A race for talent as FinTech grows
FinTech has become one of the world’s fastest growing in-demand industries employing 76,500 people in the UK and generating revenues of £6.6bn per year. It’s predicted to grow to over 100,000 people by 2030 according to a Trade and Industry report: UK FinTech State of the Nation, so it’s vital to acquire that top talent to sustain growth and stay ahead of the competition.
What is FinTech?
There’s no single definition of a Financial Technology (FinTech) company but the term tends to refer to either the backend of traditional financial organisations or technology start-ups that seek to solve a finance-related problem. Essentially, it’s any type of technology designed to improve and automate the use of financial services.
People are the most valuable asset
Whilst tech is undoubtedly the driver for growth in this sector, it’s the people who continue to innovate and push through change. ‘The biggest challenge is attracting qualified and suitable talent’ say 53 percent of respondents to The UK FinTech Census 2019, prepared by EY and Innovate Finance and supported by HM Treasury.
“In a competitive market, talent can be difficult to attract particularly if you’re a start-up,” says Chris Notley, Managing Director at Chamberlain. “It’s about creating that compelling offer to make you the employer of choice.”
Looking to the future
Can the sector sustain this high-paced momentum or will the FinTech bubble burst and future investments fall? According to the Trade and Industry report: UK FinTech State of the Nation, talent management is key to achieving its growth potential, particularly post-Brexit, and retaining the UK’s global standing as a leader in this sector.
Academics suggest that the term ‘FinTech’ may disappear as a label and be absorbed by other companies but the solutions that have been brought into the industry will continue to live on.
This was posted in Bdaily's Members' News section by Chamberlain Career Management .