With a robust entrepreneurial community working alongside established businesses, a sizable clientele, an increasing influx of local and international investors, and government support, the UK Fintech ecosystem continues to prosper.The FinTech sector is transforming the financial services industry by streamlining transactions, cutting costs, fostering innovation, empowering users, and boosting security.
London has played a significant role in the UK's success in the fintech sector. It boasts the biggest concentration of financial and professional services companies worldwide and the second-highest-rated FinTech ecosystem globally. However, the larger UK FinTech story may be overshadowed by the headlines pertaining to the success of the London FinTech sector. There is a sizable amount of FinTech activity all around the UK, from Belfast to Durham, Edinburgh to Cardiff, and Bristol to Birmingham.
The 23 specialities that make up the critical FinTechs in the UK can be grouped into eight general categories: banking, RegTech, InsurTech, lending, payments, WealthTech, quote aggregators, accounting, auditing, and cash flow management. With more than 50% of all UK FinTechs, the UK has distinct advantages in payment and wealth technologies (including PFM and cryptocurrencies). 77 per cent of WealthTech enterprises are situated in London, which also has a significant cluster in Scotland. 17 per cent of UK FinTechs are involved in the payments industry, with the majority based in London and having a substantial presence in Scotland and the Pennines cluster.
Demand for FinTech skills in the UK
The fintech sector is expected to be valued at over £149 billion by 2022 and over £177 billion by 2024. Start-up businesses, which concentrate on creating cutting-edge goods and B2B payment solutions to resolve consumer issues, are responsible for many fintech developments.
Over 26,000 fintech start-ups exist today, significantly rising from 12,000 in 2019. Various IT and tech specialist positions, from UX designers to Data Engineers, are available as fintech takes the lead in transforming the banking industry. The demand for jobs in the fintech industry has grown by 62 per cent in the last year, and this demand will only increase as the industry develops.
When it comes to FinTech recruiting, the contributor roles—like those of back-end app developers, IT personnel, analysts, and crypto brokers—will dominate the conversation. These are not the only career responsibilities accessible, despite the fact that they will continue to be crucial in the future. As a result, businesses are increasing the number of IT employees and changing the organisational structure to account for these developments.
C-level posts and executive roles focusing on technology have increased since 2020. Chief Technology Officer and digital sales manager positions are becoming standard leadership positions in the financial industry. FinTech firms are experiencing a new demand as employers seek employees with technical expertise and leadership attributes.
Qualifications to get into the FinTech sector
There are now a multitude of courses and even degrees that can help you develop the abilities required for the job if you're interested in a career in fintech. Fintech short courses and modules have become increasingly important at many top colleges since Oxford University's business school announced in 2017 that it would offer one.
Since these courses are relatively new, hiring managers will search for applicants with degrees in related fields. This comprises business administration, finance, computer science, and business. Hiring managers will focus more on whether you possess the necessary abilities for the position. You might be able to transfer these talents from your current employment, but you can also obtain more technical skills from online courses.
FinTech jobs in the UK
The Economic Times reports high demand for jobs in the FinTech industry, often exceeding the pool of already eligible applicants. The FinTech industry provides various fascinating employment prospects in the financial services sector, including financial or business analysts, product managers, compliance specialists, cybersecurity analysts, and quantitative analysts. Numerous fulfilling FinTech occupations can help you reach your potential and make a difference in the sector, regardless of whether you have a background in computer science, finance, data analytics, or other related subjects.
The major roles in the FinTech sector includes Data Scientists and Data Analysts, WealthTech and Robo-advisors, Cybersecurity Analysts, Blockchain Developer, Quantitative Analyst, App developers, Financial Analysts, Product Managers, Risk Control Managers and Compliance Experts.
Technical skills you need for FinTech
The technical skills required in FinTech sector:
- Finance Expertise
- Data visualisation and analysis
- Artificial intelligence
- Machine learning
- Programming skills
- Mathematics and statistics
Non-Technical skills you need for FinTech
The non-tech skills required in the Fintech sector includes:
- Communication skills
- Critical thinking skills
- Business acumen
Is FinTech a good career choice?
If you're interested in joining the FinTech sector, there are a number of advantages to take into account, such as:
- Career security: If you stay up with the skills needed in FinTech, you will never be short of job opportunities, as the field is expanding and more businesses are employing.
- Career development: As a growing business, FinTech offers professional development opportunities. Companies are providing in-house training to assist you succeed.
- Diverse employment opportunities: To stay up with innovation, businesses are inventing new roles due to the industry's expansion and development.
- High pay: Due to the high level of skill required for some professions in the fintech industry, firms pay top dollar to entice the best candidates.
- Autonomy - You'll frequently start working at a FinTech company in a position that is only vaguely defined. You're much more likely to have control over how you spend your time and the decisions that are made, and you'll quickly establish yourself as the authority in a certain area of the organisation.
According to a survey by Innovate Finance, a trade organisation for the industry, investment in the UK's FinTech sector tripled in the previous year to an estimated $11.6 billion, garnering the second highest amount of investment internationally, second only to the United States. Additionally, venture capitalists are attracted to FinTech services because of their enormous diversity of offerings, cost savings, and accessibility. The UK market, which is already seeing the benefits of early investment, will probably do better than its European competitors and gain a more significant market share in the years to come.