Most of the top financial services managers based in the United Kingdom strongly believe that the island nation has the capability of becoming the leading financial technology (FinTech) hub globally. According to a new study by Robert Half Financial Services UK, a top recruitment specialist, 92% of the leading UK-based financial services managers believe in the ability of the UK becoming the global FinTech hub, while only 6% are not so optimistic.
In terms of challenging London as a global leader of FinTech market, American cities are highly ranked. 35% of financial service managers ranked New York as the top competitor. Hong Kong was ranked second by 15% of the financial leaders. In third position was Frankfurt, which was ranked by 14% of the respondents.
The UK-based top financial service managers were asked to give their opinions on the greatest competitor to London in becoming the global FinTech hub. According to the data collected, the top 10 competitors were as follows:
- New York
- Hong Kong
- San Francisco
From the research, several challenges that were likely to deter UK from becoming the top FinTech centre were also identified. 44% of respondents identified inadequate technology innovation investments and insufficient skilled professionals as the top challenges. Lack of apparent “Silicon Valley innovation culture” and industry regulation as possible barriers, were identified by 36% and 28% of the respondents, respectively.
Robert Half Financial Services UK’s vice-president, Luke Davis, said that FinTech has transformed from being a new concept to a known rapidly booming sector. He added that the rapid growth of the sector has left many operating companies in the industry to compete for financial services experts. The market is opening up numerous opportunities in other sectors. This means that more banking and IT professionals are still being sourced.
According to Davis, those who want to attract experts in the FinTech sector should use a dynamic resourcing methodology, in addition to specialized and innovative professionals. The expansion of the industry is creating a shortage of skills, thus the solution may be to access experts who are not active job seekers. Working together with a specialist recruitment firm may help in accessing the unexploited pool of talent.