The vast majority of business leaders in the financial services sector have said their roles have become more complex since 2020, Alliance Manchester Business School (AMBS) has stated.

The business school’s latest survey of 500 managers, directors and C-suite executives within UK businesses, of which 59 worked in financial services, found that 73% said their roles have become increasingly complicated.

This figure rises to 85% for those who work in the financial services sector.

When financial services leaders were asked what had contributed to this increased complexity, the most commonly selected factors were increased cybersecurity and data privacy risks (38%), the risk of remote working (36%), emergence of new technologies such as AI (32%), new regulation and legislation (24%) and managing reputational risk in a social media environment (24%).

Furthermore, AMBS found that 54% admitted they worry about remaining relevant and competent as the business and management world evolves, with 53% saying they regularly doubt their judgements at work, compared to the 40% average seen across other industries.

Despite their roles having become more complicated since 2020, the data shows that 25% of senior decision-makers in the financial services sector have not received suitable training to enable them to do their job well and manage effectively.

When asked what areas they would like to receive formal training in, 44% put financial analysis in their top three answers, which is the most common answer. This was followed by understanding AI and how best to leverage it (39%) and managing digital transformation projects (36%).

Professor of finance at AMBS, Arif Khurshed, stated: "There is a huge amount at stake when leaders in the financial services sector make decisions. Money can be on the line, trust is paramount and the industry is highly competitive. Throw in increasing business complexity, which our research highlights as a common concern, and it is clear that leaders are facing significant challenges.

"We cannot underestimate the importance of organisations supporting their leaders and equipping them with the right tools to navigate a constantly-evolving business environment. In doing so, businesses can ensure that they retain and get the best out of their talent, and ensure they are best placed to navigate the challenges and opportunities to come."

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