Technology may be driving the future of the financial services sector but the sorts of skills that industry employees will need in the years ahead must evolve alongside the technology, according to a report published Tuesday from the Toronto Financial Services Alliance (TFSA) and PricewaterhouseCoopers LLP (PwC).

The report, Unlocking the human opportunity: Future-proof skills to move financial services forward, examines the employee skills that will be increasingly in demand, given rapid advancements in technology, and how financial services employers can plan and prepare for the future.

“While these technologies might be a key enabler of change, the people within financial institutions are the ones who must embrace and utilize any new tools, processes, or data,” the report says.

According to the report, the vast majority of the more than 80 Toronto-area financial services executives surveyed or interviewed (87%) say that at least 20% of the sector’s jobs will change over the coming years, with firms adding personnel such as data scientists, visual analysts, and developers.

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“Success over the next three to five years will be dependent on the vision of a financial institution’s leaders, their ability to make organization-wide changes effectively, and the degree to which they can anticipate and manage their future workforce needs,” the report says.

The report aims to forecast that sorts of skills that financial firm employees will need in the years ahead, including skills that help create more fulfilling experiences for both customers and employees (such as emotional intelligence, empathy and communications skills); creativity and critical thinking; adaptability; and, digital and data skills.

“To be able to compete for the highly skilled talent required to be successful in the future, financial institutions need to act now to define what their workforce needs will be in three to five years and take action quickly,” the report says.

“The launch of this report comes at a pivotal time in the financial services sector,” says Jennifer Reynolds, president and CEO, TFSA, in a statement. “Technology is rapidly changing the way we do business and it is important that with this change, we recognize the value of human skills and the need to develop, inspire and prepare our employees for the future of work.”

“Technology might help us identify the problem quickly but it’s up to employees to work with their teams and leadership to solve it. By doing so, financial institutions can only build stronger relationships and trust with their customers,” adds Karen Forward, partner PwC Canada, in a statement.