Thinking about FinTech: The Future of Finance
FinTech is expanding fast and more and more exciting roles are being created. Already the way we did banking, bought insurance or exchanged currency five years ago feels like some sort of technological dark age. Things are moving fast and being part of the financial revolution provides an inspiring workplace for top finance and technology professionals.
What is FinTech?
Don’t feel daft if you’re not sure what FinTech involves. It’s such a broad term that encompasses so many industries and roles that it’s easy to get overwhelmed. The portmanteau phrase (Finance + Technology) includes technological advances across the financial sector from banking to insurance, to currency and investments. This includes products that vary from consumer financial goods i.e. your mobile banking app to bespoke systems monitoring the stock market. Roles in the sector are diverse too. Software developers, cyber security experts, business analysts, UX consultants and bankers all have their place within FinTech and the list certainly doesn’t stop there. Over £800 million was invested in London FinTech companies in 2017. This is big business and it’s only going to get bigger and London’s at the forefront of FinTech.
“You basically have Silicon Valley, plus Wall Street, plus Washington DC, all in one place”.
Eileen Burbidge, British Treasury’s special envoy for FinTech
Avenues into FinTech
FinTech has attracted professionals from a diverse range of backgrounds and perhaps that’s why it’s one of the most exciting sectors out there. There are the finance experts (bankers, accountants & financial analysts), there are the tech experts (developers, cyber security & UX) and there are the entrepreneurs. Perhaps the reason that FinTech has developed so considerably was due to the problem-solving determination of a selection of entrepreneurs who want to make finance more accessible, more user-friendly and customer orientated. Within a lot of the really disruptive players in FinTech an ideology of democratising finance has been at the heart of the business.
Companies to Watch
There are hundreds of impressive FinTech companies in London. We’re giving you here the major players who you really should know about.
One of the best known online-only banks emerging to challenge the old school. Monzo was launched in 2015 and within only a few years is almost a household name. Along with fellow online providers including Starling, Revolut and Tide, all with their individual USPs, Monzo prove the banking revolution is certainly progress.
TransferWise originated in Estonia but is headquartered in London. Providing easy international money transfers, TransferWise is fast on the tails of established brands like Western Union and Travelex. TransferWise offer competitive, transparent costs and the old guard are going to have to adapt quickly to keep up.
Nutmeg is an online investment management company offering an easy consumer-friendly entry into stocks and shares as well as providing personal pensions. Nutmeg is all about demystifying and democratising the secret world of investment. You can choose their increasingly popular ethical portfolios and minimum investments are just £100 per month.
FinTech is changing the world of finance and there are really exciting opportunities for creative thinkers out there. Do the research, find your niche and prepare for a career at the cutting edge of finance.
For a great source of all the news you need visit FinTech Weekly
Check out all the available roles here