Is Your Future In Fintech?
10 May 2017
For centuries, the banking industry has relied on face-to-face communication: The traditional teller at the desk, the insurance advisor coming to your house. Now, like many other industries, banking is changing at a speed of noughts as it seeks to reinvent itself in the face of modern technology.
Banking apps, online banking and other such innovations are keeping the banking industry on its toes. Like every other business sector – finance must change rapidly or face being devoured.
The answer to this, of course, is Fintech. Fintech – that’s financial technology – is a shorthand term used to describe any technological advances used in the operations of financial institutions. Instead of the methods traditional banks use, Fintech companies are able to underwrite deals by evaluating additional data points.
According to Investopedia, “since the internet revolution and the mobile internet revolution ... financial technology has grown explosively, and Fintech, which originally referred to computer technology applied to the back office of banks or trading firms, now describes a broad variety of technological interventions into personal and commercial finance.”
I wrote a blog about how to get in to the industry back in March, and it hasn’t stopped growing and evolving since then. Scotland, as a nation, aims to be an international force to be reckoned with in the Fintech market.
Scottish Fintech start ups are becoming increasingly prevalent. Particularly since Scotland seems to be providing the perfect blend of affordable business rates and willing graduates, keen to make their mark. After all, we did help develop two of the most recognisable elements of Fintech – ATM machines and PIN numbers.
The Royal Bank of Scotland will launch the country’s first Fintech hub this month to support entrepreneurs within the market. Based at the banking giant’s Edinburgh headquarters, it aims to be a centre of excellence to the industry – which was estimated to be worth £6.6 billion to the UK economy back in 2015.
The next step is to attract talent in to the industry. Within an estimated 40% of London’s workforce operating within the financial sector, will Scotland head the same way?
A lot of fintech companies are self-starters, so they will be looking for someone who can relate to that type of work ethic. You’ll be expected to hold meetings with the more corporate side of the Fintech sector and you’ll need to be able to hold your own as you pitch and explain the benefits of your company’s services. It’s all about maintaining the balance between analytical skills and creativity.
There are plenty of opportunities within Fintech to have a vocational career, which will only progress and develop as the available technology grows and changes.
Research suggests that 65% of children currently at pre-school stage will work in jobs or careers that don’t yet exist. The Scottish government launched its STEM initiative over a year ago – pouring over a million pounds in to attracting school children (from primary school age) into studying new technologies.
This is a really exciting time within the finance and banking industry as with new technological developments, come new opportunities.
If you would like to discuss Fintech recruitment or available roles with me, I would be happy to chat with you confidentially. Click here to see my contact details.
Written By Shona Preston