Saturday, July 13, 2024

Why Tech Talent is Migrating to the Financial Sector

Technology and finance are two industries that have always been closely intertwined. This has never been truer than right now with the rise of FinTech in recent times and we are now seeing an increasing number of tech-talent migrating to the financial sector. So, what is the reason for this?

Need for Tech-Talent

There is currently a major skills shortage in the UK which has had a big impact on both the tech and finance industries. This means that there is a large demand for those with the latest tech skills and knowledge particularly in industries which are undergoing enormous change like finance.

The Rise of FinTech

There are constantly new startups emerging in the finance industry which rely on new and impressive technology which is transforming not only the finance industry but also the way in which people live their lives. A few examples of how FinTech has changed modern life in recent times include cryptocurrency, mobile payments, digital lending, crowdfunding and Robo-advising. These financial products have disrupted traditional financial and banking industries and pose a threat to various financial institutions which creates more space for tech-talent to move into the financial industry.

A Lucrative Career in Finance

With such big change, it is clear that there is a lot of money to be made in the new finance industry. Therefore, those with a solid background in tech will start to look to this industry as a way to make money and embark on a rewarding career where you make a difference to the world.

New Technology

Additionally, with so many new and exciting technologies being developed the possibilities are endless and there are many new business ideas constantly being generated. A few key technologies that will be used now and in the near future include artificial intelligence, automation, virtual reality and augmented reality.

Finding Talent

This means that any business in the financial industry needs to find the right talent for their company if they are to succeed. This can be a huge decision which will impact the success of the operation so the business needs to be thorough with the recruitment process and avoid rushing into a decision. This could require using an interim recruiter who can find a suitable candidate to fill the vacancy until the right candidate is found for the full-time role.

The financial industry is seeing an influx of tech-talent as modern technology continues to transform the financial sector and disrupt more traditional forms of banking and finance. It will be interesting to see what the future holds for tech and finance with some amazing technological advances being made and people relying heavily on technology to manage all financial aspects of their life. It is easy to see the industry continue to attract tech-talent as there is a lot of money to be made here.

Elliot is the Editor at ABCMoney. He manages a team that writes and contributes to many leading publications across a number of industries.

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