Maan bin Mohammed Al Khamsan, the CEO of the Financial Academy, emphasized that the Saudi financial sector is experiencing a rapid transformation that is reshaping the nature of jobs and career paths. He noted that approximately 70% of jobs in the ecosystem will undergo restructuring over the next five years as a result of the impact of digitalization and artificial intelligence.
Al Khamsan made these remarks during a panel discussion at the Step Professional Forum 2026 in Riyadh, where he explained that 85% of current jobs require advanced digital skills. He also pointed out that 60% of financial institutions view the skills gap as the biggest challenge facing the sector.
Event Details
Al Khamsan revealed that technical jobs in the financial sector have witnessed significant growth, with growth rates ranging between 180% and 220% over the past three years. The technical workforce is expected to grow by 9.4% annually, reaching around 31,000 jobs by 2030.
The Financial Academy is working to bridge the skills gap by offering advanced training solutions and launching quality initiatives such as fintech boot camps, aimed at equipping national talents with the skills required for the job market. The academy is also leading comprehensive efforts to identify training needs in the financial sector through a specialized project aimed at aligning training outputs with current and future market requirements.
Background & Context
Digital transformation and artificial intelligence are among the most prominent global trends affecting all sectors, including the financial sector. In Saudi Arabia, the government is striving to enhance digital innovation as part of Vision 2030, contributing to the development of a more efficient and effective work environment. This transformation requires significant investment in human capital, as the human element is considered the most sustainable and valuable return.
Studies indicate that digital transformation in the financial sector can contribute to improving operational efficiency and reducing costs, enhancing the ability of financial institutions to compete in the market. However, this transformation necessitates equipping human resources with the necessary skills to keep pace with rapid technological advancements.
Impact & Consequences
The restructuring of jobs in the financial sector requires a swift response from educational and training institutions to meet market needs. There is an urgent need to develop specialized training programs focusing on digital and technical skills. This transformation not only aims to improve job performance but also extends to enhancing innovation in the delivery of financial services.
Experts expect this transformation to create new job opportunities in areas such as data analysis, cybersecurity, and software development. Additionally, focusing on digital skills will help reduce the gap between educational outputs and labor market requirements, contributing to the enhancement of the national economy.
Regional Significance
The digital transformation in the Saudi financial sector serves as a model for other Arab countries seeking to enhance their economic capabilities. Successful experiences in Saudi Arabia can inspire other nations to adopt similar strategies, thereby promoting Arab economic integration.
In light of global economic challenges, investing in digital skills and innovation is a strategic necessity. This requires collaboration between governments, the private sector, and educational institutions to develop a work environment capable of facing future challenges.
In conclusion, Al Khamsan asserts that building capabilities is no longer an option but a strategic necessity, and the Financial Academy continues its role in developing the skills ecosystem, not only to bridge current gaps but also to create a more competitive and sustainable financial sector future.