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How Digital is disrupting the Finance sector when it comes to jobs

by Heat Recruitment

Since the turn of the year, there has been a marked shift in the nature of roles being recruited across the banking and wider financial services sector. And it’s all focused on the ‘customer’.

In an article for, Paul Riseborough, Chief Commercial Officer, Metro Bank said that “the digital winners will be those who can focus on customer experience”. In the same article, Peter Wannemacher, Senior Analyst, Forrester argued, “we are approaching a breaking point where digital transformation will actually transform banking and financial services.”

Both are right, but what is missing is the impact this shift towards the focus being squarely placed on the customer will have on the nature of roles being recruited across the finance sector. That’s what we will address here.

Following a spate of high profile cyber attacks, consumers are increasingly concerned about how secure their personal data really. As a result, banks and other financial institutions are increasing their investment in their cyber defence systems. This in turn is driving demand for cyber security professionals to mitigate the risk.

Big data is another key growth area. 12 months ago it could be argued that the big data bubble had burst, but if anything it was only getting started. With increased competition between banks increasing apace and the rise in the number of fintech providers challenging the status quo showing no signs of abating, banking is quickly realising that having actionable insights into customer behaviour is no longer a nice-to-have, it’s a business imperative. This is seeing demand for core skills such as Python Developers, specifically on investment and peer-to-peer platforms (P2P).

In fact, the growth of P2P has given rise to an increased demand for tech sales professionals. This is largely because P2P is predominantly a cloud-based current account provider, which gives a pure technical focus throughout business instead of a more client-facing role you would see with one of the high-street banks. Indeed, over the last few months alone, we have seen Brokers coming from a strong financial background now requiring that technical focus to succeed within the new wave of Investment and P2P platforms.

Arguably the buzzword of the moment is ‘blockchain’. Low client retention levels and customer loyalty programmes not being what they used to be have prompted banks to revise the machinations of their existing customer engagement efforts and overcome some of the efficiencies that exist. Blockchain has become the loyalty platform of choice for a growing number of banks and this will continue to push up demand for blockchain developers and engineers.

Are there any key roles that you see emerging over the coming months?

By Monique Voster