Historically, the financial services industry has not been defined by breakneck innovation or exciting new products and services. But thanks to financial technology, the conservative world of financial services is on the verge of transformative change. This is a significant opportunity for consumers and those involved in financial services recruitment.
At Duffy Group, financial services are one of the fastest-growing areas of expertise. We also understand how financial technology—most often referred to as FinTech—has changed the financial services industry and what it means for hiring managers, recruiters and industry executives.
Here are some insights into this growing field.
The Rise of FinTech
Given the enormous size of the financial services sector (estimated to be worth more than $11 trillion globally), it is hardly a surprise that Silicon Valley software engineers are working around the clock to earn a share of that fortune. Peer-to-peer lending platforms, crowdfunding services, online banking and investing applications, payment processors and digital wealth management tools, have all changed the way consumers spend, invest and save money.
And investors have taken notice. FinTech firms raked in $12 billion in investment in 2014—up from just $4 billion from the previous year. In fact, many of the largest players in the industry are maturing fast, and some have gone public to substantial fanfare.
Yet here’s the interesting part: Despite these numbers, FinTech firms still own just a fraction of the market. The number of loans, bank accounts and payments processed by these firms is tiny compared to traditional banks.
But things aren’t likely to remain this way for long. As computer-savvy Millennials (and younger generations) start moving into the financial services industry in droves and as the user experience and functionality of many of these platforms matures—FinTech is poised to explode.
A New World for Recruiters
The financial services sector as a whole is expected to grow its total number of jobs by 12-percent in the next decade, according to U.S. government projections. A decade or two ago, loan decisions were made after looking at basic credit information and perhaps a personal interaction. Today, exotic algorithms, machine-learning and advanced data analysis are often involved in assessing risk. Financial services personnel who are comfortable in this high-tech milieu are especially suited to thrive in the coming years.
The Bottom Line
At the Duffy Group, we help source and recruit workers with these specialized high-level FinTech skills. Whether you are seeking workers with the skill set to flourish in financial technology or those with more conventional abilities, the Duffy Group is here to help find the best candidates. Contact us to assess your needs and provide the right experts.