Fintech – an industry which in the last few months has taken Ireland and Dublin in particular by storm. Tipped to grow even further as the year progresses, here are our predictions on how the industry is going to evolve and what it means for those eager to cultivate a career in the industry. Where are the opportunities for growth, and what does it take to build a successful Fintech career?
Why the sudden surge?
Open your Twitter feed, a news site or listen to a jobs announcement and Fintech is guaranteed to be mentioned in some form. Fintech – or financial technology almost feels like a natural progression, given the success of the already thriving Irish Financial Services and Technology sectors. These two successful industries have now collided, merging to create new companies, products, ways of doing business and endless opportunities.
The industry has been described as booming with the government supporting Fintech strongly in its IFS 2020 (A Strategy for Ireland’s International Financial Services Sector 2015-2020). The Irish Venture Capital Association reports investment of €520 billion in Fintech start-ups in 2015, making it a record year for investment.
As more innovative Fintech start-ups start to pop up throughout the city and those already established continue to scale, Dublin has an excellent opportunity to cash in on this growth. Many of our clients, established financial institutions also see Fintech as their next opportunity. These global Financial Services providers are seeking competitive advantage by adopting Fintech services for their clients. In an effort not to be left behind, they are investing heavily in technology, creating new products, services and in turn career opportunities for talented individuals.
An increasing volume of Fintech companies means increasing numbers of people working within the sector. The number of Fintech career opportunities are growing at a rapid rate due to a couple of key factors:
- The start-up scene is full of hungry entrepreneurs ready to make their mark.
- A commitment from the Irish government to provide funding and pump investment into the sector shows that they recognise the potential to boost Ireland’s reputation as an internationally recognised Fintech hub.
- Both the large global and indigenous financial institutions are tracking both the opportunity and challenge provided by Fintech companies. The international trend has seen increased M&A activity as they seek to acquire competence in this sector and/or set up innovation labs internally in an effort to launch their own Fintech services & platforms independently or in collaboration with partners.
Our list of Fintech clients is beginning to grow and as we speak to more and more candidates whose aim it is to enter the Fintech space, here are our insights as to what it takes to be successful in the area.
What are Fintech employers looking for?
- Of course it goes without saying that to enter this exciting industry employers will be looking for top talent. Those who challenge the norm and are ready to make a lasting impact on the development of the industry in Ireland will be of main interest to employers.
- Those who are visionary in their work and excited to be a part of the evolution of Fintech will also be attractive to employers.
- Many Fintech companies are scaling rapidly, and with no solid structural environment in these start-ups someone who can work without ambiguity will thrive in this sector. It is likely that project scope will change, with changing priorities and objectives being the norm. Employers are seeking candidates that can adapt in these situations, adjusting to inevitable changes in this fast paced environment.
- As it is a relatively new space, finding large amounts of people with extensive Fintech experience may not be a reality. Therefore those who can display a broad level of knowledge in the area are more likely to be hired. Furthermore those who demonstrate a passion for Fintech and are ambitious will have a distinct advantage in securing employment.
- When it comes to education and skills, candidates are required to be highly technical. In reality many of the start-ups are tech companies moving into the financial services space. Employees will need to be methodical and analytical in their work, almost scientific in their approach such is the complexity of the sector.
With an effect on Banking, Asset Management, Payments, Insurance, Trading and more, we are excited to see how the industry matures and are delighted to be directly involved, working with the best talent Dublin and beyond has to offer.
Are you ready for a career move in to a brand new and exciting industry? Is Fintech where you see your career soaring to the next level? If yes, we would love to hear from you. Call Aisling on 01-6618740 or see more of our Fintech roles here.