customer service specialists are on the front lines of meeting these demands. AI is transforming customer service, providing tools that offer personalised experiences at scale. Chatbots, virtual assistants and predictive analytics can anticipate customer needs, resolve inquiries more quickly and provide increasingly tailored recommendations, as natural language processing technologies make significant progress.
Specialists who can use AI to enhance customer interactions will be crucial in maintaining client satisfaction and loyalty. They must also manage the balance between automated and human interaction. Doing so ensures that AI tools complement, rather than replace, the personal touch that customers expect.
10. Asset Transfer Specialist
Asset transfer specialists manage the movement of assets, particularly in investment banking and portfolio management. AI is beginning to automate and optimise these processes. AI tools can handle large, complex transactions with minimal human intervention, reducing the risk of errors and delays.
Specialists with a strong understanding of the technical and regulatory aspects of asset transfer are increasingly in demand. Asset transfer specialists must now focus on overseeing AI-driven processes, ensuring compliance with regulations and resolving any issues that arise during automated transfers.
The impact of AI on the future of finance
AI is not just a buzzword in the finance industry. This technology completely transforms how financial services providers deliver and manage services. AI is making its mark across all of the top jobs in banking, financial services, and insurance. Specifically, AI enhances the speed of customer service and reduces the risk of manual errors in data entry and evaluation.
However, this does not mean that people will be out of jobs. Forward-thinking finance professionals are still going to be critical, but roles will evolve to make way for the introduction of these automated systems and processes.
For professionals in the finance industry, staying ahead of the curve requires understanding traditional finance principles, but with the appetite and understanding to integrate AI tools into everyday processes.
Whether you’re a finance controller or entry-level advisor, interpreting AI-driven insights is an emerging – and increasingly critical – skill.
Want to learn more about how the BFSI industry is changing?
- Download our report ‘The Workforce of the Future: Navigating the Skills Disruption’.
- Read our local Accountancy & Finance Salary Guides.
- Or check the average salary for the top jobs in banking with the Hays Salary Checker.
And if you’re ready to talk about your talent strategy in the BFSI sector, get in touch with our team today.