# The Growing Importance of Soft Skills in Financial Services
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2019-08-01
Category: FINANCE
Category URL: https://financedigest.com/category/finance
Meta Title: Why Soft Skills are Essential in Financial Services Industry
Meta Description: Discover why soft skills are crucial in the financial services sector, how they can benefit leadership development and drive digital transformation in the era
URL: https://financedigest.com/the-growing-importance-of-soft-skills-in-financial-serviceshtml

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_Coorp academy’s **Jean-Marc Tassetto** explains why it is necessary to nurture soft skills in today’s financial services industry and why_ [_BNP Paribas_](https://group.bnpparibas/en/) _has become a pathfinder_

‘Soft skills’ are becoming increasingly important in the financial services sector which is contending with disruptive business models from non-traditional players such as Google, Facebook and Amazon, as well as digital transformation and growing demands from customers who expect a seamless omnichannel experience.

![Jean-Marc Tassetto](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/jeanmarc-450x675-1736839008360-compressed.jpeg)

Jean-Marc Tassetto

‘Soft skills’ are essentially interpersonal or people skills. They basically help people interact in the workplace and with customers and external stakeholders, including decision making capabilities, [effective communication](https://www.financedigest.com/tips-for-effective-debt-chasing-communications.html "Tips for effective debt-chasing communications") skills, emotional intelligence, critical thinking, collaboration, relationship development and so forth. Such skills are an essential pre-requisite when it comes to leadership development. They can help engage employees in [digital transformation](https://www.financedigest.com/financial-digital-transformation-an-opportunity-not-a-threat.html "Financial digital transformation: An opportunity, not a threat") programmes, for example, and inspire innovation. Soft skills can help enhance all areas of an organisation. Leaders with good soft skills can motivate teams which can translate into improved [customer service](https://www.financedigest.com/transforming-to-customer-centric-service-in-financial-services.html "Transforming to customer centric service in Financial Services") and better sales.

New [digital strategies](https://www.financedigest.com/minding-the-gap-the-importance-of-inclusive-financial-strategies-as-digital-currencies-rise.html "Minding The Gap: The importance of inclusive financial strategies as digital currencies rise ") are dependent on soft skills. Cognitive and emotional empathy skills, for example, are important in understanding people’s attitude to change, driving [business strategies and transforming processes](https://www.financedigest.com/automating-business-processes-is-essential-to-digital-transformation.html "Automating business processes is essential to digital transformation"). According to [Deloitte](https://www2.deloitte.com/au/en/pages/economics/articles/soft-skills-business-success.html?_ga=2.243270085.1924468036.1562010138-703359970.1562010138), soft skill intensive occupations will account for two thirds of all jobs by 2030.

[The World Economic Forum’s Future of Jobs](http://www3.weforum.org/docs/WEF_Future_of_Jobs_2018.pdf) study sheds further light on the situation. As technology rapidly shifts the barriers between tasks carried out by humans and those by machines and algorithms it is pushing the global [labour market through an era of phenomenal change](https://www.financedigest.com/sterling-little-changed-after-mixed-labour-market-data.html "Sterling little changed after mixed labour market data"). Proficiency in new technologies is only one part of the equation. Human skills such as initiative, persuasion, critical thinking and negotiation will increase in value alongside complex [problem solving](https://www.financedigest.com/solve-a-problem-you-know-and-live.html "Solve a Problem You Know and Live"). Emotional intelligence, leadership and social influence will also be in [demand the study](https://www.financedigest.com/demand-from-retail-food-and-beverages-sector-to-account-for-over-70-of-refrigerated-display-cases-sales-study.html "Demand from Retail Food and Beverages Sector to Account for over 70% of Refrigerated Display Cases Sales: Study") maintains. Why? Because automaton, [artificial intelligence](https://www.financedigest.com/types-of-artificial-intelligence.html "artificial intelligence") and robotics may be able to respond, analyse and predict against data they are fed– but they can’t deliver the empathy and compassion that a human is capable of.

