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Future of Finance and Business Services
Joanne Ray
/ Categories: News, London

Future of Finance and Business Services

The Business Services is one of the largest employment sectors in London. Jobs include lawyers, management consultants, HR and sales.  Employers are seeking graduates with experience of the workplace for business management and consultancy roles. The Fintech sector (the technology with which we pay for goods, services and transfer money) is one of the fastest growing sectors. However, the sector is facing a skills shortage and needs people with ICT and digital skills.

As automation in the workplace increases some of the routine task in the financial and legal services are starting to be done by AI which means that the work done by people in some of those jobs will change.

Future Trends

Technology is constantly changing work in this sector. Trends like blockchain, mobile wallets and robo advisers will become fundamental technologies and as a result the new technology will boost the number of job openings for the following roles IT-professionals, Software and Mobile App Developers, Experience Designers and Big Data Analysts.

Fintech and New Tech

New technologies, such as machine learning/artifical intelligence, predictive behavioural analytics and data-driven marketing, will take the guesswork and habit out of financial decisions. "Learning" apps will not only learn the habits of users, often hidden to themselves, but will engage users in learning games to make their automatic, unconscious spending and saving decisions better. Fintech is also a keen adaptor of automated customer service technology, utilizing chatbots to and AI interfaces to assist customers with basic tasks and also to keep down staffing costs. Fintech is also being leveraged to fight fraud by leveraging information about payment history to flag transactions that are outside the norm.

We can expect to see growth in these areas:

Sales and Customer Service | HR (human resources) Managers | Actuaries | Legal professionals | ICT experts | Accountants | Data Analysts | Business Intelligence Specialists | Management Consultants | Cyber Security Experts | Digital Marketing Specialists

Large companies in London include:

HSBC | Santander | Barclays Bank | Transfer Wise | Funding Circle | Algomi | Blockchain | Monzo | MarketInvoice | Onfido | Suade | Clearbank | OpenGamma | Iwoca | Yielders | Credit Kudos

Types of apprenticeships include:                                                         

Payroll Administrator | Solicitor | Assistant Accountant | Relationship Manager (banking) | Financial Services Customer Adviser| App Developer | Data Analyst | Experience Designer |Software Developer | Human Resources Manager

Salaries can range from:

Financial Services Customer Adviser - £14,000 - £60, 000 | Typical hours (a week) 36 - 38            

HR (human resources) Managers - £30,000 - £150, 000 | Typical hours (a week) 37 - 39

Legal Executive - £15,000 - £100,000 | Typical hours (a week) | Typical hours (a week) 38 - 40

Management Accountant - £25,000 - £100,000 | Typical hours (a week) 37 - 39

Data Analyst Statistician – £23,000 - £70,000 | Typical hours (a week) 37 - 39

Business Adviser - £20,000 - £35,000 | Typical hours (a week) 37 - 39

Management Consultants - £25,000 - £90,000 | Typical hours (a week) 37 – 39

Cyber Intelligence Officer- £20,280 - £84,760 | Typical hours (a week) 35 - 40

Digital Marketer – £20,000 - £50,000 | Typical hours (a week) 37 - 39

Software Developer - £20,000 - £70,000 | Typical hours (a week) 37 – 40

Routes in: 

Universities, colleges and training providers offer different routes into careers in this sector including degrees and apprenticeships. Most large companies have graduate schemes and many also have apprenticeships and school leaver programmes.

Some smaller employers are looking for people with a broad range of business skills such as HR, Finance, Information Management, and Legal Knowledge.

Useful websites: 

eFinancial Careers                             www.efinancialcareers.co.uk

Accountancy Age                               www.accountancyagejobs.com

ACCA                                                 https://jobs.accaglobal.com/

All About Finance Careers                 https://www.allaboutfinancecareers.co.uk/

Banking Jobs                                     www.bankingjobsuk.co.uk

GAAP Web                                         www.gaapweb.com

The Actuary Jobs                               www.theactuaryjobs.com

Public Sector Finance Vacancies       http://www.pfjobs.co.uk

Insurance Jobs                                  www.insurancejobs.co.uk

Online Insurance Jobs                       www.onlineinsurancejobs.co.uk

Fintechers                                          https://www.fintechers.io/

 

https://www.investopedia.com/terms/f/fintech.asp

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