Financial firms should upgrade recruitment practices, report shows

The financial services sector can do more to meet customer demand by upgrading recruitment practices, according to a report into customer satisfaction.

The survey, which was carried out by consultancy Oliver Wyman, surveyed 4,000 customers across the UK, US, France, and Australia, along with a US mass-market focus digital group of 100 customers.

Reform

It found that although the financial services industry had undertaken significant reforms in recent years, there was more that could be done to promote success. The key to this could be changing recruitment.  

According to the report, although the industry had enjoyed a good 2017 and was facing improved global prospects, the financial sector hadn’t enjoyed the same level of success as global technology companies.

Tech companies are generally recognised as doing a good job when it comes to meeting customer demand and hiring a rounded workforce.

Catch up

The Oliver Wyman report said that it was important for financial firms to catch up with the technology companies in terms of the value that they offered for customers, and that the key to this was in recruitment. According to the analysis, financial services companies should focus on a different model of human capital, recruiting rounded business experts with new skills and promoting business-building, entrepreneurial leaders to senior positions.