Fintech has been a rapidly growing industry in the UK, and as a result, there has been an increase in the demand for fintech professionals.
Fintech jobs are diverse, ranging from software developers and data scientists to product managers and customer support specialists.
Fintech companies leverage a variety of technologies to improve financial services and make them more accessible, convenient, and secure.
Here are some examples of the types of technology that fintech companies use:
- Mobile technology: Mobile devices such as smartphones and tablets have become ubiquitous, and fintech companies have leveraged this to offer mobile banking, payments, and investing services. Mobile apps allow customers to access their financial information and make transactions on-the-go.
- Artificial intelligence (AI): AI technology is used in fintech to improve customer service, fraud detection, credit scoring, and investment management. AI-powered chatbots can provide customers with instant support and assistance, while AI algorithms can analyze vast amounts of data to identify patterns and make predictions.
- Blockchain technology: Blockchain is a decentralized, distributed ledger that enables secure, transparent, and tamper-proof transactions. Fintech companies use blockchain to offer secure and fast payments, money transfers, and other financial services.
- Cloud computing: Cloud computing technology allows fintech companies to store and process data on remote servers, reducing costs and improving scalability. Cloud-based software also allows fintech companies to offer software-as-a-service (SaaS) solutions that can be easily customized and integrated with other systems.
- Internet of Things (IoT): IoT technology refers to connected devices that can collect and transmit data. Fintech companies use IoT to offer personalized insurance, smart payment devices, and other innovative financial products and services.
- Big data analytics: Fintech companies use big data analytics to analyze large amounts of data and derive insights that can be used to improve financial services. Data analytics can help fintech companies to identify customer trends, develop better risk models, and improve investment decisions.
- These are just some examples of the technologies that fintech companies use to improve financial services. The fintech industry is constantly evolving, and new technologies are being developed all the time, which will likely continue to transform the financial industry in the coming years.
Here are some examples of fintech jobs and some statistics on the fintech job market in the UK:
- Software developers: Fintech companies rely on software developers to design and build software applications that power financial services. According to Glassdoor, the average base salary for a fintech software developer in the UK is around £51,000 per year.
- Data scientists: Data scientists are responsible for analyzing large datasets to identify patterns and insights that can be used to improve financial services. The average base salary for a fintech data scientist in the UK is around £52,000 per year, according to Glassdoor.
- Product managers: Product managers are responsible for overseeing the development of new financial products and services. The average base salary for a fintech product manager in the UK is around £64,000 per year, according to Glassdoor.
- Customer support specialists: Fintech companies require customer support specialists to assist customers with issues related to financial products and services. The average base salary for a fintech customer support specialist in the UK is around £22,000 per year, according to Glassdoor.
According to a report by Innovate Finance, the fintech industry in the UK employed over 76,500 people in 2020, and this number is expected to grow to over 100,000 by 2030. The report also notes that the number of fintech companies in the UK has grown rapidly, with over 2,700 fintech companies operating in the UK in 2020.
In terms of investment, the UK fintech sector attracted $4.1 billion in venture capital investment in 2020, according to a report by KPMG. This represented a decline from 2019 due to the impact of the Covid-19 pandemic, but the report noted that the UK remains an attractive destination for fintech investment.
In summary, the fintech industry in the UK offers diverse job opportunities with competitive salaries. As the industry continues to grow and evolve, it is likely that there will be increasing demand for fintech professionals in the UK in the years to come.