Industry Insiders – The Rise of FinTech and the Fight for Talent
The FinTech sector is exploding, as new ways of delivering financial services, whether bank accounts, loans or insurance, enter the market. The UK is at the heart of this growth, due to its twin roles as a financial powerhouse and thriving base for tech start-ups.
Thanks to increased investment and the sheer extent of the industry, which covers everything from disruptors, such as Monzo and Transferwise, to the back-office technology being deployed by incumbents, the sector has an ever-increasing thirst for talent. Indeed, as one government report points out, this “access to talent has played a critical role in the success of the UK’s FinTech sector to date”.
Sitting at the confluence of the established tech and finance sectors, people might be forgiven for thinking that talent would be one area where the FinTech would not struggle. Yet the skills needed to sustain and fuel this continued growth are already in short supply, with this issue compounded further by the demands of those related industries. Despite being built on technology, the sector will thrive or die based on its human resources. Without a clear solution, the future of UK FinTech lies in the balance.
In October 2019, Experis undertook an in-depth analysis of the UK’s talent landscape to better understand the availability of the skills needed to fuel FinTech growth. Drawing on data from a number of sources, we have identified the challenges the sector is facing, why they are potentially occurring and mapped the way forward to safeguard its talent pipeline and ultimately, its future.
Highlights from the report reveal that:
- With a record-breaking $2.9 billion invested into UK FinTech in the first half of 2019, its talent requirements are growing
- The UK FinTech sector currently comprises around 1,600 firms. By 2030, this is expected to more than double to around 3,300
- The most in-demand skills are similar to the experiences sought by other sectors. Is this a challenge for Fintech?