The vast majority of financial services executives believe the UK has the potential to become the world’s best provider of financial technology or FinTech.
According to new research from recruitment specialist Robert Half Financial Services only 6% of financial executives it surveyed are not confident in the UK’s ability to become the global hub of the FinTech market.
A resounding 92% said the UK could earn top spot despite intense competition from New York, Hong Kong, Frankfurt and San Francisco.
However, the executives also identified potential barriers in the development of FinTech in the UK. Almost half, 44%, highlighted a lack of investment in technology innovation and a lack of skilled professionals. Other barriers identified include a lack of the so-called “Silicon Valley culture of innovation”, cited by more than a third of executives, and industry regulation.
Luke Davis, vice-president at Robert Half, said: “FinTech has moved beyond a buzzword phase and is now recognised as a rapidly maturing market. Increasingly companies operating in this industry are finding themselves competing for talent with established players in both the banking and IT sectors. The rise of challenger banks and FinTech start-ups creates more opportunities for skilled financial services professionals looking towards greater opportunities outside of the industry.”
When it comes to attracting skilled professionals within the FinTech industry, David said the key is to use a dynamic resourcing approach with the right mix of innovative and specialised professionals.
“As the skills shortage continues to tighten, accessing professionals who are not actively looking for jobs can be the solution,” he said.
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