We take a closer look at four of the financial sectors trending up this year.
Don O’Henly is Corporate Finance Consultant at Savage Silk. He also cites the fintech sector, but more specifically, the peer-to-peer lending area as ripe for growth. “This sector is growing with many new entrants to the UK market,” says O’Henly. “I refer to genuine peer-to-peer lenders rather than crowdfunders, that’s lenders who advertise on line for depositors and offer an attractive rate,” he adds.
According to O’Henly, it’s the market-beating returns that make this an attractive sector, and while the deposits might not be guaranteed, many lenders advertise the fact that none of their depositors have lost funds as yet. “Some have stated that the next recession will help to prove the concept and thus expand this market even further,” he says.
To ride the wave you should: “Be aware of these sectors and their geographical expansion across the UK. There are many niche lenders and if these lenders are introduced correctly to the right clients, then deals that might not be attractive to high street lenders remain achievable. It’s imperative to stay connected to this evolving market place, you’ll need to be well connected professionally and build up your business networking skills.”
INTERIMS AND FD LOCUMS
According to the specialist recruitment firm, Cedar Recruitment, the effects of Brexit were already showing before the referendum took place – good news for interims and locums, especially finance directors. “Many organisations were, rightly, adopting a more cautious approach to hiring while accepting that there was a still a great need for senior level expertise,” says Louise Gapp a Partner at the firm. “As a result, we’ve seen a healthy increase in demand for interim staff, especially senior finance directors, and now that Article 50 has been triggered, we expect this will continue.”
To get in on the action you should: “Demonstrate transferable skills including commercial acumen, strong negotiating and influencing ability, and be able to work comfortably across international boundaries.”
Financial technology – aka fintech – is one of the great British success stories of recent years, but there’s still plenty of room for it to grow believes Ali Alani, CEO at Imperial FX. “As trust in the traditional banking sector and financial institutions gradually diminishes, the demand for transparent, secure, and agile ‘solution-based services’ will increase – which is what fintech businesses are offering,” says Alani.
To get in on the boom you should: “Approach the fintech sector with an open mind by leaving behind the more traditional entry routes to businesses and careers, as this sector is redefining these processes. It’s about peer-to-peer collaboration in every sense of the word.”
CRYPTOCURRENCIES & ICO
Katie Olver is a Communications Specialist for Cryptoland PR, and looks after clients in the blockchain, crypto and fintech market. Katie believes that cryptocurrencies is a financial sector due to boom in 2017 because, “the prices of Ether (ETH), Dash (DASH) and Monero (XMR) have surged in the past month as investors grow more confident of cryptocurrencies and look for investment opportunities beyond bitcoin.”
She points to Bitcoin’s scaling issues that have “crippled its growth”, resulting in a positive impact for other coins, with many seeing huge value increases as a result. Katie also points to Initial Coin Offering (ICO) as an area tipped for growth as investors spot faster returns due to the liquidity of cryptocurrencies.
To get in on the boom you should:
“Have transferable skills like marketing, journalism, business admin, or coding, then you should be able to get started in the industry relatively easy,” says Katie. “Plus there are really active communities of users, evangelists, amateur marketing teams where you can start to build your network, like Bitcoin Talk or Steemit.”