Many financial services businesses are finding it hard to secure the IT innovators they require.

This is according to a new study by Xantus, which notes firms report a shortage of professionals with the talent to create breakthroughs, such as IT architects and strategists.

Nearly 60 per cent of the chief information officers (CIO) in financial services businesses questioned had seen key innovators depart within the last three years.

As a result, the report suggests many companies have skills gaps within their IT departments.

The management consultancy claims 87 per cent of CIOs believe that regulation will offer opportunities for innovation, but many fear that skills shortages could prevent them from acting on these.

As a result, it forecasts that third-party experience will be used alongside the abilities of internal members of staff.

Xantus associate director David Upton remarked: "A lack of IT innovators will make balancing business-as-usual, regulatory and new initiatives even more of a challenge."

Recent figures from Powerchex showed a year-on-year increase in the number of confirmed offers for finance jobs in the UK of three per cent in April 2011.

Posted by Lee Thrace