FinTechs value culture and Government incentives
The UK Government needs to do more to deliver on their incentives for FinTechs to ensure the continued prosperity and job growth in banking and FinTech, research conducted by Huxley Banking and Financial Services has found.
A survey by the company showed 43% of respondents believed the UK Government needs to do more to deliver promised incentives.
What’s more is that culture remains king across FinTech with 31% of banking and FinTechs admitting that culture is most important to them in their work environments, whilst 35% say flexibility and 34% look for an innovative and passionate team.
The research is part of the recently released FinTech Recruitment: A Global Perspective paper compiled by Huxley FinTech Specialists from leading global financial hubs in the UK, US, Germany, Australia and Singapore.
Huxley UK principal consultant, Daniel Woodgate, says that with Government support and a strong networking culture, FinTechs and start-ups, particularly in the UK, have favourable conditions with other countries such as Germany (Berlin) and Ireland (Dublin), taking significant steps to provide tax incentives, low entry barriers, and cultural change to support the entrepreneurial nature of the FinTech boom.
“In order to meet these expansion plans, employers are looking to hire technologists who focus on the customer journey and user experience,” Woodgate said.
He added, “Employers want to see integrated teams prosper and technologists take an agnostic approach to developing the best solution and enhanced offering to customers and clients.
“However, the long-term position of the UK as a growing global FinTech hub is at risk with global regions accelerating policy initiatives and gaining a competitive edge through investment and talent expertise.
“Insurance FinTechs have seen rapid growth along with payments, artificial intelligence, and block chain however these are expected to slow down over the coming year as the market matures along with crowdfunding.
“This new generation of thinking and development has opened the doors to creative and innovative talent inevitably paving the way for the next wave of disruptive technology, the next challenge is ensuring the talent stays here in the UK.”