FinTech challenge creates keen demand for financial services professionals with digital experience

digital transformation
By Ellen Arnison, ICAS

2 September 2016

Financial services firms are investing heavily in digital transformation in order to meet increasing competition from the FinTech industry.

The rush to put digital plans in place is creating high demand for financial services professionals with experience of managing digital projects.

Those who have worked on enhancing customer experience through digital technologies, especially mobile and wearables, are particularly sought after.

This reaction is seeing established firms review their traditional models to offer customers, clients and employees new services using innovative technologies.

According to research by recruitment consultancy Robert Half, financial services firms believe that disruption to their industry will come on several fronts but have identified challenger banks and online investment firms as the main players. And their response has been to increase spending on technology by 15%.

Investment in disruptive technology

Luke Davis, vice-president, Robert Half Financial Services UK, said: “Digital transformation plans are ramping up among both the front and corporate offices of financial services firms, largely the result of competition from the FinTech industry. This reaction is seeing established firms review their traditional models to offer customers, clients and employees new services using innovative technologies.”

The study revealed that more than half of financial services firms are putting additional cash into disruptive and innovative technologies in the next 12 months in order to be able to keep up with the new competition.

Twenty new challenger banks have lodged applications for a banking licence with the Bank of England, while new digital platforms have led to an increase in the ability of smaller businesses to take on the established providers.

The knock-on effect has been a high demand for talented professionals with relevant sector experience. The survey found that 85% of financial services executives are anxious about their ability to retain the necessary personnel.

Luke added: “Financial services professionals with experience of managing digital projects, such as enhancing the customer experience through digital technologies for mobile, tablets and wearable devices are in hot demand, particularly for interim roles, as firms seek to create digital solutions that are both innovative and compliant.”

Topics

  • Technology

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