The UK’s financial technology sector – or “fintech” as it’s called – is booming. From peer-to-peer finance websites like TransferWise to crowdfunding sites like Crowdcube and Indiegogo, fintech companies are fast becoming household names – and that’s just the B2C sector. Enter the world of B2B (business to business) and payment companies like GoCardless and Stripe are growing at phenomenal rates.
So what does all this mean for those with tech skills? If you’re a Data Analyst, Web Developer, Software Developer or Technology Risk Manager, should you be taking note? Yes, indeed, you should. Here’s why…
1. Business Data Analyst
Ben Wong is Deputy CIO and Business Development Manager at FDM Group, and specialises in graduate recruitment and training in IT consultancy.
“A lot of people don’t realise that an IT project really is an IT project and it doesn’t really matter what sector or industry it is in,” says Ben. “Sure, there are tight deadlines with many challenges, but every role will have these whether they are in a fintech organisation, a bank or anywhere else where you are delivering IT projects.”
Ben’s advice to those interested in making the switch is to look at some of the typical technologies or processes being used, and seeing how that matches with your skillset.
“It’s also useful to target some specific firms directly to show interest and what you can offer them in terms of your skillset,” he says. “My experience with fintech companies is that they often present some very exciting career opportunities, given their use of new technologies,” says Ben.
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2. Web Developer
Farida Gibbs is CEO and Founder of recruitment company Gibbs S3. She believes that due to their start-up nature and smaller size, they can be more liberating organisations to work in.
“For some people, working in such an organisation would be their worst nightmare, but others thrive and feel they have more opportunities to prove themselves,” says Farida.
“Often there can be greater pressure at fintech companies, as with fewer employees, your work has a greater impact on the overall performance on the company, and is often at the cutting edge of the sector.”
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3. Technology Risk Manager
Laurie Padua is Head of Technology and Operations Consulting at Alexander Mann Solutions. She says that many IT workers have observed better pay in fintech roles.
“Consistently, one of the greatest incentives we’ve observed has typically been the higher remuneration offered in fintech due to the premium skills in demand.”
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4. Software Developers
According to Nic Hemley, Head of Development at the Bristol office of software development company Scott Logic, the marriage of financial services with new and emerging technologies to create the fintech sector has led to “an extremely vibrant sector akin to the dotcom boom of the late 1990s.”
But Nic is quick to point out that this sector is not only for agile startups. “It’s also for the mega-caps who wish to yield the dividend of new and emerging technologies to retain competitive edge and market share,” says Nic.
“It should therefore be firmly on the radar of knowledge workers including software developers, user experience practitioners and data scientists.”
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