“Sometimes the present can feel permanent. But this is an illusion; change is the only constant.” - Tech City Insider
The financial technology scene in London has continued to boom and we have the numbers to prove it. So far, this year, Give A Grad A Go have worked with 7 of the biggest FinTech firms and launched 55 FinTech graduate jobs – and that number keeps growing!
London has maintained its tech hub credibility as more Fintech companies make waves across the capital; from Shoreditch to Canary Wharf. FinTech has become a pivotal part of everyday life; from oyster cards to wearables, there are many innovative ways to make it easier for customers to make purchases on-the-go, and the demand for it isn’t slowing down.
As FinTech continues to challenge traditional banking conventions and how financial firms operate, what have we learnt since our last FinTech blog?
Recent articles from Tech City News and City A.M announced the UK has “retained its crown as the third-largest market for tech firms looking to disrupt traditional financial services.” Conflicting numbers revealed a 26% fall in numbers, even though a total of US$532m was still invested in the UK FinTech scene - when comparing 2015’s FinTech funding, however, the UK only received half the amount this year. In relation to this, Lawrence Wintermeyer, CEO of Innovate Finance, suggested that “Brexit uncertainty [and the relationship between European markets and financial services] may have an impact on investor behavior, [but] remaining attractive to international talent is just as important to maintaining the UK’s current position as the world’s premier FinTech hub.”
Since then, the Autumn statement declared the treasury will spend £500,000 every year to help attract investment in the UK’s FinTech sector, as well as sharing a ‘State of UK FinTech’ report to summarise key trends within the industry to keep would-be investors in the loop. FinTech is clearly still at the forefront of the UK government’s agenda, encouraging London to sustain its reputation within the sector, despite a recent fall in investment.
What does this mean for graduates?
FinTech offers graduates the opportunity to work in an environment where the rate and progression of businesses moves alongside the demands of the customer or client, which means no two days are the same. Many startups have small, tight-knit teams which enables graduates to gain a lot of responsibility from the onset and play a pivotal part in the company’s growth – this could entail working from the inception of an idea, right through to execution, or building and developing new relationships for the company.
Even though 41% of Give A Grad A Go’s graduate FinTech hires are within Account Management or Client Services, the remaining 59% are scattered across an array of departments, ranging from Digital Marketing to Operations. Infrastructures of startups are changing to accommodate the expansion of client lists, staff members and workloads, resulting in a need for a bigger variety of roles within the company.
More Operations Assistant graduate jobs are beginning to surface within the sector to ensure daily activities of the office run smoothly, as well as providing additional support to other departments within the company. Creating innovative B2B campaigns across an array of platforms can offer Marketing Assistant graduates a great opportunity to keep an expanding client list engaged, as well as reaching out to a bigger audience through effective social or email campaigns.
Subsequently, a rise in staff also means an increase in demand for graduate jobs within HR to provide a seamless administrative service for the company; from managing invoices to preparing employment letters.
With an influx of around 340 applications coming through for each graduate FinTech job at Give A Grad A Go, it’s evident that FinTech is still a very appealing industry to graduates, and with an average starting salary of £23,018 – it’s not hard to see why. It may have experienced a dip in investment this year, but backing from the UK government proves FinTech will still be one to watch in 2017.