_The importance of interpersonal skills_

The key to success in the [digital age](https://www.financedigest.com/constructive-digitization-to-let-the-tissue-diagnostic-market-come-of-age.html "Constructive digitization to let the Tissue Diagnostic Market come of age") is to ensure that employees acquire or are re-skilled in soft skills alongside the ‘hard skills’ training required for their roles. The most [efficient way](https://www.financedigest.com/finance-operations-efficiency-7-ways-to-slick-up-your-department.html "Finance operations efficiency – 7 ways to slick up your department") of doing this is to provide just-in-time, bite size training and to say goodbye to long, boring training sessions that are too general to be personalised and not at all engaging to today’s learner.

Is to say goodbye to long, boring training sessions that are too general to be personalised and not at all engaging to today’s learner.To make training relevant and exciting and deliver what the learning organisation of tomorrow needs, the learner also needs to be at the centre of the learning experience. We’ll do that by personalising her learning journey, offering content she really needs, but also stimulating her curiosity.

_Modern workplace learning methods_

Linking learning with a fun experience is a good [way of encouraging the development and practice of soft](https://www.financedigest.com/soft-lending-and-inflation-data-pave-way-for-smaller-ecb-hike.html "Soft lending and inflation data pave way for smaller ECB hike") skills. This is because play and learning are both based on the desire to progress, to collaborate and to engage in a [social experience](https://www.financedigest.com/remote-working-during-covid-a-successful-social-experiment.html "Remote working during COVID: a successful social experiment"). [Neuroscience, for example, has shown us that play stimulates curiosity and the desire to progress](https://www.legofoundation.com/media/1064/neuroscience-review_web.pdf). Engaging employees’ emotions will also capture their interest and help them retain more information.

A modern workplace learning experience should also be deeply integrated with a job position and directly useful to the learner. Modern workplace learning methods like [microlearning](https://www.coorpacademy.com/en/blog/learning-innovation-en/microlearning-a-new-way-of-learning/) are a powerful way to make this happen. At the same time, games, quizzes and videos as well as the contribution of wider communities of learners can encourage uptake. This approach is easily adaptable for dynamic market environments, which are experienced by the financial [services industry](https://www.financedigest.com/hybrid-working-a-risk-or-opportunity-for-the-financial-services-industry-2.html "Hybrid working: a risk or opportunity for the financial services industry?").

[BNP Paribas](https://www.financedigest.com/bnp-paribas-first-quarter-revenue-beats-as-trading-outperforms.html "BNP Paribas first-quarter revenue beats as trading outperforms") Asset Management is an example of how these microlearning techniques, including pedagogical videos, online learning modules and games on a digital platform, can be used effectively.It has deployed this method across its entire global network to update the skills of its 12,000 strong workforce using a modern Learning [Experience Platform](https://www.financedigest.com/choosing-the-best-digital-experience-platform-dxp-in-financial-services.html "Choosing the best Digital Experience Platform (DXP) in financial services"). Feedback from employees has been extremely positive and the approach has been seen as much more user friendly than traditional [online learning](https://www.financedigest.com/brand-strategy-tactics-for-an-online-learning-platform.html "Brand Strategy Tactics for an Online Learning Platform").

To assemble agile teams that can embrace and adapt to the change that today’s business world demands, financial [services companies](https://www.financedigest.com/why-financial-services-companies-should-consider-rfps-in-their-digital-transformation-strategies.html "Why financial services companies should consider RFPs in their digital transformation strategies") will need to put more emphasis on soft skills training. Otherwise, they will lose out to disruptive companies who understand the power of human understanding in the [digital marketplace](https://www.financedigest.com/film-and-tv-digital-marketplaces-a-revolutionary-take-on-an-age-old-industry.html "Film and TV digital marketplaces: a revolutionary take on an age old industry").


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