The overall demand for IT workers in the UK’s Fintech industry has been increasing steadily, despite the political and economic uncertainty in the country. There has been a 5.9% yearly growth in the number of financial technology jobs in the UK. This, according to the Association of Professional Staffing Companies (APSCo).
Data from business intelligence and market analysis firm Vacancysoft reveals that the volume of total investments in the UK’s Fintech industry has been increasing by 74% each year since 2008. London is the leading UK city when it comes to the number of financial technology jobs in the European nation. The capital city accounts for 69.2% of all Fintech jobs, and has recorded a 19% year-on-year rise in Fintech-related activity.
But when you step outside of London, the recruitment activity for Fintech drops by an average of 15%. According to reports, this is part of a growing trend where IT vacancies away from London dropped from around 44.5% of all jobs to only 30.7% last year.
Financial giant HSBC employs the largest number of Fintech workers. The number of vacancies for financial technology professionals at HSBC has increased by 57.2% since 2018. Meanwhile, Lloyds has witnessed the biggest increase, as overall demand for Fintech talent has gone up by 300% year-on-year. This may be due to Lloyds’ plan to move around half a million user accounts from its traditional IT systems onto a cloud-powered banking platform.
Ann Swain, CEO of APSCo stated:
“As a sector that is growing in relevance, it’s really encouraging to see demand for jobs in FinTech continue to rise. This is in spite of a number of factors last year that could have damaged vacancy growth. With the uncertainty around Brexit and IR35 – and companies like HSBC imposing blanket bans on contractors – the fact that demand has still risen shows just how healthy the sector is.”