Technology-based job vacancies within London’s financial services space are up in the capital by +88% in 2024 compared to 2023’s monthly average as the race between traditional banks and FinTech rages on.
According to an upcoming Hiring Trends Report from global recruitment firm Robert Walters, the number of tech professionals entering into financial services field (for the first time) in the past 12 months increased by +24% across England – with this most pronounced in Birmingham (+31%), Milton Keynes (+29%), Liverpool (+29%), London (+25%), and Manchester (+19%).
Chris Eldridge, CEO of Robert Walters UK, said: “These findings are a positive indication for UK’s financial services and banking sector. Not only because the data shows that banks are doing a fantastic job of luring away tech talent from other industries, but also from the job volume alone we can assume that banks are by no means paring back their tech investment.”
A FinTech Oasis
In terms of funding, British FinTech’s still attract more than those in France, Germany, India, China, Canada and Brazil combined according to KPMG. And traditional banks have been sure to not fall behind the curve – according to emarketer, tech spending expected to reach over £12bn this year, a 6.1% increase since 2020.
Eldridge added: “The UK has gained its status as a ‘FinTech oasis’ – with a wealth of success stories from Monzo to Starling.
“The race is on in the City for traditional banks to match the growth and burgeoning tech offerings of smaller FinTech start-ups. Especially as home-grown start-ups – such as Revolut – have stated their long-term goals of building the world’s first truly global bank.”
When considering the investment from traditional banks from a human resource point of view; job ads for professionals in banking with skills in FinTech (+75%), Machine Learning (+107%) and Blockchain (+58%) are up on last April across London.