News: Will barriers to adoption such as a lack of skilled professionals hinder progress?
The majority of UK financial services executives are confident that the UK can become the world leader in financial technology.
According to research from Robert Half Financial Services UK, 92% of UK-based FS leaders believe that the UK has the ability to become a world leader in fintech, however, several barriers exist that could hinder progress.
Among the greatest barriers identified are a lack of investment in technology innovation (44%), and a lack of skilled professionals (44%).
London isn’t alone when it comes to challenging for the crown of being the world’s fintech capital with a number of American cities rated highly as competitors in the Robert Half survey.
New York was identified by 35% of FS executives as the most likely competitor, while Hong Kong ranked second with 15% of the vote and Frankfurt third with 14% of the vote. Frankfurt is followed by San Francisco, Chicago, Shanghai, Singapore, Boston, Sydney and Stockholm.
Luke Davis, Vice-president, Robert Half Financial Services UK commented: ‘FinTech has moved beyond a buzzword phase and is now recognised as a rapidly maturing market. Increasingly companies operating in this industry are finding themselves competing for talent with established players in both the banking and IT sectors.
"The rise of challenger banks and FinTech start-ups creates more opportunities for skilled financial services professionals looking towards greater opportunities outside of the industry."
Although a lack of skilled professionals has long been identified across sectors as a barrier to the UK reaching its potential, another issue identified by 36% is a lack of perceived "Silicon Valley culture of innovation."
Davis said that the key to attracting the right skilled fintech professionals is to use a dynamic resourcing approach with the right mix of innovative and specialised professionals. Davis suggests using a specialist recruitment consultancy to access untapped pools of talent to find the right people.
UK financial services firms have increasingly been looking at technology that will help them to stay ahead of challengers. While technology innovation has seen fintech rise in prominence there is some fear among executives (28%) that regulations could provide a stumbling block.
The survey includes responses from 100 senior executives in the financial services industry across the UK.