FSCS’s Strategic Approach to Developing Data Skills
In our most recent case study, we caught up with Colin Eaton, Learning & Development Manager at the Financial Services Compensation Scheme (FSCS). FSCS protects customers of authorised financial services firms that have failed by paying eligible people compensation. For FSCS, data is essential for driving decisions, managing risks and ensuring compliance.
As the financial sector grows increasingly complex, using data for timely and actionable insights is vital to sustained success. To enhance its data capabilities, FSCS onboarded three Data apprentices in September 2023. Each apprentice was placed in a different department to support specific data initiatives, addressing department-specific challenges and enhancing overall operational efficiency through data-driven insights.
Now as their Data programmes are coming to an end, we caught up with Colin to explore Chandani, Anika and Mahammed’s progress and impact.
Tell us about FSCS
FSCS protects customers of authorised financial services firms that have failed. If the company they’ve been dealing with goes bust and can’t pay claims against it, we can step in to pay compensation.
At FSCS, data is central to everything we do. Data literally drives our workforce by helping us to identify and forecast workloads and manage performance, KPIs and employee engagement. It’s also essential for monitoring customer satisfaction and for our financial forecasting.
Why did you choose to hire Data apprentices?
Within the financial services sector, data skills are in high demand, and the expectation is that in the coming years, there will be more demand than supply.
Our intention was to employ a number of Data Apprentices on early career apprenticeships, allowing the individuals the opportunity to earn whilst they learn, in the hope they will support the future needs of the financial services sector with essential data skills.
What did you hope to get out of the apprenticeship process?
The intention was to support the local community and provide opportunities to those in less affluent areas. We wanted to provide people with the opportunity to work in the financial services sector, allowing them to gain further education and employment and to open up new opportunities for their careers. We hoped that our apprentices would develop a growth mindset and the ability to bridge data skills gaps in the sector.
What have your Data apprentices achieved and how have they grown professionally?
Each apprentice has added great value to FSCS. They have undertaken the learning requirements through Baltic, alongside their day-to-day tasks, with a balanced approach to expanding their knowledge and experience further within the business.
The apprentices have all grown whilst in their roles, understanding more about the financial services sector and its regulators, customers and products. They have done a great job at reflecting the values and behaviours expected at firms like FSCS, preparing them for future success in other roles.
What direct impact have your Data apprentices had on your team and wider organisation?
It has been extremely useful having the apprentices in place and using their data experience. They have taken on crucial data tasks within their teams, freeing up internal resource to be used elsewhere.
How have your Data apprentices helped ease your team’s workload?
Our Data apprentices have taken on junior-level tasks and data management actions within the team. This has freed up existing staff to manage more senior tasks and actions. The apprentices have carried out valuable data gathering and cleaning tasks and helped to present the data to the relevant stakeholders.
What is the biggest project your Data apprentices have worked on so far?
Our apprentices have worked on a number of important projects. Some on large legal cases, helping to manage, organise and cleanse vast customer data sets, while others have worked on internal databases, inputting and cleansing data for our Operations team. Others have worked on internal communication programmes and events, collating data, running forums and managing stakeholders and event organisers.
Have your Data apprentices provided a good ROI?
I would state in all cases our apprentices have provided a good return on investment. They have all carried out useful, high-quality data tasks and it has been rewarding to support those in our local community to gain further education, experience and a wider network in the financial services sector.
How was Baltic’s onboarding process?
Baltic’s onboarding and settling-in process was slick and efficient. There were clear milestones and interventions booked in early, to ensure each apprentice and their line manager were welcomed to the programme and received the essential induction.