A majority of financial services executives, 73%, have been challenged by a shortage of capable talent in the last three years, making it difficult to meet critical project goals, according to a report by RGP, a professional staffing provider. Only 15% of those surveyed achieved their critical projects since 2020 or exceeded goals.

“More financial services leaders are navigating talent shortages and their own skill gaps by matching critical needs with experienced outside talent,” Irene Hendrick, senior VP of revenue at RGP, said in a press statement. “This rapid pace of change has also created a greater need for surge staffing, which is a trend that we anticipate will continue to accelerate as well. This new mix of in-house talent, contractors and external partners is a bold change for financial services firms that requires openness, agility, collaboration and digitization.”

RGP also noted that many financial services providers also find it challenging to manage data-intensive projects.

“Financial services leaders have had to manage a wide range of complex issues in a rapidly changing environment, and data modernization is at the heart of these challenges,” Hendrick said.

To improve their chances of success in critical areas such as digital customer experience, risk management, artificial intelligence and cybersecurity, many financial services leaders plan to upgrade their organization’s project skills, according to the report.

The report is based on RGP’s survey of 404 large companies with $1 billion or more in revenue and 120 financial services executives.